Partnership with connected camera fleet firm looks to allow fleet operators to benefit from telematics data
Insurtech Concirrus has partnered with connected camera fleet firm SureCam in a bid to overhaul how fleet operators insure their businesses.
It will see SureCam integrate with Concirrus’ data analytics platform Quest Fleet, which it hopes will provide new insights in enabling fleets to automate risk management processes, prioritise driver coaching effectively and optimise first notification of loss (FNOL).
If it can do this, Concirrus managing director of motor Craig Hollingworth says it will in turn reduce insurance costs and improve profitability.
Hollingworth said: “Having evaluated the market, SureCam was a great partner for our business given their focus on safety, combined with a high calibre of clients aligned with our own values and vision.”
SureCam has been working with the likes of security company G4S, construction firm Morgan Sindall, electrical appliance company Hoover Candy, milk haulage provider Wincanton, logistics firm Eddie Stobart and doughnut makers Krispy Kreme for the past five years.
Cost savings
Hollingworth explained that extending the Quest platform’s proposition to the fleet operators will allow the insurtech to address larger and self-insured customers.
“This means any cost savings that can be made by driving out risk and shortening the claims process will go straight to their bottom line,” he said “For smaller fleets that may be traditionally insured, we’ve seen insurers pass cost savings from these projects back to the fleet operator – so, it’s win-win for everyone.”
The insurtech has built an underwriting platform that’s being sold to reinsurers and insurers. It takes the data from cameras, processes it via Quest Fleet, and makes it available to (re)insurers.
It hopes to help bridge the gap between data and the insurance market and provide an opportunity for the sector to benefit from telematics. The two firms are targeting the service at anyone that operates or insures a fleet.
SureCam’s co-founder and strategic partnership director Sam Footer said the partnership with Concirrus will give his company credibility due to the insurtech’s expertise in the insurance sector.
“Quest Marine has been a huge success and SureCam is delighted to have been chosen as the preferred camera supplier of choice that are now fully integrated within the Quest Fleet platform,” he continued.
Managing data
Justin White, managing director of SureCam said: “We recognise that fleet operators find it difficult to manage and prioritise the vast amount of data available through telematics and video footage.
“Therefore, we needed to determine how we could harness advanced technologies such as AI and machine learning to facilitate automation of processes, improve data analysis and help alleviate the operational burden for our customers.
“With a cutting-edge technology platform, easy to use interface and a solid team of data scientists, partnering with Concirrus was a natural choice for us and we’re very excited to take this game-changing solution to market.”
Transparency
Hollingworth told Insurance Times that black boxes have not really penetrated the insurance market because insurers have not had transparency of data. However, some motor insurers have been successful in launching telematics as they “own every part of the value chain – they are the money, the capacity, the underwriting and everything is carried out-in-house”.
But he added that these companies are the exception to the rule and that the insurance market is instead very fragmented and made up of silos.
Digital insurer
Footer foresees a time when insurers will be fully digital and will need to rate risk on behaviour not demographics. They will therefore need to share this data with the rest of the value chain in real-time. Underwriters will become the risk portfolio managers and the Internet of Things will give insight into the unknown.
“Creating a digital marketplace where risk can be assessed, managed and mitigated in real-time has garnered attention and interest across the industry. This is about facilitating closer alignment throughout the value chain so that everybody wins,” he concluded.
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