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Usage-Based Insurance
Online reporting of driver behavior to insurance companies enables the implementation of usage-based insurance (UBI) and “pay as you drive (PAYD)” plans.
Usage-Based Insurance (UBI), which is also known as Pay As You Drive (PAYD) or Pay How You Drive (PHYD), is vehicle insurance where the cost is dependent on the type of vehicle used, measured against time, distance, driving behavior and location.
Insurance companies can increase the value of their portfolios and at the same time help their insured fleets and fleet drivers improve their own performance. Many of the insurance costs – and liabilities stemming from accidents – are often down to 3-5% of drivers in large fleets.
Our Usage-Based Insurances Solution
Cellocator’s Cello-IQ and Cello-CANiQ devices address the needs of the evolving fleet management market, which is trending towards accumulating advanced remote diagnostics, vehicle management, and Driver Safety applications for UBI logic.
Cellocator solutions can help identify problematic and risky driving in real-time, alerting the fleet and the insurer to the need for training to adhere to pre-defined acceptable driving standards.
Using an optional Cellocator in-cab driver feedback display and audio alert, the fleet can reduce offenses that can lead to accidents, including alerts for harsh acceleration, hard breaking while turning, over-speeding, and more. In this way, every insurance company can turn a losing portfolio into a profitable one.
In addition, Cellocator devices help improve the overall health, safety, and security of the fleet through managed preventative maintenance and enhanced security.
Benefits for Fleet Managers
- Identifies risky drivers and alerts them to their problematic driving patterns
- Improves fuel efficiency
- Improves vehicle maintenance, due to fewer incidents and less aggressive driving
- Rewards safe driving
- Crash & Rollover notification, resulting in assistance and event containment
- Lower premiums
Benefits for Insurers
- Improves risk management
- Reduces losing portfolios
- Lowers claims losses
- Reduces claims handling costs and time management
- Enhances insights and understanding of customers
- Increases customer satisfaction and retention loyalty
Bootom Line
Cellocator’s usage-based insurance brings an Immediate ROI. Right from the get-go, it enables cost-cutting, risk mitigation, and gaining better control of fleet vehicles and their drivers. From identifying poor driving habits and training opportunities, through proactive maintenance scheduling, insurance companies and fleets can reduce their risk and increase the value of their portfolios.
