AI All Mobility Startup News in Korea (Korean Startup News)

MotionsCloud utilizes AI to simplify and automate the process of determining vehicle damage

2023-05-09 6 min read

MotionsCloud utilizes AI to simplify and automate the process of determining vehicle damage

Reading Time: 6 minutes

The trend of automating inspections is spreading across various industries, with AI-powered inspection systems emerging as a viable solution to reduce labor and time required for inspecting products such as parts and metals.

MotionsCloud is leveraging automated inspection processes to cater to the needs of the rental car and car-sharing industry, as well as insurance companies, by applying AI-based inspection automation solutions to automobiles. This approach helps to reduce labor costs and improve quality with meticulous and precise technology. By utilizing AI computer vision, augmented reality, and IoT technologies, MotionsCloud eliminates the inefficiencies of visual inspections and provides fast, accurate inspections.

With a target market of the $30 billion annual global market for automotive inspection and claims processing, MotionsCloud is a German-based startup planning to expand its reach to the Korean commercial fleet management market, including mobility operators, rental car companies, car-sharing companies, and vehicle fleet companies that earn revenue from the country’s one million commercial vehicles. 

The company has launched pilots and proof-of-concepts in the Korean market and plans to sign multi-year contracts and launch nationwide. It is also recruiting partners and distributors such as fleet management platforms and automobile-related companies to expand the Korean market.

As an outstanding startup team selected for the Korea Information and Communication Industry Promotion Agency’s ‘K-Startup Grand Challenge 2022‘ and participating in Big Bang Angels’ follow-up incubation program, MotionsCloud aims to expand its business both in Korea and beyond.

What problems are you trying to solve?

MotionsCloud aims to address several issues in the vehicle fleet, car rental, and car sharing industry, including the often-manual and time-consuming nature of inspection processes, the inconsistency in assessment results, and the high operational costs involved with on-site inspectors, operators, and back-office personnel. 

Additionally, disputes between drivers and operators can arise, resulting in a poor customer experience. 

In the vehicle insurance industry, the claims cycle time is often long, claims processes are complex, manual, tedious, and inconsistent, and there are high operational costs involved with on-site inspectors and claims managers. 

Insurance companies are also at risk of insuring and paying for pre-existing damages, which is a leading type of insurance fraud. Disputes between drivers and insurance companies can also lead to a poor customer experience. 

How are you trying to solve this problem?

MotionsCloud is an inspectech/insurtech company that helps to solve these problems for vehicle fleet management companies, car rental companies, car sharing companies, and vehicle insurance companies using AI computer vision, augmented reality and IoT technologies.

What are some of the competitive advantages that MotionsCloud has over its competitors?

MotionsCloud has several competitive advantages that set us apart from our competitors. 

Firstly, we use a unique and proprietary BOSCH IoT sensor device, which enables us to offer automated damage notification and monitoring in real-time. This device can provide accurate area damages, information about harsh driving behavior and basic telematics, all in real-time in the event of a damage incident. 

Secondly, we are able to prevent fraudulent claims and mistakes in damage assessment by providing evidence of pre-inspection, damage inspection, and IoT sensor data. 

Thirdly, we use AR mobile web-based visual inspection, AI image and video damage assessment, IoT sensor data, and damage impact measurement to analyze and evaluate both external and internal vehicle damages. 

Finally, our solutions and modules are API-based, allowing for seamless integration of all the features together or individually.

What is your product?

MotionsCloud AI solutions launched in 2019 and it is accomplished via the following 4 technologies modules:

– M1: IoT sensor device module to automate damage notification & get 1st insight of the accident through IoT sensor device (In partnership with BOSCH). One IoT sensor device to detect 9 areas of damage on the vehicle, the level of impact (light, significant & severe), harsh driving, smoke detection, and basic telematic data at the damage event. 

– M2: An augmented reality virtual guidance mobile web-based app for drivers to perform a simple self-inspection of the damaged vehicle/object before and after a trip or during an insurance claims event.

– M3: An AI computer vision technology module to evaluate & analyze photos/videos taken from M2, which generates a damage assessment report in minutes. In addition to the IoT sensor data, the impact of the damage can be measured & internal damages can be determined.

– M4: An optional remote live video inspection module for more complicated/suspicious cases in which a back-office back-office expert can perform remote inspections and check via mobile web app with the driver, personnel & 3rd party.

MotionsCloud is constantly improving and developing new technology modules to enhance our product, at the moment we are developing a digital fraud detection module to identify manipulated pixels in digital media as well as another module to integrate with the telematics mobility platform. 

If you are interested in a LIVE DEMO of MotionsCloud modules, feel free to REQUEST A DEMO.

What is the market size your products targeting? Who are key target customers?

Globally, the automotive industry has spent over US$ 30 billion on processing inspections and claims annually. Our key target customers are vehicle fleet companies, property & vehicle insurance companies, and airlines. While in Korea, there are  over 1 million commercial vehicles, we are targeting such enterprises that manage commercial vehicles such as mobility providers, car rental companies, car-sharing companies, and vehicle fleet companies.  

Why did you enter the Korean market? 

To set up our market in Korea, we are looking for more target customers such as mobility providers, car rental companies, car sharing companies as well as vehicle fleet companies to start Pilot/PoC and eventually sign a multiyear contract to roll out nationwide. We are also looking for partners and distributors such as fleet management platforms and automotive-related companies to expand in the Korean market.

What is your business model?

Our B2B business model is hybrid with subscription plus pay per case per module.

Can you tell me about some of the significant milestones that MotionsCloud has achieved?

Absolutely. We are proud to have accomplished several notable milestones, including securing 25 enterprise clients in 8 regions worldwide, including the US, Germany, Switzerland, Austria, Italy, Romania, Southeast Asia, and South Korea. 

Some of our notable clients include Generali, Bosch, and others. In addition, we have established eight distribution partnerships with mobility platform providers. 

Our work with clients has resulted in impressive outcomes, including an average savings of 1.5 working hours per case, a reduction in processing costs per case by $80, and a user rating of 4.5 out of 5 stars. We have also filed a patent for our AI technology solutions, and we were recognized as one of the insurance CoolVendors by Gartner. 

These achievements led to $2 million in pre-Series A funding in April of last year from SOSV, Net Insurance, ParticleX, AISI, Artesian, Excon, and others. 

Lastly, we have established two distribution partnerships with mobility platform companies in South Korea, and we are currently conducting a proof-of-concept with a motorbike rental company.

What’s Your team’s competitive advantages?

MotionsCloud is an international team of experts in venture building, technology development, insurance, and automotive markets. 

The team is composed of experienced professionals, including the founder and CEO, Yih Liang Tan (Lex), who has won several entrepreneur awards. Alexis Hanke, the CSO, has successfully sold two companies and grew a claims management company from 10 to 30 corporate clients. 

The team also includes Chief AI Officer Khuong Duy Vu and App Technical Director Sereyboth Van, who have extensive experience in AI application development and web-based application development, respectively. 

MotionsCloud is dedicated to innovation and delivering cutting-edge solutions to clients in various industries.

What do you need the most to enter the Korean market?

MotionsCloud is in the scale-up phase with AI-powered technologies modules in several markets already including Korea. What MotionsCloud needs the most to continue to expand in Korea are an additional 2 more successful PoC/pilots with target customers as well as additional distribution partners. MotionsCloud is also open for strategic investors for Korea and Asia region expansion.
If you are interested to get to know more about MotionsCloud, please feel free to contact Lex at lex@motionscloud.com. Interested in a LIVE DEMO? REQUEST A DEMO HERE.

[Startup News in Korea]


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