Ravin AI and IAG will work together to explore the deployment of Ravin’s AI-powered visual inspection solutions across IAG’s broad range of insurance brands to streamline the condition assessment, maintenance and repair of vehicles and commercial vehicle fleets.
Tel Aviv, Israel, May 11, 2023 /PRNewswire/ — Rabin AIThe company, a leader in deep learning vehicle inspection technology, today secured its first Australian investment from Firemark Ventures, the corporate venture capital arm of IAG, Australia’s largest insurer. Australia and new zealand.
Many large insurers serving the automotive industry often face issues with internal and customer response time lags and consistency between vehicle valuations and claims estimates.
Ravin’s platform is designed to improve vehicle valuation accuracy, reduce operating costs, and improve customer confidence by providing more transparent repair quotes. IAG’s investment also reflects Ravin’s broader market penetration strategy into the APAC region.
“We are thrilled to have been invested by such a well-known insurance company, and we are thrilled to have our deep learning vehicle inspection technology,” said Eliron Eckstein, co-founder and CEO of Ravin AI. We look forward to contributing to the streamlining and expansion of IAG’s operations with the help of “This exciting investment reflects IAG’s commitment to providing the best possible service to our customers by incorporating AI-based solutions into our toolkit for vehicle assessment, maintenance and repair. We are thrilled to be working with IAG and look forward to seeing the impact of IAG’s collaboration in the Australian retail and commercial auto insurance landscape. ”
“IAG’s investment builds on Ravin’s market-leading vehicle inspection platform, which leverages mobile phone cameras and CCTV footage, combined with deep learning algorithms to provide a comprehensive view of the vehicle’s exterior condition. We provide 360-degree analysis,” said IAG Firemark Ventures general partner. , Scott Gunther.
“After scouring the market for a comprehensive and efficient vehicle inspection solution, we found Ravin AI’s deep learning technology to be the most promising, with accuracy, speed and transparency at the core of the platform. As we look to further expand our auto insurance business, we are excited to see the potential impact of Ravin’s vehicle inspection solution and look forward to integrating it into our approach. .”
About IAG
IAG is the parent company of a property and casualty insurance group with operations in the following regions: Australia and new zealand. IAG’s core business is underwriting. $13 billion NRMA Insurance, RACV (under RACV and Distributor Agreement), CGU, SGIO, SGIC, WFI (Australia); and NZI, States, AMI and Lumley (new zealand). Learn more about. www.iag.com.au
About Rabin AI
Ravin AI is an international provider of automated artificial intelligence solutions for vehicle inspections, serving a wide range of vehicle, insurance and remarketing customers around the world. Unlike other marketplace his solutions, Ravin does not require customers to purchase or install dedicated hardware and uses mobile his cameras and CCTV cameras. Ravin AI with Eliron Ekstein in his 2018 Roman Sandler, has so far raised $30 million from investors including KAR Global (owner of ADESA auctions, AutoVIN inspection, etc.), PICO Venture Partners, FM Capital, and Shell Ventures. Strategic partners include Toyota Financial. For more information, please visit: Lovin’ Eye.
media contact
Eli Cohen Gold
Gova10 for Ravin AI
[email protected]
Source: Rabin AI
