When considering the Insurance industry today where 50% of the cost of an auto claim is associated with Personal Injury, legal services, medical reporting and rehabilitation, it is clear that any technologies that assist in achieving cost savings through improved accident management systems must be embrased in order to benefit drivers and insurers alike.
SatSafeDRIVE is a ‘next generation’ telematics device similar in principle to the ‘Black Box’ flight recorder fitted to aircraft – but with more advanced features. Our device offers value-added analytics, scores, and risk modelling services based on telematics technology which enables our clients to make better risk decisions as well as making our roads safer.
Once fitted to a vehicle, be it a small car, van, or heavy goods articulated truck, 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 and various other information to provide an overall Risk Score. This extremely accurate driver data is processed on-board whereby the information in effect, provides real-time and accurate Risk Assessments. This data may determine drivers’ insurance premiums when they are signed up to a pay-as-you-drive (PAYD) or ‘User Based’ insurance policy (see below).
The primary function of SatSafeDRIVE is to influence driver behaviour in order to make our roads safer and SAVE LIVES.
Other security features of SatSafeDRIVE include in-built high definition video filming from a front facing camera and secure loop recording of the footage onto its hard drive which is geo-tagged (Time/Date/Location). During a shock event (accident), the 3G enabled unit can email critical information, speed, direction, location, impact force etc via eCall – the Europe wide 112 service enabling shorter Emergency response times.
During accidents involving high impact collisions, where the vehicle occupants may not be able to physically respond post-event, the device sends a ‘Critical Alert’ based on preset parameters such as weight/force of the impact. This Alert Data which the Control Centre receives, will contain time, location and severity of impact thus enabling responders to make informed decisions about the level of assistance required.
From a Personal Security standpoint, SatSafeDRIVE has an SOS button enabling the device to alert pre-determined numbers in the event of serious accident or breakdown. Registered users, subject to a subscription as part of their insurance policy, may also be ‘protected’ by a third party Operations Centre which, when alerted of an SOS by SatSafeDRIVE, calls up the device to ascertain the degree of emergency. If necessary, the Control Centre or PSAP (Public Service Answering Point) staff can call and dispatch the relevant road assistance or Emergency Services thus saving time and potentially, lives.
Insurance Fraud is big business and SatSafe, through our SatSafeDRIVE products, is leading the way in developing security solutions to combat the growing trend of Crash for Cash claims. An accident involving a collision whereby the car in front stops for no apparent reason can quickly be dealt with by the relevant authorities once the on-board film footage is viewed. This can be achieved within minutes of the incident by Insurance Claim Investigators based at the Insurers’ offices and Law Enforcement Officers at the scene making SatSafeDRIVE an obvious and cost effective Crash Management solution.
PAYG BENEFITS: SatSafeDRIVE presents useful information to the driver in an easy to understand format which enables them to modify their driving style in order to lower their Driving Profile Risk Score and benefit from lower insurance premiums. Drivers can observe a simple red/amber/green light system constantly reporting their driving style in terms of fuel usage and safety. The more erratic or high risk their driving, the more of their PAYG ‘driver credits’ are used up per mile.
The device looks similar to current windscreen mounted satellite navigation products and whilst SatsafeDRIVE has navigation as a basic function, we are also merging technologies and disigning in the following:
- On-screen display of driver credits remaining
- Red/Amber/Green alert system of their current driving style
- Forward facing camera recording 15 minute loops of high-definition footage
- 3G data card fitted enabling transmission of critical incident data to third parties (112 eCall)
- SOS emergency call feature with premium, opt-in call centre support
BENEFITS TO USERS
- Faster response times from Emergency Services via eCall.
- 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
- 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
- Monitor closely your assets under cover
- Highly accurate risk profiling of customers
- Fewer incidents of Insurance Fraud
- Self financing – the cost of the SatSafeDRIVE device is covered by the drivers’ 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 opportunitites 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 insurance sector.