Insurance savings potential of connected vehicle cameras revealed by Intelligent Telematics and Plexus Law
May 10, 2018 • Fleet Technology • News • fleet technology • Plexus Law • field service • field service management • Fleet Insurance • In Vehicle Cameras • Intelligent Telematics • Sam Footer • Tim Short
Connected vehicle cameras are having a dramatic impact on the cost and lifecycle of insurance claims according to Intelligent Telematics and Plexus Law, so could save the commercial fleet sector many millions of pounds each year. Following the analysis of 4,000 vehicles fitted with the SureCam 3G forward-facing device, it was found that there was a 50% reduction in average claims costs and a 15% increase in the average speed of resolution when 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,” explains 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.”
The findings show that it is possible to take better control of the claims management process using connected vehicle camerasBy having access to video evidence with supporting vehicle data directly from the scene of a collision is helping insurance claims handlers to make a faster and more accurate liability decision. The findings show that 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 that 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.”
Intelligent Telematics’ SureCam 3G devices are the leading single, dual and multi-camera solutions for vehicle operations, providing increased protection against fraudulent insurance claims, false driving allegations and disputed liability. They use the most sophisticated 3G and 4G technology so that HD footage of any collision, near miss or harsh driving incident is captured and automatically transmitted within moments of it happening. Unlike other systems in the marketplace, the videos and supporting data are uploaded to a secure server network with no user intervention required, making them the only truly effective 3G vehicle cameras for First Notification of Loss (FNOL).
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