Seasons Greetings and Happy New Year from all of us here at Redtail Telematics.

Seasons greetings from Redtail Telematics!

Wishing you health, happiness and prosperity from all here at Redtail Telematics!

A Fleet telematics case study to consider ROI

A lot of data!  However, details of how we work with our customers to understand the benefits of a managed fleet telematics program below.

A fleet management telematics solution makes savings in fuel costs, asset (people/machines) productivity, maintenance and insurance costs.

A fleet management telematics solution makes savings in fuel costs, asset (people/machines) productivity, maintenance and insurance costs.  Also, understanding of driver behaviours and coaching to improve has an impact on road safety and insurance premiums.

REDTAIL studies demonstrate evidence that driving more safely has a corollary with reducing emissions.

Collaborative relationships

Our US customer (a building and maintenance company) above is one example of a well-managed fleet.  The collaborative relationship has developed over time to better understand business and technology and areas for saving and improvement in both.  Our devices, data and apps have enabled the Operations folk to better manage their mobile teams in a couple of ways:

• Optimise routes, schedules and tasks to best serve their customer base
• Track driving styles and coach/incentivize employees to do better/safer/cheaper

An added benefit of the latter is a both a reduction in traffic accidents and therefore claims, plus robust driving behaviour data to enable insurers to understand risk.  Both aspects result in the possibility of lower motor insurance premiums than might be expected.

Safer driving and lower emissions

REDTAIL research into the correlation between safer driving and lower emissions offers a further incentive. 2.7kg CO2 emissions per litre is a recognised industry standard.  Our scrutiny of driving styles and behaviours indicates 12-15% saving in fuel consumption per journey of at least a mile.  This jumps up to 14-17% for longer journeys.

Again, do the math – across a busy fleet of 30 vehicles there is undoubtedly the opportunity to do differently and to ultimately make a difference.

Actionable, valuable insight for insurers

REDTAIL is leading the way in turning connected vehicle data into actionable, valuable insight for insurers. In this bulletin of our thought leadership on this opportunity, we scrutinize the benefits of Connected Vehicle data for OEMs.

Connected Vehicle highlights from Redtail

• In 2019, 71% of vehicles on UK roads were connected
• The forecast is 100% by 2026
• There are 40 million cars on Britains roads

Premium

We can help you manage a pilot program with insurers to drive learning and evaluation of connected vehicle data. Our steps are practised and proven:

Sample of connected vehicle datasets.

The pilot programme can be set up in a month and we suggest a minimum six months duration.

Quality Connected Vehicle data with Redtail

REDTAIL presents quality data to you through web portals and apps in flexible and readily usable formats.

As a second layer of evaluation we are adept in ingesting your innovative datasets, and help insurers explore new ways to scrutinise use cases in risk, claims and policy holder engagement.

How Redtail can help…

In conclusion, insurers should be doing more to utilize the benefits of OEM connected data!  As a leader in the field, Redtail can help those insurers receive standardized data from different OEMs and we are excited to see this field progress.

So, what do you say, will you join us on this journey?!

Electric vehicles and connected vehicles – are they “smart” vehicles?

In the words of Jim Steinman and Meat Loaf, ‘Two out of three ain’t bad….’

I don’t know if you saw the recent BIBA announcement on an EV scheme with Novo Insurance.  ‘…the scheme boasts a range of unique features, including like-for-like replacement mobility in the event of a claim and access to a UK wide EV repair network.’  Ok.

High premiums for Electric Vehicle owners

The contribution from esteemed Novo MD James Allenby also promises innovation through ‘competitive rates, unique covers and customer satisfaction’ in an ‘underrepresented’ market.

In a previous article I quoted the confused.com data on very high premiums for EV drivers.  The data suggested that the size of the installed base, the newness of the immediate acceleration, early braking and quietness are additional factors.  Concluding that more accidents means more claims means higher premiums.

Electric Vehicle and Connected Vehicle data

But what if there was technology to 1) accelerate understanding of drivers and their driving in this segment and 2) inform coaching on safer driving?  Could that add pre-incident prevention to the post-claim efforts?  A few simple facts:

Electric vehicle replacement and repairs

BIBA/Novo combine on replacement vehicle and repair networks.  Will this be enough to help OEMs / insurers hit the government targets for EV adoption?

My honest answer is I do not know.  But, given the compelling eco arguments and the necessary momentum in the EV direction, why not load the dice?  Of course, permissions and tech and testing and marketing must be deployed.

However, there is a unique opportunity here – intelligent vehicles offering smart data to do better business for all – OEMs, insurers, consumers and the planet.