IAG has invested in Ravin AI, which uses Artificial Intelligence (AI) to inspect the condition of vehicles using mobile phone and CCTV footage.  

Co-founder and CEO Eliron Ekstein says 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.”  

IAG plans to roll out the 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.

“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,” IAG Firemark Ventures General Partner Scott Gunther says.

The technology was built from scans of more than two billion vehicle images and is used by insurers, auto and rental firms in the US and Europe, including Toyota. It combines camera footage with deep learning algorithms to provide a comprehensive 360-degree analysis of a vehicle’s exterior condition.