INDUSTRY STATS
Benefits of using video telematics
CLAIMS MANAGEMENT, FREQUENCY & COSTS
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An Essex-based skip hire business began a phased roll-out of a video telematics solution
across its fleet during 2018 and 2019. As more cameras were fitted
the company’s
claims frequency began to drop, with a 62.5% reduction from 2017/18 to 2020/21.
During the same period total claims costs was cut by 69%, which has resulted in a
significant premium saving that has allowed the company to expand its fleet operation.
VisionTrack and Masternaut customer, Speedy Services, has been able to successfully
detect and protect against all fraudulent claims. When an at-fault claim has occurred,
the company’s claims costs have reduced by 40% by sharing details with insurers
on day
of an incident to achieve rapid FNOL. This enables the insurance partner make rapid
liability decisions, better manage third-party costs and avoid excessive legal costs.
A fleet insurer has achieved an average reduction in claims frequency of 24% and an
average 34% decrease in claims cost for its customers. This covers 10,000 vehicles fitted
with cameras
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across all fleet types and sizes, operating in a range of industry sectors
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with around 50% already using a variety of different vehicle tracking systems.
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COLLISION REDUCTION
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A housing association undertook a successful trial involving 40 vehicles which
demonstrated clear enhancements in terms insurance claims management, driver
behaviour and risk reduction. This has resulted in a 50% reduction in collision rates; a
40% reduction in at-fault collisions; and 50% reduction in vehicle damage costs. The
company has since announced plans to roll-out the video telematics solution across 380
vans and is also aiming to double its annual insurance rebate.
Video telematics is playing a crucial role within Speedy Services’ fleet safety strategy,
protecting staff and other road users. The company has achieved a host of benefits
including a 35% drop in road collisions.
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DRIVER WELFARE & PROTECTION
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When a customer’s HGV driver was involved in a fatal collision with a jogger, it was
possible to view video evidence and quickly determine that the driver was not at fault.
Footage was sent to the police at the scene, via the driver’s mobile phone, so he was
treated with compassion as a significant witness rather than being a suspect. Without
the connected cameras, the driver could have lost his job and suffered added
psychological trauma, while the jogger’s family may never have had closure by not
knowing what had happened and who was to blame.
More/…