Foresight: Eye-Net Collaborates with Leading Japanese Insurance Company Aiming to Reduce Accident Rate Through Connected Dashcams
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Insights
The partnership between Eye-Net Mobile Ltd. and the Japanese dashcam company represents a significant stride in automotive safety and technology. By integrating advanced detection systems into dashcams, the potential to enhance situational awareness for drivers is substantial. This technological synergy could lead to a reduction in blind-spot accidents, which are a notable cause of road incidents. As dashcams become more intelligent, they transition from passive recording devices to active safety components. Such advancements can be a differentiator in the competitive automotive accessory market, potentially leading to increased adoption rates and market share growth for the dashcam manufacturer.
From an insurance perspective, the integration of Eye-Net's technology could streamline claim processing and reduce fraudulent claims, leading to cost savings for insurers. Furthermore, the incentive of reduced premiums for customers using these advanced dashcams could accelerate market penetration and consumer acceptance. This could also catalyze a shift in insurance pricing models, where premiums are increasingly tied to the level of technology utilized in vehicles, encouraging safer driving habits and technology adoption.
The announcement of this proof-of-concept project may have positive implications for Foresight Autonomous Holdings Ltd.'s financials. If the technology integration proves successful and leads to commercialization, it could open up a new revenue stream for the company. The prospect of tapping into the Japanese market, which is known for its technological prowess and advanced automotive industry, presents a significant opportunity for growth. Investors should monitor the progress of the POC and look for signs of scalability, potential partnerships and customer adoption rates as key indicators of future financial performance.
Moreover, the proactive approach to integrating safety technology with insurance offerings aligns with global trends of telematics and connected vehicles. As the market for smart automotive technologies grows, companies like Foresight Autonomous Holdings Ltd. that are at the forefront of these innovations could see their valuations positively impacted. The strategic nature of such collaborations can also serve as a catalyst for further deals and partnerships, potentially boosting investor confidence and stock market performance.
The collaboration between Eye-Net, the Japanese dashcam company and the insurance provider is a forward-thinking move in the insurance industry. The use of advanced dashcam technology to prevent accidents aligns with the industry's shift towards preventative measures and risk mitigation. By potentially offering discounts to drivers who use these enhanced dashcams, insurance companies not only incentivize safer driving but also pave the way for a new insurance product niche. The long-term impact could be substantial, as the industry could witness a decline in the frequency and severity of claims, altering risk assessment models and insurance premium calculations.
This initiative also reflects a broader industry trend of integrating technology to improve operational efficiency and customer service. As insurance companies adopt more data-driven approaches, they gain better insights into driver behavior and risk profiles. This can lead to more personalized insurance products and pricing strategies, ultimately benefiting both the insurer and the insured. The success of this project could serve as a benchmark for similar initiatives in the industry, potentially leading to widespread adoption of technology-integrated insurance solutions.
The insurance company linked Eye-Net and a leading Japanese dashcam company for technology integration and product validation
Ness Ziona, Israel, April 01, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today that its wholly owned subsidiary, Eye-Net Mobile Ltd. (“Eye-Net”), has signed a three-way agreement for a proof-of-concept (POC) project with leading Japanese technology and insurance companies to assess the integration benefits of Eye-Net’s technology with dashboard cameras (dashcams) manufactured by the technology company. This strategic collaboration aims to empower drivers with tools that prevent accidents, to reduce insurance costs and to improve road safety.
The technology company plans to evaluate, and potentially integrate, Eye-Net’s technology into its dashcams. By integrating Eye-Net’s technology into dashcams, the dashcam manufacturer would be able to offer an enhanced range of features that can detect and address collisions occurring outside of the driver's line of sight.
Dashcams serve as unbiased observers, recording live footage of the road and anything that occurs within its field of view. This footage can be crucial in proving fault and preventing false claims in auto incident disputes and litigation. With clear videos, insurance companies have a greater capability to assess what happened in auto incidents, thereby ensuring a more efficient insurance claim process, less hassle and a more accurate calculation of any resulting settlement.
Looking ahead, insurance companies may potentially offer discounted premiums as an incentive for customers who use connected dashcams equipped with Eye-Net’s advanced technology.
This innovative approach harnesses the power of connectivity to create a dynamic ecosystem where vehicle companies, technology, and insurance services reduce risks for drivers and enhance their confidence on the road.
For more information about Eye-Net Mobile, please visit www.eyenet-mobile.com, or follow the Company’s LinkedIn page, Eye-Net Mobile; Twitter, @EyeNetMobile1; and Instagram channel, Eyenetmobile1, the contents of which are not incorporated into this press release.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.
For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on Twitter, or join Foresight Automotive on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses the collaboration and potential integration of Eye-Net’s technology with dashboard cameras, the potential benefits that may be realized by the collaboration, and the potential discounted insurance premiums for customers that may use connected dashcams equipped with Eye-Net’s advanced technology. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release.
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F filed with the Securities and Exchange Commission ("SEC") on March 27, 2024, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Foresight is not responsible for the contents of third-party websites.
Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
FAQ
What is the purpose of the proof-of-concept project between Eye-Net and the Japanese technology company?
How can dashcams with Eye-Net's technology help in auto incident disputes and litigation?
What potential benefit may customers using connected dashcams equipped with Eye-Net's technology receive?
