All companies know that a genuine commitment to health and safety is a must. The safety of employees and the general public is something that cannot be put at risk. And, a solid, company-wide culture of safety delivers a multitude of business benefits. Unfortunately, driver safety hasn’t always received the same attention as standard workplace health and safety. To coincide with this month’s Global Road Safety Partnership (GRSP) and Folksam roundtable, ‘Opportunities to Attract Institutional Investment’, we share five reasons why it’s time for this to change.
The COVID-19 pandemic forced everyone to look at health and safety in a new light. The safety of employees and the public was put under the spotlight like never before. In fact, for many at-work drivers (many of whom were deemed essential workers) it was possibly the first time their health and safety was prioritized, albeit from the perspective of protecting them from exposure to COVID-19.
In a post-COVID world, it’s expected for health and safety to continue to be a priority at work. And, for many, “work” means time on the road. With the vast array of technologies available to help companies manage health and safety, including fleet driver safety, there’s no excuse for anyone to ignore it.
Many companies are still relatively unfamiliar with ESG and what it entails. Some think it’s about only sustainability. In fact, ESG (Environmental, Social and Governance) means much more than that. As well as many other things, ESG also includes safety policies, employee well-being, societal impact, company culture, reporting, transparency, and accountability. See our eGuide for an at-a-glance guide to everything ESG.
This means that successfully fulfilling ESG requirements requires a comprehensive approach to fleet driver safety management. Namely measuring, managing, and mitigating road crashes. While not all companies are yet required to report on their ESG activities, it’s likely to be a requirement for more and more companies in years to come. And, being able to demonstrate a proactive approach to road safety to reduce negative impact on society is certain to put organizations ahead of the competition.
Companies that can demonstrate a commitment to fleet driver safety are in a better position to secure accurate insurance pricing. In fact, with many commercial fleet insurers today offering risk-based or usage-based premiums, it’s costly not to take action to measure and reduce risk.
Some motor insurance companies partner with fleet driver safety providers to ensure that connected data is used to optimize safety and enable accurate pricing. It’s a win-win since insurance companies get to see the risk level of fleets sooner, and fleets can benefit from risk insights to reduce risk and potentially lower premiums.
A successful fleet driver safety program is based on a company-wide culture of safety in which employee well-being is prioritized. This is important for engagement, job satisfaction, and loyalty. In fact, research from around the world shows that engaged employees perform better and take less time off sick.
With data-driven safety insights, organizations can really get to know their employees, and uncover their real-time driving attitudes, as well as their crash probability and reasons for risk level. This might include a lack of focus or anticipation. This valuable information can be used to prompt safety conversations and educate drivers to remediate risk, demonstrating to employees that their safety on the road matters.
Yes, financial performance matters. But today, so does road safety performance. That’s because investors are recognizing the important connection between road safety performance and the bottom line. Road crashes cost greatly. Of course, there is no greater cost than death as the result of a road crash. But even less serious crashes have the potential for huge costs. Damage, litigation, injury, insurance, time off, replacement vehicles, are just a few associated costs.
The return on investment from effective fleet driver safety management can be significant. Particularly if it means the difference between investment or not. Similarly, more companies are looking into the activities of companies with which they partner or work with. Being able to demonstrate a solid commitment to fleet driver safety is almost certain to be on the radar in the near future.
At Greater Than, we convert GPS driving data into crash probability and climate impact. We work with insurance companies, underwriters, fleet solution providers, mobility providers and other owners of GPS data to optimize driver risk management, achieve insurance profitability, manage sustainability & ESG reporting, and monetize GPS data.
If you work with fleets and would like to help them realize greater business benefits by uncovering new driving risk insights, please contact us.