Reducing Claims Exposure is in Your Hands

by Tyrone Silva, AVP Risk Management, NBIS
and Anee Butler, Risk Management Operatorions, NBIS

Reducing your company’s exposure to claims is an ongoing process, and one NBIS believes should always be at the front of your mind.

That being said, there’s no better time than the start of a new year for you to assess your company’s risk exposure. How thorough is your driver monitoring program? Are you taking full advantage of the advancements in telematics and dash cams to reduce driver risk? Safer drivers lead to fewer claims, so the best way to reduce your claims exposure is to invest in a driver monitoring and safety program.

TELEMATICS: TECHNOLOGY THAT WORKS

Since the technology was introduced, increasing numbers of companies, fleet managers and insurance providers have quickly adopted telematics systems to keep track of their fleets remotely, thereby gaining newfound access to their drivers’ behavior, incidents and working conditions. Telematics solutions allow companies to meet Federal Motor Carrier Safety Administration (FMCSA) regulations more efficiently by giving fleet managers a way to instantly respond to potential violations.

Information derived from a telematics system can also help insurance companies investigate incidents almost as soon as they occur. This can provide policyholders with stronger claims protection, regardless of fault. Fleet managers can also make big-picture, real-time decisions about their drivers’ unsafe behavior, such as distracted or reckless driving.

Benefits of telematics:

• Reduce risk: Reduce driving risk through tailored feedback based on actual driving behavior
• Improve fleet utility: Improve fleet efficiency and effectiveness with better visibility into where your vehicles are, how they are being used and who is driving them
• Reduce fleet cost: Drive down the total cost of ownership for your fleets with detailed asset and trend reporting

DASH CAMS: YOUR EYES IN THE FIELD

The use of dash cams is continuously increasing, especially among fleets — and for good reason. Not only can dash cams give insight into what actually occurred during a critical safety event, but they can also enhance driver-coaching programs and improve fleet safety. Installing dash cams in your fleet is a clear sign that you’re serious about fleet safety.

Benefits of dash cams:

• Help reduce false claims
• Incentivize safe drivers
• Improve driver training
• Speed up insurance claims
• Protect drivers

MOTOR VEHICLE REPORT MONITORING: THE BIG PICTURE

Dash cams, telematics and other driver monitoring technologies provide enormous amounts of data for fleet managers to sift through, and that can be a full-time job on its own. A motor vehicle report (MVR) monitoring system can help put all this information into the context you need to effect changes in your fleet. Another advantage of using MVR monitoring software is you have access to both your CSA and IRT scores, so you can see how your fleet matches up with national standards.

MVR monitoring programs provide daily insights into driver behavior, and help reduce monthly crashes by up to 14 percent, as well as reducing monthly violations by 22 percent. As an added financial benefit, many insurance providers, including NBIS, provide incentives for utilizing such tools. MVR monitoring software saves you time and money while increasing your fleet’s overall safety score.

REDUCING CLAIMS EXPOSURE IS UP TO YOU

The tools to keep your fleet safe and reduce your company’s risk exposure are out there; it’s up to you as the fleet manager to utilize them. NBIS has the resources you need to learn more about telematics, dash cams, MVR monitoring and more. It’s never a bad time to take a close look at your risk exposure. And it’s always a good time to reach out to NBIS for help.