Research from Intelligent Telematics and Plexus Law has revealed that connected vehicle cameras prove remarkably successful at cutting the lifecycle and costs of insurance claims. This is likely to result in substantial cost savings for commercial fleets and possibilities of reductions in the overall cost of fleet insurance.
Benefits of connected vehicle cameras
The research entailed analysis of 4,000 cameras fitted to vehicles and highlighted up to 50% reduction in the average insurance claim costs and a 15% increase in time taken to resolve the claim, when these claims were compared with those for HGVs or vans which did not have cameras fitted.
The beauty of the camera system is that it’s quick and easy to understand where responsibility for faults lies. Access to video footage means insurers can reach far more accurate liability decisions and manage the claims management procedure much more efficiently. This video footage cuts out the exaggerated 50/50 claims and fraudulent claims which are so often presented to insurance companies. Cameras are particularly useful for rear end collisions and accidents which occur when emerging from junctions.
Sam Footer, the Partnerships and Marketing Director for Intelligent Telematics said: “The clear message to commercial fleet operators is that connected vehicle cameras are proven to make insurance claims cheaper and quicker to resolve. 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.”
Tim Short is the Head of Motor Practice at Plexus Law and 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.”
Total Insurance provide a variety of commercial insurances, including motor fleet insurance, courier insurance, and HGV insurance. Contact us for details.