In the UK, whiplash alone costs insurers over £2 billion per year adding £90 to the average car insurance premium. In fact, 50% of the cost of a motor accident claim are associated with personal injury, legal services, medical reporting and rehabilitation.
It must be clear therefore, that any technology that assists in lowering the risk of accidents combined with improved accident management systems, must be embraced in order to benefit insurers, drivers and our broader communities alike.
Introducing SatSafeDRIVE – a sophisticated motor vehicle ‘black box’ system incorporating the market leading telematics device by Quartix and a High Definition (HD) camera to provide second by second information (data) about the ‘status’ or driving style of the SatSafe equipped vehicle.
This data is used by insurers to make better risk decisions which benefits drivers by through reduced insurance premiums as well as making our roads safer due to the fact that users generally modify their driving to become smoother, less erratic drivers.
Once fitted, be it in a small car, van, or heavy goods vehicle, SatSafeDRIVE monitors and gathers information (driving data), which is immediately processed against pre-determined parameters such as speed, braking and turning forces, date, time & location, which may be used in commercial and domestic settings.
For example, SatSafe is ideal for use by fleet/logistics Managers to better understand where cost savings can be made as they realise that every penny saved from costs drops right to the bottom line, operating profit. In domestic applications, the driving data can provide an overall Risk Score which affects a driver’s insurance premiums.
Additional benefits of our system; the on-board HD camera recording time/date stamped video footage offers excellent protection against Crash for Cash insurance scams as well as assisting in the crash investigation process (FNOL) following a genuine collision.
BENEFITS TO USERS
- Protection against Crash for Cash scams thus protecting insurance NCDs
- Faster response times from Emergency Services via a third party service provider
- Usage Based Insurance (UBI), lower insurance premiums as drivers are only charged for what they use
- Safer driving experience as drivers are advised if they are driving erratically
- Lower risk of fraudulent claims as each journey is recorded in terms of telematics and video
- Lower risk of theft – GPS tracking device to locate vehicles 24/7
- Security and remote management of mobile workforce in remote locations
BENEFITS TO INSURERS
- Increase your customers’ safety and satisfaction
- Manage your claims more efficiently
- Explore new business models (combining Pay Per Use/Pay As You Drive models)
- Offer premium roadside assistance as part of aCall (Assistance Call)
- Increase service efficiency with remote diagnostics
- Recover stolen cars and save money
- Reduce insurance risk
- Promote competitive advantages
- Take preventive actions and reduce costs
- Highly accurate risk profiling of customers
- Fewer incidents of Insurance Fraud
- Self financing – the cost of the SatSafeDRIVE device is covered by the user’s premiums
SatSafeDRIVE is currently being refined to meet specific needs of individual client organisations. Early telematics based insurance schemes have made excellent inroads to educate and develop consumer-based markets and it is our wish, to build upon and explore even greater opportunities for drivers to move from the pay-as-you-drive (PAYD) business model, which calculates premiums according to the number of miles driven, to pay-how-you-drive (PHYD), which factors in driving style.
If you are interested in learning more about SatSafeDRIVE and the benefits we can bring to your organisation please complete our online enquiry form here. We would be delighted to share our industry insights into this exciting new development in a increasingly dynamic sector.