Telematics Role In Reducing Insurance Costs

Many fleets can struggle unnecessarily when it comes to insurance costs.  A fleets biggest asset is its drivers.  If you're controlling all your other assets, why let your majority asset go uncontrolled?  

 

Telematics can help aid businesses to reduce their insurance costs through acquired data.  It's much more than just reducing claims, it's about changing attitudes to driving.  If you as a business want to change and manage unnecessary spending, our telematics units are just a click away.  

We Will Help You Identify Key Objectives That Benefit You

We know exactly what insurers are looking at, when it comes to generating insurance renewals.  Some objectives and examples of where our technology has helped other businesses/fleets include,

  • Reducing Vehicle Maintenance Costs

  • Reducing frequencies of collisions and incidents

  • Reducing Claim Costs

  • Evaluate Driver Risk Percentage

  • Average Mileage calculations

As a result of adopting objectives, fleets will experience other associated benefits such as

  • Reduced Fuel Consumption

  • Reduced Renewal Premium Cost

The solution to reducing insurance premiums lies in the data we provide to you, related to core objectives, keeping tabs on progression and highlighting areas for improvements.  

What Data We Can Help You Gather

Our on-board diagnostic (OBD), which plugs straight into a vehicles OBD socket or hard wired telematics devices can help you monitor your fleet's driving standards, measuring important risk factors,

  • Harsh acceleration events

  • Speeding

  • Harsh braking events

  • Urban driving

  • Night driving

  • Harsh cornering events

  • Vehicle incident monitoring/reporting

Each event is scored out of 100, with a combined overall score.  The interpretation of this data allows businesses to adapt and develop processes in relation to their driving standards/schemes.  Poor driving styles can be identified and strategies introduced within the businesses to improve any potential poor results.  Looking to reduce incidents on your fleet not being reported, our units posses automated crash detection features.  This automatically alerts fleet administrators of any impact detection.  Live and historic camera footage can be streamed and stored, alongside a driver panic button feature, in case of an emergency, showing the lead up and after stages to an incident.   

As a result of the introduction to Driver Style monitoring, Fleets will see a dramatic change in driver behaviour, with improved styles and a focus on drivers who are not displaying this required behaviour.  As a result of improved driving, alongside live monitoring cameras, fleets will witness a decrease in fault collisions and precise data on driving conditions, which are major factors considered by insurers when renewing a policy.

 

   

 

A recent fleet that our telematics devices got involved with, used our technology after impact events had increased out of control, to the point in which insurers considered the fleet to be in major distress.  Majority of crash incidents were going unreported and our technology was called upon to reduce the fleet's overall risk profile.  With these units fitted, there was a major turnaround in driver behaviour in just a few months.  

 

Objectives were identified for the fleet and on-board diagnostic telematics devices were fitted to vehicles.  The purpose was to monitor driver behaviour and styles to assess driver risk percentages and to reduce incidents by optimising our automated crash detection technology. 

 

Over the course of the first five months, a dramatic change was noted relating to driver behaviour, showing less than 2% of the fleet's drivers displaying risk behaviour, alongside 66% of drivers showing green scores.  The result of improved employee driving styles/behaviour saw a fall in the fleet's fault incidents/collisions and therefore saw a massive reduction in costs that insurers consider when renewing a policy. 

 

Aside from this, cost per claim had dramatically reduced around 45% alongside collision frequencies being reduced.  Presenting the data gathered through our telematics devices helped the fleet save almost £200,000 per year on a new insurers policy renewal.  In addition to this, the fleet was awarded £15,000 as a Risk Management (RM) budget and an increase of 70 additional vehicles were added to the fleet with no additional costs, adding up to be worth a further £72,680.  

 

Other observations over the five month period indicated a fuel reduction of over 14% and the fleet was replacing less than 10% of tyres that required changing due to only wear and tear.  This fleet continues to grow and improve boasting fewer than 1% of drivers as high risk, with 97% demonstrating safe and efficient green driving scores. 

 

Aside from all the presented cost savings the fleet experienced, one thing that cannot be measured, is the lives and injuries saved as a result of our provided telematics solution.