Connected vehicle cameras are having a dramatic impact on the cost and lifecycle of insurance claims and could save the commercial fleet sector many millions of pounds a year.
An analysis of 4,000 vehicles fitted with the technology found a 50% reduction in average claims costs and a 15% increase in the average speed of resolution compared to vans and HGVs operating without a camera.
“The clear message to commercial fleet operators is that connected vehicle cameras are proven to make insurance claims cheaper and quicker to resolve,” explained Sam Footer, Partnerships & Marketing Director at Intelligent Telematics. “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.”
Having access to video evidence with supporting vehicle data direct from the scene of a collision is helping claims handlers make a faster and more accurate liability decision. The findings show it is possible to take better control of the claims management process using connected vehicle cameras, with rear-end shunts (55%) and collisions while emerging from junctions (43%) seeing the largest reductions in average claims costs.
Tim Short, Head of Motor Practice at Plexus Law, commented: “When you consider 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.”