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Reduce Insurance Premiums With These Telematics Tools

When it comes to fleet costs, insurance consistently ranks at the top of the list. Over the past few years, insurance premiums have jumped as much as a 45% in a 12-month span in recent years, largely in part due to the increase in nuclear verdicts. Several factors impact insurance costs, but it all revolves around the amount of risk that a fleet presents to its insurance provider.

Driving behavior, CSA scores, accident history, and more help insurance providers build out each fleet’s risk profile, which directly impacts how much you pay each year. The higher the risk your fleet poses, the higher your premiums. The good news is that you can reduce the amount of risk that your fleet poses in several ways.

One of the primary methods that fleet managers can tap into is through the use of telematics and fleet-generated data. We compiled the most common tools that our partners are leveraging to reduce insurance costs by as much as 30%.

Video telematics

The leading factors that providers use to determine insurance quotes and premiums are accidents and safety violations. Companies that place an emphasis on developing a safety culture, with tools such as video telematics, are statistically more likely to have fewer and less severe accidents.

Some of the most valuable insights that these monitoring tools offer include: distracted driving monitoring and event-triggered recordings. Incidents are relayed in real-time, creating ample opportunity for managers to coach drivers on areas of improvement and establish better driving practices across the entire fleet. In the event of an accident, telematics and video data can provide all of the required information to prove fault in an accident and help expedite the claims process.

Today an estimated 3 million vehicles worldwide are equipped with video telematics devices, a number that has grown at an average rate of 16.5% each year since 2018. This is largely due to video's ability to exonerate drivers in the event of an accident. Event-triggered data combined with real-time video footage help establish the context and reconstruct the accident, potentially absolving the driver. Incidents can be clearly viewed by drivers, fleet managers, along with insurance companies involved in the claim.

Driver scorecards

When evaluating risk, improvement year over year is a critical factor. Fleets that actively engage with their drivers and leverage data to help improve fleet safety present less risk to an insurance provider. Driver scorecards are a great way to help track and coach drivers throughout the year.

Scorecards provide key insights for fleet managers, as well as instant feedback for drivers when correctable actions occur. Trends and data can then be relayed to insurance providers to highlight areas of improvement and a dedication to increasing fleet safety.

GPS / Asset Tracking

Telematics devices can be added to any asset within your fleet, providing full visibility into all of your high-value equipment and making it easy to locate equipment at a moment’s notice. The ability to quickly identify where your equipment is and if the use is permitted helps reduce the risk that your fleet presents to an insurance provider.

Within GPS, geofencing provides an opportunity for fleets to create virtual boundaries around buildings, job sites, and other key locations to track company vehicles at any time of day. You can see if vehicles are being used outside of work hours or on weekends, or if your drivers are taking vehicles to unauthorized locations that may put your fleet at risk.

Reduce Risk and Lower Insurance Premiums with Argos

Insurance premiums continue to rise year after year and show no signs of slowing down. Taking proactive steps with telematics can help create a culture of safety, reduce risk, improve driver behavior, and most of all — lower insurance costs. At Argos, our mission is to help fleets operate more efficiently and improve their bottom line. Connect with our team to learn more about our amazing telematics partners.

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