In recent years the competition generated by the clamour for market share has seen premiums drop, but on the back of some fairly heavy losses in the insurance market in 2007 and 2008, added to a declining return on their investment rates, there is growing pressure to increase premiums. Barrie says prices are currently at rock bottom and set to rise, but as Belmont’s truly comprehensive levels of service and cover will not be compromised, it has started to look at other innovative ways of managing the inevitable rise in premiums.
One such example is a recent deal stuck with GreenRoad, the fleet safety specialists, whose Safety Center system is being offered to Belmont customers for less than the normal retail price with further savings in discounted prices from the insurers.
By analysing individual driver performance and continuously providing them with real-time coaching, GreenRoad Safey Center is proven to improve driving skills. By partnering with GreenRoad, both operators and Belmont will have access to detailed management information that will enable risk improvement interventions to be implemented whilst assisting with negotiations that could reduce premiums and improve cover.
With GreenRoad, Belmont can now measure the risk associated with each client, driver and operator in order to improve the effectiveness of risk management efforts. Belmont has integrated the risk information from GreenRoad’s Safety Center with its established risk and claims management activities. This service will be aimed at companies operating more than 10 vehicles.
“At a time of financial uncertainty, with the potential for higher insurance premiums and fuel costs, we have been looking for ways to reduce the impact on our clients. With GreenRoad we have found an innovative solution that helps clients make passenger transportation safer and more economical, while giving us the data about risk so we can negotiate better deals with insurers,” said David Hinton, deputy MD at Belmont.
“Belmont has designed this new offering to bring safety and reduced fuel consumption benefits to a wider audience. With the largest market share in the bus and coach segment, Belmont has the reach to make considerable impact on the marketplace,“ said Erick Shishko, senior vice president, insurance at GreenRoad. “This is a flagship partnership with a UK insurance broker and it demonstrates how GreenRoad’s risk management platform can play an important role in helping fleet insurers and brokers deliver innovative new services.”
Safety Center helps improve driving skills and reduce fuel consumption. A personalised professional ‘coach’, Safety Center empowers drivers to manage their own safety and improve their driving techniques.
Safety Center’s in-vehicle sensors collect information on up to 120 different driving manoeuvres. Each manoeuvre is evaluated in five categories: acceleration, braking, lane changing, cornering and speed handling. Using proprietary algorithms, manoeuvres are analysed to give drivers continuous in-vehicle feedback about areas that require improvement, and build their driver profile. Driver safety and economy levels are displayed using a colour classification system: green light indicates safe driving, yellow needs attention and red is high risk. Feedback is also provided using SMS, email and Safety Center’s password-protected website. Drivers and managers are able to review detailed reports by fleet, driver, department, manoeuvre type, trip, etc., to easily and accurately identify their high-risk drivers and problem areas. GreenRoad has already been installed at a number of bus and coach operators in the UK including Stagecoach and Metroline.