Israeli startup lets insurers and rental agencies inspect cars using AI

Each year, car rental companies and insurance companies conduct more than 1 billion car inspections. Israeli startup Ravin wants to simplify that process, using artificial intelligence to allow anyone with a smartphone to submit an automatic report.

“The current problem is that most of these inspections are done by people who subjectively choose what to report,” said Eliron Ekstein, Ravin’s CEO. “If you think of a leasing company, when you return the car to the dealership, you leave it there, and then it may take a week or two until they inspect it. And then you might get a bill for damage in the mail later. That creates a pretty bad customer experience and causes a lot of problems in the industry. “

The manual car inspection process means that companies may take longer to return leased cars to the road after they have been returned. It can also force insurance companies to pay for damages that were not necessary because inspectors are expected to make quick judgments. “We estimate that there is about $ 25 per car left on the table due to subjective calls made by human inspectors,” Ekstein said.

Ravin’s solution allows users to simply take a video of the car and upload it to the system, where artificial intelligence and machine learning can automatically identify the car and assess the damage caused. The video can then be uploaded to the company’s system via a web page, without the need for users to install an application. “Our platform is able to understand at what angle the video is recorded, make sense of what you are seeing, and not only identify a dent in the door, but also provide information on how to fix it,” Ekstein said. “It allows you to get an estimate of the damage in advance even before you return the car.”

Ravin was founded in 2019 and has raised $ 25 million from investors, including $ 15 million. Series A completed in March. Its investors include Shell Ventures, the investment arm of energy giant Royal Dutch Shell, and auto wholesaling platform KAR Global. The company has 30 employees at its headquarters in Haifa and another 30 spread across the United States, London and elsewhere.

Automobiles (credit: REUTERS / MIKE BLAKE)

When it started, Ravin piloted fixed CCTV cameras, working with large car rental companies like Avis. However, it was in 2020, when it developed a system for mobile phone cameras, that the company began to grow rapidly. The company now works with insurance companies around the world such as the KBC group in Belgium, as well as the leasing operations of Lexus and Toyota, among others.

“Our clients can be rental or leasing companies, insurance companies, auction houses, or anyone who manages a fleet for industries,” Ekstein said. “It helps fleets run smoothly and gives non-professionals the tools to make a fair auto transaction without requiring outside experts. I think there is potential for a billion dollars in revenue per year.”

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *