Rise of Big Brother
Is your company using technology to reduce fleet insurance and related costs? Research carried out by UK company Arval shows that more and more fleet companies are employing the help of telematic data to reduce fleet costs. The data collected enables fleet managers to make smart decisions based on information provided by these recording devices.
A major survey of UK fleet managers carried out by Arval found the key reasons for introducing fleet telematics were as follows: “improving driver safety’ (87%), ‘improving driver behaviour’ (875%), ‘reducing fleet costs’ (75%) and ‘optimising journeys’ (70%)”
Why the big uptake? Apart from the above the cost barrier has fallen significantly making it easier to recover costs over a shorter period of time.
In addition, the strides being made in machine learning enables the data to be used predictively. For example predict the types of driver behaviour that is likely to lead to accidents.
The attraction of telematics is that the collection of big data can be used to improve not only drivers behaviour, but can also be used to help optimise route planning.
Intelligent Route Planning
The data collected can be used to intelligently plan optimal routes thus costs associated with time on the road.
Big data is analysed to provide information on ways to reduce fleet accidents thereby increasing driver safety. This information can then be used to pinpoint specific areas of weakness at individual driver level. The end result should be comprehensive fleet insurance at a lower cost.
Machine Learning applied to fleet management
This is achieved to some extent by the intelligent analysis of data provided by the telematic device(s) and with the help of machine learning algorithms which enables ongoing improvement in these and other key areas that result in lower costs. If you are using telematics then ask your broker for telematic fleet insurance which will be cheaper than standard cover.