SatSafe is a young technology Social Enterprise providing a range of telematics solutions for both the private and commercial sectors.
Our vision is to become a leading supplier of location-based products and services to Insurers, fleet managers, transportation departments, Local Authorities and other public sector organisations throughout the UK and Europe. We do this through a range of innovative solutions that deliver solid returns on undrwriting activities via our own branded policies as well as end to end telematics solutions under other insurers’ brands.
SatSafe policies have a unique feature at their core – that of influencing our users’ behaviour in order to reduce accidents and save lives whilst reducing environmental impact.
How we do this: Telematics is changing the way Insurers provide underwriting to their policies. Starting with the electronic data capturing device (black box) fitted to the vehicle through to the anaysis of the driver data captured during normal driving and post incident – enables a completely new set of rules for pricing insurance.
As the information we provide is real time, contextual and granulated, we are able to immediately identify which drivers are presenting the most risk to across their policies and take remedial action in order to influence those drivers. This means that Insurers are able to provide more profitable business than tradition, proxy-based pricing as telematics effectively removes most of the risks (poor drivers) for insurers.
The Big Data issue: Another key feature of SatSafe policies is the fact that we are totally focussed on the physical characteristics of a vehicle as it is being driven rather than the age, gender, occupation or driving record of our customers.
We are registered with the Information Commisioner and only use the driver data in order to accurately report the risk that vehicle presents as it is being driven. Whilst we are not interested in the location of a driver at a particular time, we do compare real time driving style against specific parameters – i.e. the local speed limit, type of road, weather, traffic density and time of day. Our focus remains on that of the vehicle rather than the driver meaning that we are able to provide insurance for the traditionally ‘hard to insure’ drivers and do so at a far lower price than proxy based insurers.
Impact: SatSafe is a Social Enterprise meaning that whilst we exist to generate profit, most of that profit is re-invested into initiatives that enable us to achieve our social objectives (our Social Value). These include investing in driver training programmes for disadvantaged groups, investing in traffic calming initiatives in ‘high risk’ areas such as schools and colleges and much more.
SatSafe aims to re-invest 30% of prior year’s profits into road safety and education projects in the local areas using our products and services. The surpluses also fund the delivery of relevant training programmes for the unemployed or those with low or no formal qualifications, over and above requisite training for our own staff.
In addition, SatSafe will deliver a social impact intrinsic to our business model, including the monitoring of minibusses and community group transport and enabling the lowering of GHG emmissions from Local Authority and Public Service vehicles by up to 30%.