Clifford de Wit, the Chief Technology Officer (CTO), Netstar
We are in an era where technology is rapidly transforming industries, pushing Netstar to expand far beyond its original perception as a vehicle tracking service.
Today, Netstar is a critical player in the data and AI space, particularly in how these technologies serve the insurance industry. Our core operations are divided into three major categories: stolen vehicle recovery, telematics data, and video-based data. Each of these areas is crucial in creating new value propositions for their customers, particularly insurers. Clifford explains that while vehicle recovery remains a significant part of Netstar’s identity, the company has diversified into lower-value asset protection, data analytics, and AI-powered insights.
One of the most exciting developments at Netstar is the upcoming release of a new product similar to Apple’s AirTag. This low-powered, battery-operated device can be attached to various valuable assets, from jet skis to generators, enabling users to track and recover these items if necessary. The technology is expected to have a profound impact on the insurance industry by allowing insurers to offer coverage for a broader range of assets, which were previously difficult to insure due to their mobility or value.
At Netstar we try to push the boundaries of data analytics. Our company has developed sophisticated AI models that analyse data from their devices to detect if a vehicle has been involved in an accident. This technology improves the accuracy of first notifications of loss and enhances fraud detection capabilities. High-quality data is essential for developing new insurance products, such as usage-based or risk-based insurance, which are increasingly popular.
The third area of focus for Netstar is video-based data, which is a rapidly growing field. The integration of video data into telematics allows for real-time risk assessment, such as detecting if a driver is falling asleep at the wheel. This capability is a game-changer for insurers, as it enables them to prevent accidents before they happen, thereby reducing claims and potentially lowering premiums for customers.
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AI plays a pivotal role in all these innovations. According to Clifford, AI is already embedded in many aspects of daily life, from banking transactions to call center operations. However, the rise of generative AI is set to bring these capabilities to the forefront, making it an integral part of our everyday experiences. One can liken this shift to previous technological revolutions, such as the advent of electricity or the introduction of personal computers. I believe that AI will soon provide humans with superhuman capabilities, enabling us to be more productive and innovative.
Netstar is leveraging these AI advancements to develop new tools for customers. For instance, we are creating AI-based “co-pilots” that allow users to interact with their systems using natural language. This user-friendly approach to technology is expected to drive widespread adoption, as it eliminates the need for users to learn complex interfaces. Instead, the technology adapts to human communication, making it accessible to a broader audience.
The impact of AI and data on the insurance industry is profound. By providing insurers with refined data and AI-driven insights, we enable them to offer more personalised and competitive products. This not only benefits insurers but also helps to increase the overall insured base, particularly in markets where the penetration of motor insurance is low. Reducing the number of uninsured drivers on the road can significantly lower the risk for insured drivers, creating a safer and more profitable environment for insurers.
Netstar is not just a vehicle tracking company. It is a data and AI powerhouse that is transforming the insurance industry through its innovations in asset tracking, telematics, and video-based data. We are helping insurers make better decisions, reduce risks, and offer more competitive products.
As AI continues to evolve, Netstar and other similar companies will play a crucial role in shaping the future of insurance and other industries.