FixMe: Severe Vehicle Damage Identification and Damage Cost Estimation System

Abstract

According to the Ministry of Transport & Civil Aviation in Sri Lanka, vehicle collisions per year in Sri Lanka is around 5000 (Ministry of transport, 2018). After a collision, vehicle owners spend lot of time and money to get the vehicle repaired. Sometimes, damage can be too high to repair the vehicles. This is where the Vehicle insurance companies come. Vehicle insurance companies offer insurance for vehicles. They provide financial protection against physical damage and liabilities that could arise from the collision. Today, in the car insurance industry, a lot of money is wasted due to claims leakage. (Ernst & Young LLP,2015) As a solution, insurance agencies send their agents to accident locations to evaluate the vehicle damage at the location itself. This whole process takes lot of time and energy from both the customer and the insurance company. And also, the traffic situation made by the collision takes the time from the people who are travelling through the road. Author believes by reducing the time for the evaluation process of the damage can become helpful in reducing the time that spent on the road after a collision happen. In this document author address a method to evaluate the vehicle damage without going to the collision location by developing a system for insurance agencies that can validate the damage using image processing technology.