Smarter Fleet Insurance: Cutting Costs and Risks with VUE Technology

If you think about Insurance, you can compare it to being similar to a gamble. With policy holders paying a relatively small sum into a pot, having the hopes of receiving a larger payout in the case of an incident occurring. The correlation and arrangement between the two therefore mirrors the meaning of gambling.

When it comes to motor fleet insurance, the process can be complicated by several factors. Key considerations include the demographics of drivers, which directly influence premium costs and the types of vehicles in the fleet. Larger vehicles for example, often carry higher premiums due to the potential increase in damage that can be inflicted and associated costs. Geographic variability also plays a role, as fleets operating in urban areas with higher traffic and incident rates face more risks than those operating in rural regions with lower incident frequencies.

Relying solely on luck is a risky strategy for fleet operators, whereas using technology like telematics and CCTV can offer greater control and provide a return on investment through better management and risk mitigation. VUE’s technology for instance, can help improve safety, reduce incidents and lower premiums, offering long-term financial benefits for fleet operators.

Cameras

Cameras play a crucial role in incident investigations, helping to establish fault when filing claims. If claims are reported within 24 hours, insurers can help prevent claim costs from escalating. Beyond claims, CCTV footage can be used for driver training, helping to correct bad habits and prevent incidents. This proactive approach to training reduces repeat incidents and improves overall safety, contributing to lower insurance premiums.

Bridge Strike Prevention

The Low Bridge Alerting System is a preventative tool that warns drivers when they are approaching a low bridge, helping to avoid costly and timely bridge strikes. Bridge strikes not only result in expensive repairs but also lead to insurance claims and downtime, not only by the fleet operator but also by the general public. By preventing these incidents, the LBAS saves both time and money for fleet operators and insurers.

Telematics

VUE's telematics system allows for detailed monitoring of fleet operations. Through features like the Driver Behaviour Dashboard, fleet managers can track instances of speeding and other risky behaviours. GPS and Route Tracking helps identify areas where drivers might be more susceptible to incidents, while mileage tracking monitors how much time each vehicle spends on the road. Longer driving hours generally increase the risk of incidents, leading to higher premiums. By keeping track of these factors, fleet operators can mitigate risks, lowering insurance and incident associated costs.

One Platform to Manage Everything

At the centre of VUE’s technology is VUEhub, which integrates telematics data, live vehicle footage and other operational insights in one platform. Fleet managers can access real-time information on vehicle performance, driver behaviour, and accident footage, all of which can be shared with insurers as evidence via VUEcloud. This helps insurers set more accurate premiums and enables fleets to better control costs. For example, reporting a claim within 45 minutes gives an insurer 70% higher chance of controlling claim expenses.