2018-04-30

Cut costs of insurance – invest in cameras for your fleet

Connected vehicle cameras are having a dramatic impact on the cost and lifecycle of insurance claims and could save the commercial fleet sector many millions of pounds a year. 

An analysis of 4,000 vehicles fitted with the technology found a 50% reduction in average claims costs and a 15% increase in the average speed of resolution compared to vans and HGVs operating without a camera.

“The clear message to commercial fleet operators is that connected vehicle cameras are proven to make insurance claims cheaper and quicker to resolve,” explained Sam Footer, Partnerships & Marketing Director at Intelligent Telematics.   “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.”

Having access to video evidence with supporting vehicle data direct from the scene of a collision is helping claims handlers make a faster and more accurate liability decision.  The findings show 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.

Tim Short, Head of Motor Practice at Plexus Law, commented:  “When you consider 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.  

“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.”

When thinking about your new truck, make sure to ask your sales manager about cameras and other safety equipment that we can provide to make sure your vehicle is tailored to your operation.