Executive Director of the Insurance Association of Jamaica, IAJ, Orville Johnson, says insurance companies are taking a hit as they’re paying out in excess of $10 billion annually for motor vehicle crashes.
He says insurance companies will also be ramping up their use of technology to help speed up claims and help reduce road fatalities.
His comments follow suggestions by the Director of the Road Safety Unit, Kanute Hare, that insurance companies can benefit from the use of black box technology to settle claims resulting from fatal collisions.
Neika Lewis reports.
With road fatalities projected to hit the 400 mark by the end of the year, insurance companies are bemoaning the loss of lives and the related pay-outs from the claims.
Orville Johnson’s the Executive Director of the IAJ.
He says insurance companies have been relying heavily on the emerging technologies to help settle claims more efficiently.
Mr Johnson says the use of black boxes and dash board cameras have been making the process easier for insurance companies that sometimes encounter drivers involved in multiple fatal collisions.
He’s says black boxes are limited to modern vehicles.
Meanwhile, Director of the Road Safety Unit, Kanute Hare says adopting the use of black box technology can only help insurance companies.