Using Tech to Make Roads Safer and Insurance Smarter

Hey there! Today, let’s talk about how we can make our roads safer and insurance smarter using technology. Did you know that around 30% of road fatalities in the UK happen in driving-for-work collisions? That’s a pretty alarming statistic. And get this, even though heavy goods vehicles (HGVs) make up only 12% of vehicles on the road, they’re involved in a whopping 41% of fatal accidents. That’s crazy!

Now, considering there are about 500,000 HGVs on UK roads, it’s crucial that we find ways to lower the risk and protect everyone involved, including couriers, haulage companies, and other road users.

But here’s the thing, the current practices in the haulage insurance sector aren’t really cutting it. Insuring haulage fleets is a complex challenge, no doubt about it. But shouldn’t we strive to offer full cover and opportunities to lower risk? And hey, if we can provide excellent customer service along the way, that’s even better!

Unfortunately, many insurers rely on business owners to tell them what kind of insurance they need. Seriously, in this day and age, when we have all this amazing technology at our fingertips, that’s just not right. Business owners may not have the tech, knowledge, or expertise to provide accurate data insights, and that’s a problem. It means that haulage fleets are often underinsured, which puts everyone at risk.

Let me give you an example. Imagine a haulage company that has to travel on one of the most accident-prone roads in the UK. The business owner probably knows it’s a dangerous road, but do they know the specific details about accidents, breakdowns, and road conditions? Probably not. But the insurer needs that information to provide effective insurance. Without it, they’re just guessing, and that’s not good for anyone.

So, how can we drive reduced risk and better insurance? Well, we can start by harnessing emerging technologies throughout the customer journey. By using AI, automation, and machine learning, brokers can do the heavy lifting and provide tailored advice based on data. This way, business owners can understand the risks they face and take steps to mitigate them, all while having the peace of mind that their business is fully protected.

The burden should never be on the customer to provide insurance-specific details. Instead, let’s let technology do the work. Insurers can use AI to gather information about things like square footage, nature risks, road quality, and accident frequency. They can compare this data with similar companies and the prices they were quoted. And guess what? They can do all of this in just a few moments! With all these insights, brokers can confidently offer a comprehensive insurance package that truly understands the customer’s needs.

Automation also plays a big role in this. It frees up time for brokers, so they can provide better service to their customers, keep them happy, and even lower costs for them in the future. Of course, there may still be cases where in-person assessments are needed, but technology like geospatial data and high-grade satellite imagery can greatly improve accuracy.

In the end, technology can revolutionize the insurance industry and make it faster, more efficient, and more accurate. And that’s exactly what we need for a sector that’s filled with risk but is also incredibly important for our economy. So, let’s embrace technology and make our roads safer and insurance smarter!