Manage Insurance Better With Video Reviews and Risk Assessment 

High resolution dash cams, GPS tracking, and telematics data are all useful for improving safety, efficiency, and productivity. But dig a little deeper and you discover even more benefits that come with modern video telematics: Risk and Cost Reduction. Combining video reviews with risk assessments makes insurance policies easier to manage and can even reduce costs.

Insurance companies obsess over risk. Risk is the driving force behind any insurance company. It is their job to assess a company’s risk for a policy with only limited data available to them. If not assessed correctly, this can lead to high premiums and unhappy customers. Video and Driving Behavior data helps bridge this gap and gives insurance companies more accurate information to properly assess a company.

This can be used to your advantage by leveraging the various components of video telematics to better manage your insurance policies, customize those policies, and ultimately reduce your monthly premiums. Some insurance companies will even subsidize or pay for your dash camera system entirely. 

Risk Assessment and Policy Customization 

Regular reviews of video data can provide valuable insights into driver safety. It can prove that fleets and drivers are doing everything they can to maintain safety through good driving practices. Best of all, video data is the foundation of modern risk assessment. Consider the following: 

● Insurer Interest – Insurers are interested in video telematics for the purposes of assessing fleet safety. Video data facilitates more accurate assessments and the ability to tailor insurance policies accordingly. 

● Risk Profiles – Companies in certain industries present unique risk profiles to insurers. Video-based risk assessments allow for greater customization that meets a company’s needs without unnecessarily exposing the insurer to excess risk or the policy holder to excess premiums. 

● Dynamic Premiums – Video reviews and risk assessments can even open the door to dynamic premiums among insurers who support them. Premiums are adjusted dynamically to reward responsible driving and safe behavior. 

Customization is crucial to fleet insurance. No two fleets are exactly the same. No two companies present the exact same risk profile. Customization ensures that an organization gets fair pricing and adequate coverage. Thanks to video telematics, regular reviews, and risk assessments, organizations and their insurance companies have more tools for customizing policies. 

Reducing Insurance Premiums 

Policy Customization is helping to keep insurance costs in check. Practically speaking, that means reducing insurance premiums. And guess what? Premium reductions are not just theoretical. They are reality. 

A FreightWaves and J.J. Keller white paper discussing dash cam usage among fleets reveals the following: 

● Insurance companies offer discounts of up to 20% to fleets that are willing to share video data with them.

● An estimated 40% of fleets utilizing dash cams report lower insurance premiums as a result.

● Some fleets report a 15% reduction in insurance costs following the implementation of video telematics. 

It is clear that insurance companies value the data produced by dash cams. They appreciate regular reviews of said data combined with assessments that reduce their risks. And they reward reduced risk with reduced premiums. It couldn’t be any simpler than that.

Why It All Matters 

To understand why all this matters, consider what video data offers. Dash cams generate video footage that can be combined with AI-powered software to alert to driving behaviors in real-time. Imagine a video telematics system recognizing that a driver is drowsy before sounding an in-cab alert to get his attention. The driver pulls off the road and gets some rest rather than risking an accident. 

This is the sort of thing that insurance companies appreciate. This scenario is an example explaining why insurers offer premium reductions as an incentive to embrace video telematics. Regular video reviews and risk assessments help both insurance companies and fleets. Why any fleet manager would choose not to embrace video telematics is a mystery.