Self-insuring fleets encouraged to use new tech to cut risk

A growing number of fleet operators are looking at ways to lower their insurance premiums by choosing to self-insure rather than obtaining more comprehensive ground-up cover or raising their risk appetite through larger deductibles.

That’s according to Solera, which says that using advanced technologies can help fleets minimise risk and ultimately cut costs.

Solera’s SmartDrive platform combines AI-enabled video, advanced analytics, telematics and compliance apps to improve fleet safety.

AI and video technologies, it says, are essential in monitoring driver behaviour and providing interventions and training when required to reduce the number of accidents.

In the event of an incident, video technology can help mitigate the risk by providing an unbiased record along with information on the reason, such as driver distraction or weather conditions.

Jog Lall, business development director at Solera, said: "As more fleets self-insure, SmartDrive technology can help reduce insurance costs and the number of accidents.

“In just one instance, a logistics firm saved £15 million a year by self-insuring and reducing the number of accidents by deploying this technology.

“It’s important that commercial fleets use the latest technology available to ensure they continue to generate the best possible operational efficiencies."

The cloud-based platform provides an overview of fleet safety, with the technology offering evidence instantly in the case of a road incident.

Every incident video is stored in the cloud and reviewed by an experienced customer centre with 600 analysts who observe, apply a score and share the information with the user.

The platform's AI understands and monitors driver behaviour and road conditions and provides guidance to improve driver skills.

Driver education is a powerful driver in lowering risk and reducing costs when self-insuring vehicles, it says.

SmartDrive is part of Solera's Fleet Solutions, a digital hub which aims to proactively eliminate risk and optimise operational performance by reducing incident frequency, exonerating drivers, lowering fuel costs, and reducing a fleet's carbon footprint.

Options available to tackle rising cost of insurance premiums from the Fleet News Fleet Operational Excellence special report.