Formit Is a complementary automotive insurance policy Mobile Application with an integrated OCR technology. It streamlines the bureaucratic difficulties to a minimum and creates a user-friendly experience when exchanging insurance information between drivers in case of a vehicle accident.
The App turns to the policyholders as end users.
In addition to automating the familiar and traumatic scenario of information exchange, FormIT! Also creates a real value to all “players” involved in the process- the policyholders themselves, their insurers, the ancillary suppliers, etc.
Our OCR Based Algorithm
Our Algorithm is using a unique OCR "Grid Location" method, for Converting an image or printed text scanned by your Smartphone Camera into a secured Digital Accident Loss Report.
Our OCR technology turns the act of exchanging the Insurance and driving papers, to a quick and super fast experience for the drivers involved.
No Dependency on any Insurance company or Regulations
Market Potential
The supplementary motor insurance products market although saturated, but in the niche of car insurance claim market segment – there is no significant player, which addresses the problems above. Few competitors tried and failed in gaining any segment foothold, over the years. Therefore, nowadays we continue to exchange information in the traditional way we all know.
The inflexible demand expressed by 370 thousand claims per year, which means at least 740 thousand involved in vehicle accidents.
We chose to conservatively quantify to One Million policyholders, this is our potential annual market in Israel alone. (Unfortunately) Car Accidents are considered as a “Rigid demand” and those figures are not expected to be changed in the near future.
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370K Accidens claims a year
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2,000 Forms a Day
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900 Labor hours a day
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20K$ - Daily operating costs