IAG has invested in Tel Aviv-based Ravin AI and plans to roll out its AI-powered visual inspection solutions across a range of its brands to streamline condition assessments, maintenance and repair of commercial motor fleets and policyholder vehicles. 

Ravin uses Artificial Intelligence (AI) to inspect the condition of vehicles using mobile phones and standard CCTV cameras. The technology was built from scans of over two billion vehicle images and is used by insurers, auto and rental firms in the US and Europe, including Toyota. 

Ravin’s vehicle inspection platform is market-leading, IAG Firemark Ventures General Partner Scott Gunther says, and combines mobile phone cameras and CCTV footage with deep learning algorithms to provide a comprehensive 360-degree analysis of a vehicle’s exterior condition. 

“Having scanned the market for comprehensive and efficient vehicle inspection solutions, we found Ravin AI’s deep learning technology to be the most promising, with their accuracy, speed and transparency,” Mr Gunther said. 

“As we look to further scale our motor insurance operations, we are excited to see the potential impact of Ravin’s vehicle inspection solution and look forward to integrating it,” he said. 

Ravin says large insurers battle time-lags and issues with the consistency of vehicle assessments and claims estimates, and its platform is designed to improve accuracy, cut operational costs and improve customer trust with more transparent repair quotes.  

Co-founder and CEO Eliron Ekstein says Ravin will help streamline IAG’s operations and he is “delighted to have received investment from such a renowned insurance provider”. 

“This exciting investment reflects IAG’s commitment to ... incorporating AI-based solutions into its toolkit for vehicle assessment, maintenance and repair,” he said.  

“We look forward to seeing the impact of our collaboration on the retail and commercial Australian motor insurance landscape.” 

Ravin AI, which also has offices in London and Texas, was founded in 2018 by Mr Ekstein and Roman Sandler and has raised $US30 million ($44.14 million) from investors, including FM Capital and Shell Ventures.