3G vehicle cameras can cut insurance premiums by ‘more than half’10/08/2017
First Insurance Solutions, a specialist commercial insurance broker, is using 3G vehicle cameras to implement risk management that is reducing insurance premiums for its fleet clients by as much as 55% in some cases.
The company uses Intelligent Telematics’ IT1000 devices to help lower claim frequency, better defend fraudulent claims and improve driving styles. As a result, one London-based fleet has reduced its annual claims costs by 85% in year one of having them installed, resulting in a premium saving of almost £4,000 per vehicle.
“High claims frequency is a significant challenge for many fleets, especially those that operate in urban areas,” explained Liam Chatfield, Account Executive at First Insurance Solutions.
“We are finding an increasing number of businesses are looking for guidance on how best to mitigate risk, keep insurance costs down and save money. We have worked closely with Intelligent Telematics developing a highly effective 3G vehicle camera solution that can deliver proven results and provide a useful way of tackling rising premiums.”
Best Catering operates a fleet of thirty vehicles, composed of mostly vans and other commercial vehicles, from their base in North London. The catering supplier was experiencing a high frequency of claims, which in turn had a significant detrimental impact on the company’s insurance premium, with over forty claims paid in a three-year period. However, Best Catering has experienced just six claims since installing the IT1000 3G vehicle cameras in January 2016, three of which are being challenged using video evidence and supporting data and less than £15,000 in paid and outstanding claims.
The implementation of the IT1000s has allowed Best Catering to defend claims which otherwise may not have been contested and use the video footage as evidence against fraudulent injury claims, says First Insurance. They have also been able to engage with their drivers to encourage responsible driving and track the status of their vehicles when they are on the road. This is not only improving profitability of the business, but also enhancing road safety across the operation, it said.
Sam Footer, head of international business and strategic development at Intelligent Telematics, said: “These latest results demonstrate the potential savings of 3G vehicle cameras regardless of fleet type or size. Whether you are an SME operation or global blue-chip fleet, the devices are increasingly helping to reduce costs, minimise risk and support duty of care. This is why we are seeing growing interest from the insurance marketplace as the potential benefits of the technology are recognised”.
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