How to integrate our risk intelligence into your business
This year we’ve been looking back over the 20-year history of our AI and the risk intelligence it delivers. Our founder has shared how the AI came to be, our co-founder has explained how the AI works, and our CEO has reflected on why the AI matters. Now, I look at our AI from a different perspective; that of our customers. I dig into some of the key benefits of our risk intelligence and explain just how easy it is to integrate our AI into your organization’s daily operations.
Risk intelligence that can change the world
Our AI delivers risk intelligence that addresses two of the world’s biggest problems; climate change and road safety.
While road transportation is vital, it is responsible for approximately 15% of the world’s total CO2 emissions. And it comes at a huge human cost, with approximately 1.19 million people killed and 20-50 million people injured in road traffic crashes every year.
For your company, the potential risks associated with road transportation are high, especially with growing pressure to operate in an environmentally and socially responsible way.
Our AI enables your organization to visualize your biggest road safety and climate impact risks before they happen. This means you can be proactive to prevent and reduce crashes, the severity of crashes, and emissions. You can also protect your company from unnecessary costs and reputational damage.
Improve driver safety to reduce road crashes
If your company operates a large fleet of vehicles, road safety is likely to be one of your biggest risks. In fact, research shows that, on average, one in three road deaths involve a driving for work trip.
While your company might already be doing great things to address driver safety, risk intelligence into road safety enables you to up your game. By using AI to identify patterns in driving behavior, it can predict driver crash probability, pinpoint factors contributing to crash probability, and provide insights to improve risk management efforts. And the best part is that it can be layered into existing solutions, complementing the programs you already have in place.
How risk intelligence can reduce road crashes by 20%.
Reduce climate impact
Many countries around the world have adopted, or are considering, net-zero targets. As a result of this your company might be required, by law, to report on and reduce its emissions.
While plenty of companies see electric vehicles as the long-term solution to reducing emissions, the transition to EVs is not without its challenges. Risk intelligence into climate impact enables your company to act now to reduce emissions in the vehicles you already have by identifying the driver influence on climate impact and addressing this head-on.
And, because the data is agnostic of source, location, and vehicle type (including EVs), you can compare climate impact across mixed vehicle fleets AND use the insights to help extend EV driving range, therefore reducing charging frequency and associated emissions.
Using risk intelligence to reduce emissions by 20%
Control risk and costs
The vehicle subscription market is growing rapidly. Yet, if you’re a business in this sector, you need to grow while keeping a firm grip on costs. If your customers don’t look after your vehicles, you can be faced with unexpected repair costs, higher maintenance fees, lower vehicle resale values and spiralling insurance premiums.
By using risk intelligence into road safety, you can easily see the customers most likely to be involved in crashes, and why. You can even spot trends in risk across times of day, days of the week, geographical locations, etc.
Protecting your vehicles with risk intelligence
Price risk
Risk pricing within motor insurance is still something of a traditional process. Factors such as age, gender, occupation, driving history, mileage, and home address, all play a role in pricing. And, although many insurance companies offer telematics insurance policies, our research has shown that traditional telematics “events” have no correlation to crash risk. Additionally, I’m hearing more and more from the insurance industry that customer interest in telematics is waning.
The difference with risk intelligence into road safety is that it facilitates a faster understanding of risk. It also makes it possible to identify the smallest population of drivers responsible for the most crashes, and to visualize risk performance across an entire portfolio, regardless of vehicle type, location, or source of data.
Risk intelligence into road safety makes it easy for insurance companies to offer usage-based or behavior-based products. It also strengthens customer engagement by providing insights that can be used for targeted risk mitigation, feedback, incentives, or rewards.
Manage and report from an ESG perspective
Today, it’s more important than ever for your company to demonstrate its commitment to a sustainable planet. And, as a result of Environmental, Social and Governance (ESG) regulations, it’s mandatory for many companies to report on their efforts. Risk intelligence into climate impact could be the answer if your company is looking for data to measure and report from an environmental and social perspective.
With risk intelligence into climate impact, you can view your company’s total emissions, as well as emissions aggregated at various levels, such as vehicle, driver, geography, time etc. Uniquely, our AI enables us to provide risk intelligence into the driver influence on climate impact. In other words, how a person’s driving influences their emissions. This enables you to identify the drivers to target to make the biggest difference to your company’s mobility impact.
Conclusion
As we come to the end of the 20th year of training our AI, we’re proud to provide risk intelligence into crash probability and climate impact that makes a real difference.
Not only does our risk intelligence offer significant benefits to your business operations and profitability, but it also addresses two of the world’s biggest problems and helps you to positively contribute to a future of safe, sustainable mobility.
