Driver Risk Management

How real-time data-led Insurance reduces risk

Real-time data is changing the insurance landscape, especially for fleet managers who should not have to chase the best insurance rates or spend time haggling over claims. By reducing risk, data-led insurance helps deliver the analytics that fleet managers need to help them build more stable relationships with insurers, while reducing business risk, improving claims management and resolving liability queries.

Reducing Risk with Real-Time Data-Led Insurance

Sensors Deliver Business-Critical Data

Data-collecting sensors are an increasingly common feature across fleets, they record data such as speed, odometer and fuel consumption. This provides fleet managers and their insurance provider insights into usage, risk and other metrics, giving a clear picture across the fleet. Armed with such data, fleet managers can make better business decisions faster for a more efficient operation.

Using that data, insurers can provide the most competitive rates, adjusted to meet changing usage rates, routes and driving standards. This eliminates some of the risk associated with fleet management, and encourages better operator behaviour.

Faster and Automated Claims Management

Fleet management decision making needs to operate at the speed of the rest of the business. Automation of claims management by app-based telematics increases the speed and efficiency of claims management, helping the fleet division respond faster to a fast-changing environment. Automation reduces the chance for human error, insurers are more likely to approve claims faster and vehicles spend less time off the road.

This reduces your company’s overall risk, as accidents or incidents will not slow down your business.

Data-Led Insurance Reduces Driver Risk and Improves Performance

More detailed tracking from data-led insurance systems benefits the fleet manager when it comes to people management too. Real-time data-led insurance provides more insight and data on driving habits, making it less likely they will take risks and better look after fleet vehicles. These insights help create engaging, tailored coaching and training courses for drivers, resulting in tangible improvements in performance and risk reduction.

Reducing driver risk and better driving standards further reduces the risk to your fleet and company overall. This, in turn, leads to reduced fleet downtime - the more you manage and reduce risk, your vehicles will spend less time being repaired and more time generating revenue. Data helps you get ahead of crashes, incidents and maintenance, improving your revenue generating ability.

Faster Claims Resolution

Historically insurers were reliant on post-accident accounts to establish blame and risk, often requiring lengthy investigation. Today, data-led insurance helps provide much of the forensic detail and data missing in those accounts, improving the speed of resolution and helping improve overall insurer rates.

This reduces the cost of your insurance and overall risk. If your company provides life insurance too, the data-based approach will deliver health-based insights through in-cab sensors or wearable technology, all helping keep drivers safer.

The Value of Better Data for Fleet Managers

Data-tracking in vehicles is not new, but real-time tracking adds a level of granularity to the data collected that gives a better overview of fleet usage, driver behaviour making it easier for fleet managers to plan and work with insurance partners. As with data analytics in other departments, it is fast becoming the norm, and will likely be ubiquitous as we approach the smart fleet era.

Verified writer