If insurance covers you when the worst happens, Insurtech should help prevent the worst from occurring in the first place and keep you covered in case it does – so that’s what we do. Our Rideshur platform tracks the driving behaviour of commercial fleets in real time, identifies where risk can be reduced, and tells them how to reduce it.
Better yet, with our dynamic Pay How You Drive policy – the safer a fleet drives, the lower its premium could be – simply put, a fleet can control its cost as it controls its risk. We measure a fleet’s risk using data from telematics devices within their vehicles and local data based on their location. This includes things like how busy the roads are, how well-lit and if there are many distractions on the particular stretch of road.
Our insurance operating system, Rideshur, captures and analyses this data to produce a range of metrics for each vehicle, which is summarised into a single Fleet Safety Score which represents the overall risk of the fleet. But what is Rideshur actually looking at when analysing all this data? Let’s take a look.
The first thing we look at when determining risk is the amount of time a fleet is on the road and the distance travelled. This is arguably the simplest aspect, as the more time a fleet’s drivers spend on the road, the more chances there are for an incident to occur.
The vehicle control feature provides the measure of risk per mile driven. It is derived by taking into account the number of sudden braking movements, unsafe acceleration, and hard cornering events. Vehicle control can be something drivers are not necessarily aware is pushing up their risk. If they’ve been driving the same way for a long time, they may not even know they need to improve, but consistent, careful driving can significantly impact theirSafety Score. Little things like cutting corners on quiet roads to reduce journey time are negligible yet significantly increase risk.
We don’t just look at how fast drivers are moving; we analyse how often they exceed the speed limit and by how much. If drivers are incentivised to get a lot of jobs done in a day, it becomes easy to let speed creep up to hit targets, but the increased risk adds more long-term cost through an increased accident rate than those seconds save.
Drivers who spend many hours behind the wheel should regularly stop to take a break. We examine how many hours a day a driver is working and how often they are taking long uninterrupted journeys. Tiredness markedly increases risk on the road and if a driver is frequently putting in long hours with no rest, their SafetyScore will reflect that.