Annually, almost 1.3 million people die in road crashes. Additionally, more than 20 million are injured or disabled. One of the main reasons for car accidents is distracted driving due to texting or talking on a phone. CarVi, a Silicon Valley cartech startup, wants to change the situation and to bring the power of connectivity to improve safety on the road.
CarVi is a portable and affordable Advanced Digital Assistance Systems (ADAS) which can be installed in any car, old or new. It combines a dashboard camera and advanced analytics. CarVi’s software analyzes the camera’s video stream in real time and alerts the driver about potentially dangerous situations. The system is designed to provide forward collision and lane departure warnings plus, it automatically collects data on the driver’s habits to offer tailor-made assistance. The device incorporates the scoring system and an intuitive coaching mode.
According to iIHS Markit study, an average age of cars in the U.S. has reached 11.6 years. Americans are reluctant to change their vehicles, and the segment of old cars on the roads is growing faster than any other group. The study predicts that the number of vehicles 16 years and older will increase 30 percent, reaching 81 million units in five years.
With CarVi, their owners will be able to get the safety characteristics of new premium cars without making significant investments or major changes. The camera can be installed in a less than 5 min. It will be especially beneficial for new and elderly drivers, two groups that are responsible for the majority of car accidents.
In addition, CarVi is offering their ADAS as an enterprise solution. Considering that their software is capable of monitoring the performance of a single driver as well as an entire fleet, ride-hailing startups can utilize the device to improve the professionalism of their drivers, and rental car companies – to minimize accidents on the roads. Recently, CarVi signed a contract with Lotte Rental in South Korea to supply the ADAS for 1,000 rental cars.
The insurance industry has relied on the driving history and demographic characteristics to calculate the premiums. This tradition places whole segments of the population in unfavorable categories, sometimes making car ownership prohibitively expensive.
With increasing complexity of vehicles' software and amounts of data it generates, insurance companies have to adopt their policies in order to stay competitive. CarVi can help policy makers to design the customer-centric solutions, attract lower risk clientele and save money through a decreased number of car crashes and accurate accident reporting. Also, it can be a valuable tool for Usage Based Insurance (UBI) which takes into consideration driver’s habits and time on the road to provide risk assessments and determine premiums.
Commercial truck companies can benefit from using CarVi through lower maintenance, fuel costs, and insurance premiums. The ADAS will lead to a decrease in dangerous driving behaviors and car accidents. As a result, there will be less frequent replacements and repairs. If an accident happens, the camera’s recordings will help to accurately evaluate the situation and determine the person at fault.
We’re witnessing rapid changes in all aspects of our lives, including the ways we communicate with each other and our environment. A new generation has grown accustomed to sharing their thoughts with the whole world through social networks, their homes through AirBnB and their vehicles through ride-hailing and car sharing services.
Uber has offered a cost-effective alternative to car ownership in urban clusters. Electric cars are becoming more affordable and providing a better battery life. Autonomous vehicles are slowly appearing on our roads.
Still, the majority of the population is not ready to accept the change. They don’t trust onboard computers, are afraid of hackers and governments controlling their movements. So, the changes will be slower than technology adepts want.
While new cars are increasingly showcasing advanced connectivity features, we are going to see older vehicles also getting smarter through added adaptive cruise control, assisted parking, and safety features. On average, Americans spend 23 hours per month in their cars, so making this time more efficient and creating comfortable, less stressful environment is a goal worth working on. CarVi represents one of these innovative technologies that help to bring the future to today’s drivers.