Telematics data reduces premiums by up to 15%
Our insurance business unit, Radius Insurance Solutions, has launched onboard, a new offering for the fleet market. The technology will enable new and existing customers to increase fleet safety by 30% and reduce insurance premiums by up to 15%.
The new smart fleet product is powered by a revolutionary algorithm that leverages telematics data and is designed to help businesses to manage their fleets with simple inputs, reducing claims frequency and keeping their costs low.
The product was created by analysing data from Radius’ own telematics devices and can lead to:
• 50% quicker claims
• 30% fewer claims
• 20% cheaper claims
• 0-15% lower premiums
Designed for small and medium fleets between two and 20 vehicles, onboard works in line with Radius telematics devices. After processing driving data, the algorithm sends its insights directly to each individual driver via the onboard app, as well as to the policy holder, to coach driver performance and reduce insurance costs.
onboard offers a unique gamification interface for drivers. Each driver receives a score based on their road safety. They can also see where they place among their colleagues, receiving weekly stats showing improvements in performance and be rewarded. The intuitive software also suggests interventions, as well as e-learning, to keep drivers safe on the road and provide them with ongoing education.
Matt Kirby, Radius Insurance Solutions Managing Director, said: “This latest product offering from Radius will give fleet operators an opportunity to maximise their telematics devices more than ever, as they can ensure drivers are working in the safest way, whilst reducing insurance costs and claims at the same time. Using data from our Radius telematics devices means with this intuitive product we’re armed to help our fleet customers predict and prevent crashes before they even take place.”
To find out more, visit https://www.radiusinsurancesolutions.com/en-gb/onboard/