Everyone in the industry knows that telematics have been a success across the fleet insurance sector. They can improve driver behaviour, track breaks and stops en route, plus help sort out blame during the FNOL process. In fact, some 90% of brokers expressed their view in the Direct Commercial Broker Barometer that telematics in haulage has helped defend against spurious claims.
Here’s the word from Direct Commercial;
With so many challenges in the personal lines area, a bleak picture of the UK broking telematics market is often painted. However, the commercial broking telematics market has progressed significantly in recent years. Not least because of the high standard and quality of data available, as well as its fidelity and accessibility.
For example, Direct Commercial Limited’s Camatics product is unlike anything else available in the market. Over a three year policy term, policyholders can see claims frequency decrease by 17% and a 36% reduction in claims costs, on average. Correspondingly, 90% of brokers expressed their view in the Direct Commercial Broker Barometer that telematics in haulage has helped defend against spurious claims.
Direct Commercial are also working to support brokers and their clients with proactive risk solutions to help fleets reduce claims numbers and severity.
Adam Marsh of Direct Commercial Limited, said:
“With claims inflation, anything we can do to help brokers’ clients not have a crash in the first place is key. As our stats have shown, often just having cameras in policyholder vehicles as part of the Camatics product has helped to decrease claims frequency. However, when events do happen, telematics is a valuable tool enabling claims to either be settled quickly or refuted, not least by ensuring our Claims team receives FNOL directly.”
“However, the basis of any risk management and mitigation practice has to be the culture of the company. We actively seek this in the brokers we work with, and ask the same of them in helping the clients they serve. While telematics and other technology remains a great tool, it can not overshadow a lack of engagement, which benefits no-one.”
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