The word from ThingCo as the industry raises awareness about breaking speed limits;
As Road Safety Week commences with a theme of ‘Let’s talk about speed’, ThingCo, the telematics insurtech, has revealed the true power of next generation telematics solutions in reducing speeding events and accident rates. ThingCo has achieved a 25% reduction in speeding events and a 6% reduction in speed on 60mph roads. ThingCo’s wireless telematics device, Theo, collects data every one second ensuring precision in identifying speeding events.
As part of the Risk Management module within ThingCo’s Four Pillars programme, ThingCo accurately identifies customers exceeding the speed limit, engaging directly with the driver at the right time, via the ThingCo app to encourage them to slow down and stay within the speed limit. Along with achieving a 25% reduction in speeding events, Theo can also identify in real-time high-risk speeders who attempt to tamper with their device after notification that they have been caught speeding.
Jonathon Valentine, CIO for ThingCo said: “Road Casualty rates are returning to pre-pandemic levels according to official statistics. What many people don’t realise is the massive increase in risk by driving just a few miles over the speed limit. When it’s done well, telematics can play an active role in cutting accident risk by allowing insurance providers to engage and educate customers in a way that leads to a direct correction of driving behaviour.
“Aside from the emotional and financial consequences of an accident, fewer collisions means lower loss costs for insurance providers. With claims inflation continuing to impact the sector, insurance providers need to consider how they can maximise the value they can gain from telematics.”
ThingCo’s Theo device is self-installed, solar powered so there are no wires to connect and delivers highly granular data to ThingCo for insurance providers to use in underwriting, risk mitigation and at claim.