Because every Telematics Service Provider (TSP) and Original Equipment Manufacturer (OEM) scores driver behaviour according to their own unique algorithm, it’s almost impossible for you to get an accurate view of where risk lies in your motor book of business without mandating specific kit.
SmartLink offers you a quicker and easier solution by giving you a tech agnostic data feed that allows you to create a unified overview of driver risk across all fleets on cover, regardless of telematics provider.
Higher retention rate for telematics-based schemes
Potential increase in lifetime value by running risk insights
Avoided per 100 vehicles connected
Flock came to us looking for an easy way to access their policyholder’s telematics data so they could offer dynamic pricing which takes into account not just the number of miles driven but also the behaviour of a fleet’s drivers.
Find out how we helped them pull telematics data from their policyholder’s existing kit, as well as gather the insights they needed to run risk insights with their existing policyholders.
With SmartLink you can compare your claims data with aggregated driver behaviour data from your policyholder’s telematics, establishing patterns between high risk behaviour and claims volume. You can then use this data to identify high risk fleets currently on cover and implement proactive risk management strategies to reduce the risk before it results in claims.
There are a plethora of ways to manage the risks of fleets on your cover, from driver behaviour intervention to eLearning & compliance checks. But to be able to measure the true impact of a strategy, you need a set of normalised data to allow for comparison across a large data set.
Tech agnostic driver risk scoring allows you to do exactly that. Compare the effect of individual risk management techniques on reducing high risk driver behaviour and measure the ultimate impact on claims volume and loss ratio.
Once you’ve established a link between claims and the behaviour of drivers on your cover, this can then be factored into your pricing tool, reducing the need for human judgement in the pricing decision and helping you identify high risk fleets before you add them to your cover.
And should you decide you want to start offering Pay How You Drive (PHYD) schemes, if you don’t already, you will have the infrastructure you need in place to start doing so immediately.
