Pay How You Drive

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PHYD

Allows; insurance companies, their brokers, and end-users (primarily Fleet Managers) to identify patterns of vehicle usage considered likely to increase the risk of accident. Other data can be associated with this driving style to assist in claims verification. In addition, the vehicle usage data and KPIs produced by the system may be used as the basis for a Pay How You Drive (PHYD) charging structure. The product can be sold into the retail of fleet markets.

A revolutionary innovation giving vehicle fleet operators the ability to gear their insurance premiums directly to the way that vehicles are driven. This approach to fleet insurance differs radically from current schemes where premiums are linked directly to vehicle mileage and previous claims experience. Based on industry categorisation of Key Performance Indicators (KPI's) where data relating to drivers and vehicles is relayed directly to Brokers, Underwriters and end user Fleet managers, system builds up an overall pattern of fleet, sub-fleet and individual vehicle usage and driver risk analysis.

Driving Risk Analysis

Features
  • Driving Style Recording and Analysis
  • Driving hours recording and excessive hours reports
  • Dangerous Driving reports
  • High Risk Driving reports
  • Risk-related vehicle usage statistics
  • Bulk Data Export
Benefits
  • Highlight bad drivers through usage pattern analysis
  • Allows a pro-active approach to accident reduction
  • Insurance premium reduction
  • Creation of new markets ie car hire for under 25s
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PHYD Billing

Features
  • Insurance premium based on a PHYD scheme and “black box” installation
  • How many passengers after dark (where available)
Benefits
  • Insurance premium reduction
  • Potential for rebates based on actual claim reduction or improvements in agreed key performance indicators (KPIs).
  • New or extended cover
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Claim Verification

Features
  • Video Capture and Download
  • Vehicle Status Capture (Freeze Frame)
  • Local Environmental Conditions
  • Impact Detection
Benefits
  • Allows brokers and leasing companies to analyse and challenge claims