Self-insuring commercial fleets are encouraged to minimise risk with new technologies.

Solera reacts to the trend toward self-insurance by helping fleets reduce the number of accidents using AI-enabled technology to lower their overall risk .

London, 15th October, 2024 – Solera, the global leader in vehicle lifecycle management, has moved to support self-insuring commercial fleets by minimising risk through advanced technology.

A growing number of fleet operators are looking at ways to lower their insurance premiums by choosing to self-insure rather than obtaining more comprehensive, ground-up cover or raising their risk appetite through larger deductibles due to the market’s continued hardening and other contributing factors.

Solera, a global leader in vehicle lifecycle management software-as-a-service, has launched SmartDrive, a technology platform that combines AI-enabled video safety, advanced analytics, telematics, and compliance apps into a single box to improve fleet safety.

AI and video technologies are essential in monitoring driver behaviour and providing interventions and training when required to reduce the number of accidents.

In the event of an incident, video technology can help mitigate the risk by providing an unbiased record along with information on the reason, such as driver distraction or weather conditions.

Commenting on the trend, Jog Lall, business development director at Solera, said: “As more fleets self-insure, SmartDrive technology can help reduce insurance costs and the number of accidents. In just one instance, a logistics firm saved £15m a year by self-insuring and reducing the number of accidents by deploying this technology.

“It’s important that commercial fleets use the latest technology available to ensure they continue to generate the best possible operational efficiencies.”

The cloud-based platform provides a complete overview of fleet safety, and the technology offers evidence instantly in the case of a road incident. Every incident video is stored in the cloud and reviewed by an experienced customer centre with 600 analysts who observe, apply a score and share the information.

The platform’s AI understands and monitors driver behaviour and road conditions and provides guidance to improve driver skills. Driver education is a powerful driver in lowering risk and reducing costs when self-insuring vehicles.

SmartDrive is part of Solera’s Fleet Solutions, a digital hub that enables fleets to operate safely and efficiently. The technology proactively eliminates risk and optimises operational performance by reducing incident frequency, exonerating drivers, lowering fuel costs, and reducing a fleet’s carbon footprint.

About Solera

Solera is the global leader in vehicle lifecycle management software-as-a-service, data, and services. Through four lines of business – vehicle claims, vehicle repairs, vehicle solutions, and fleet solutions – Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Identifix, Audatex, DealerSocket, Omnitracs, LoJack, Spireon, eDriving/Mentor, Explore, cap hpi, Autodata, and others. Solera empowers its customers to succeed in the digital age by providing them with a “one-stop shop” solution that streamlines operations, offers data-driven analytics, and enhances customer engagement, which Solera believes helps customers drive sales, promote customer retention, and improve profit margins. Solera serves over 280,000 global customers and partners in 120+ countries. For more information, visit www.solera.com.   

For more information, contact Nathan Lane on 07447 921654/ [email protected] or Terry Gilligan on 07770 703541 / [email protected]