SMEs need to keep a track of their business and that includes the vehicles you run and the people who drive them.
Research has shown that in-vehicle telematics would positively affect driver safety, leading to fewer accident claims.
What does a telematics box track?
Here are five things telematics can tell you:
1: The presence of the technology in a vehicle also makes a difference to how some drivers behave behind the wheel, with drivers saying that they would drive more cautiously if a telematics device is installed.
2: Telematics has the potential to encourage a reduction in fuel consumption and CO2 emissions.
3: ‘black box’ telematics provides a more consistent measure of everyday driving, where drivers can be monitored and educated at the same time, enabling a whole new level of safety, efficiency, corporate responsibility and risk management.
4: Interactive systems can address driver weaknesses, change attitudes, encourage improvement, develop driving skills and enhances safety behind the wheel.
5: Such systems minimises accidents, repairs and legal risk and increases efficiency by reducing the costs of excessive fuel consumption, insurance premiums and vehicle wear and tear.
One of the UK’s pioneers of telematics-based insurance, insurethebox, hits a 5 billion miles of driving data milestone and has released analysis demonstrating the positive impact of behaviour-based insurance premiums.
How much can telematics save you on insurance?
Its latest data shows that over half of young drivers who took out their first insurethebox policy in 2018 saved as much as 38% after their first year of driving.
Holding one of the largest driving data sets in the UK, insurethebox has a unique understanding of the risks associated with driving behaviour.
This insight helps the insurance provider communicate with policyholders to help them understand good driving behaviours, not only to keep them and their passengers safe, but also to give them valuable savings.
insurethebox policyholders have access to a personalised online portal which displays information about their driving and how they could improve in order to be a safer driver with the best chance of seeing their premiums reduce.
A number of parameters are used to determine how safe a driver is – analysing if they brake or accelerate sharply; if breaks are taken on long journeys; as well as their speed on different types of road. And good driving behaviour is rewarded with Bonus Miles, with up to 100 Bonus Miles rewarded per month.
The latest analysis shows that over 55% of insurethebox customers renewing after their first year earned on average more than 60 bonus miles per month[ii].
“Consumer Intelligence[iii] recently reported that average insurance premiums for under 25’s is around £1,673 – still considerably more than any other age group” said Gary Stewart, Service Manager at insurethebox.
“Telematics innovation, therefore, plays a vital role in reducing premiums for young drivers.
“We make clear to customers, in direct communication and through their own personalised portal, the driving behaviours that will put them and other road users at risk and which, therefore, could have a detrimental effect on their premium at renewal.
“By giving young drivers this insight into their driving behaviours, we help them develop good motoring habits – as well as having a potential benefit on their wallet.”
insurethebox policies offer an initial 6,000, 8,000 or 10,000 miles of cover. Through a telematics box installed in the vehicle, insurethebox uses individual driver data to determine the risk profile of each policyholder and calculate their premiums.
insurethebox shares driving data with each customer through a personalised online portal empowering them to better manage their driving habits, in order to reduce their insurance risk profile – and possibly their renewal premiums.