Usage-based insurance (UBI), where on-vehicle technology gives live insight into driver behaviour and enables insurers to price individual driver and fleet policies, is seeing unprecedented adoption, according to video telematics provider VisionTrack.
“We are these seeing record levels of connection with our technology.” says VisionTrack MD Simon Marsh (pictured).
“In August 2018, over 6,000 vehicles adopted our technology in commercial applications. That generates vast amounts of data on how drivers behave, so UBI in the commercial sector is a natural next step of this evolution.”
He adds that accurate pricing can be generated based on live data. Besides cost savings on insurance, other benefits include potential prevention of incidents with monitored driver behaviour that includes live footage in the event of an accident.
VisionTrack’s VT24/7 is a monitored behaviour and first notification of loss service. It is designed to aid prevention and increase efficiency with insurance claims in the event of an incident.
