Connected vehicle cameras are having a dramatic impact on the cost and life cycle of insurance claims according to Plexus Law, and could save the commercial fleet sector many millions of pounds each year. Following the analysis of 4,000 vehicles fitted with Intelligent Telematics’ SureCam 3G forward-facing device, it was found that there was a 50% reduction in average claims costs and a 15% increase in the average speed of resolution when compared to vans and HGVs operating without a camera.
“When you consider that the reported average cost of motor property damage and personal injury claims last year was almost £3,000 and £10,000 respectively, there are clear benefits to be had from adopting connected vehicle cameras,” explains Tim Short, Head of Motor Practice at Plexus Law. “By taking advantage of first notification of loss (FNOL) and proactive claims management a commercial fleet operator can make dramatic savings, which will go straight to the bottom line of their business.”
Access to video evidence with supporting vehicle data direct from the scene of a collision is helping insurance claims handlers to make a faster and more accurate liability decision. The findings show that it is possible to take better control of the claims management process using connected vehicle cameras, with rear-end shunts (55%) and collisions while emerging from junctions (43%) seeing the largest reductions in average claims costs.
Sam Footer, Partnerships & Marketing Director at Intelligent Telematics commented: “The clear message to commercial fleet operators is that connected vehicle cameras are proven to make insurance claims cheaper and quicker to resolve. Understanding who was responsible can quickly be established with immediate access to video footage – avoiding costly 50/50, exaggerated and fraudulent claims – while at fault incidents can be identified and processed rapidly, keeping third-party costs to a minimum.”
Last year, Plexus Law teamed up with Intelligent Telematics to launch a proactive claims management service for large self-insured corporate fleets. The technology-led solution, using the industry-leading SureCam 3G vehicle camera, is designed to take advantage of First Notification of Loss to provide a quality claims experience with early-and cost-effective settlement. As result, vehicle operators can now achieve high levels of brand protection while reducing the financial impact of motor insurance claims.