VUE group’s Post

Transcript

Yeah, From the insurance underwriters perspective, it's very much as a gamble. You're going to set a premium on a risk, hoping that you don't have to pay out any sort of payments you do make the premium subsequently covers. From an insurance perspective, it's more of an investment. You're paying a set sum of money on the hope that you don't have to claim it back. So from an insurance company perspective, they said it's very much like a bookmaker. You're setting the odds and hopefully that you take. Enough money in from the many so on the odd few that you have to payout in, you do make a profit. There are many various variables when trying to set a premium for fleets. Unlike personal car insurance where it's down to one or two things, IE the age of a driver, the type of vehicle, the post code, and obviously if they've had any claims. Those things also come into effect in a fleet. But then again you have fleets can vary so much, the size of a fleet, the amount of vehicles and the types of vehicles that they have. Also what they do. And then when you combine that with the claims history, it can make it a little bit more as I said, but harder to to rate. What you also have is that you are looking invariably historically you can only see what has happened to athletes in the past by its claims experience. I only claims it had an average that's cost. On that basis. You then try to project what's the fleet is going to do going forward and set a premium accordingly. Look does come into insurance and ensuring their fleet. Unfortunately, it's usually bad luck. You know, any, any insurer can have an element of bad luck and that's why insurance exists. It's there for when you've been unlucky and there's been a large claim. However, you can't rely on good luck and insurance companies and underwriters definitely don't want to hear that risk is being, you know, you relying on good luck. What you prefer is good management. Where you get the management controls and a robust risk management and claims managements. Proposition along with all supporting things such as technology, then you can hopefully reduce your incidence by making your fleet safer and therefore the insurance company will be happy in the premiums will be lower. Telematics is very, very good at, you know, monitoring things like idling which can save money. CO2 emissions obviously impacted as a result, whether that be scheduling and routing. So there's various things which can help clients save money, where they really can impact on insurance and which please the insurance companies is where you look at driver behaviour. And when you reduce, you know, you should say improve driver behaviour, you reduce certain things like harsh accelerating. And speeding and cornering that will have a financial impact on fuel consumption, but it will also hopefully reduce claims and also severity of claims, which will obviously save everyone money. Gravity destruction is a relatively new invention and one that is welcomed by the insurance industry. Unfortunately, the race driver distraction. There's probably 2 forms. One which is a quite deliberate one where a driver is distracted by using a mobile phone or perhaps part of navigation system, radio, whatever it may be, you're just generally looking out the window and not paying attention. The other one unfortunately is if the driver perhaps falls asleep. There have been many cases over the years where. Drivers falling asleep at the wheel has caused horrific incidents which obviously then have a massive financial impact on the insurance sector. Cameras are a great risk management tool that can be both proactive and reactive. From a reactive it's it's quite obvious where they can be greater claims mediation. So one did the claim of the innocence actually take place, How was severe was the incident, how many people involved, was it fraudulent etcetera, etcetera. So once you have that information, it is great. So dealing with claims quickly and accurately and also as I said reducing maintaining the claims. They can also be very proactive where you can use footage to either send positive or negative learning messages depending on what they pick up and drive us at all. Why are large and within a fleet can actually learn from this and hopefully prevent future incidents. Again, a bit like the driver distraction and alabaster are relatively new invention. They hopefully can save tremendous amounts of unnecessary incidents and cost occurs associated costs. Quite often when high vehicles hit a bridge or a tunnel, it's because the drivers being rerouted these perhaps on an unfamiliar routes that's the planners had never met to take them down and they'll come across a bridge or tunnel and they may have to guess. You have to estimate whether their vehicle can get under it. Fortunately, they'll sometimes they can, quite often they can't. And then what you may have is not obviously the, the damage to the vehicle itself, but you may have a root blocked such as, you know, the road that have just come down. But also if you were say, going under a, a train track, the disruption to the rail network can be quite, you know, quite impressive. Unfortunately, that all adds delayed time, delayed safety and increased costs. View Hub is a great tool in bringing everything we've discussed together and more. What it does is it improves visibility. It improves the clients visibility of all the information that they've got available that can come together. You can amalgamate it and you can really get under the skin of your fleet and you can do this whenever you like. You don't have to wait for you know, claims review meeting by the insurer or the the broker. Likewise, you don't have to wait for an internal. Health and safety meeting. So once you've got the hub and you start to see where your issues are, you can bring in solutions. The solutions may be there, but you're not acting on them, perhaps correctly, or you may be able to bring in more resource. The View Hub provides various tabs or tiles to other resources, some free, some paid for. And it is just a great engine to help both the clients, the broker, the insurance company. Even third party service providers together to make sure that you as a client get the best return on your investment. Additionally, View Hub is a great video sharing platform. What this enables is fleet managers to quickly upload that incident footage and send to their insurance company. As soon the insurance companies get this, the better that they can control the third party claims costs in particular, which will reduce the amount of acclaim and obviously benefit everyone. Of course insurance benefit from any sort of, you know, risking claims technology bringing down incident numbers and and therefore costs. But there are so many other benefits to a fleet to reduce claims costs and incidents themselves. One is obviously vehicle times, off time, off road, missed deliveries, additional associated costs with having an accident which people quite often don't see. And then obviously you're making society safer and this will impact on your company. It costs a company as well as the insurance industry. Technology. It could be an integral part of a robust claims and risk management program. This will obviously help prove everything about running a fleet and also brand awareness because unfortunately brand is affected by claims and obviously once you have a safer fleet incidents you have less associated costs and therefore the insurance companies will be happy and premiums will get wrong.