New risk management approach for motor fleets

Brit Insurance Holdings PLC, the UK-domiciled international general insurer and reinsurer, today announces the launch of Brit Risk Management, the most comprehensive online fleet risk management service in the UK.
October 11, 2007


The web-based service (www.riskmanagement.britinsurance.com) provides fleet risk managers with an innovative and comprehensive support and advice function. As part of the service, Brit Insurance is introducing Brit Fleet Insight, a new generation of telematics 1 technology, which can warn fleet operators of driving incidents as they happen.

Commenting on the launch, Ray Cox, UK Underwriting Director at Brit Insurance, said:

"Standing out from the crowd has been an important part of the reason for our growth in the UK. Standing out is about client service; and in this case it's about offering innovative and practical risk management to the markets in which we are active. Brit Risk Management fits that description well and will be part of our future growth."

G-Force technology

Brit Fleet Insight, a key component of the service, uses revolutionary technology to enhance standard telematics-based offerings. The small 'black box' units, fitted to each vehicle in the fleet, combine the standard functions of speed, direction, location and mileages with a unique real-time collision monitoring feature. G-force sensors will automatically text or email the fleet manager if the unit registers a force of more than 1G, enabling them to immediately respond to an incident. Brit Insurance is the only UK insurance company offering this facility.


Brit Risk Management's service also provides:
  • Tailored company risk assessments, done either online or on-site
  • Individual online driver risk assessments
  • Driver training according to each driver's requirement – e-learning, classroom-based or on the road.
  • Advice and guidance on fleet risk management
  • Driving licence checking



Brit Risk Management provides fleet managers with significant time and cost and savings, including:
  • Improved detection of claims fraud
    The information generated through the telematics unit verifies the time and location of accidents. Data on the size and nature of the impact can help assess the validity of a whiplash claim and prove which vehicle made the initial impact.
  • Improved fuel efficiency and reduced carbon emissions
    A combination of telematics technology and driver awareness training has been shown to result in more fuel efficient driving behaviour and in turn lower carbon emissions. Government figures estimate that users of telematics systems see average fuel savings of 5% on the heaviest vehicles and up to 15% on lighter vehicles 2. A SAFED Pilot Study also showed that drivers who take training courses that include fuel efficiency typically see fuel savings of 10%. For an average 7.5 Tonne vehicle, this could equate to savings of around £1,000 a year per vehicle.
  • Fewer accidents
    Brit Risk Management estimates that the average direct repair cost of an accident is £750, with the hidden costs being up to four times that amount. Changes in driver behaviour brought about by driver training and installing telematics can reduce the frequency and severity of accidents significantly.
  • Detailed and accurate audit trail
    The online fleet management database provides an comprehensive and easily accessible audit trail, showing what checks have been made, and what training has been carried out.


Processes are aligned to the Heath and Safety Executive's four step risk management process.




-Ends-


Enquiries
Carne Curgenven/Danielle O’Connell, Brit Insurance Holdings PLC
020 7984 8500

Peter Rigby/Juliet Tilley, Haggie Financial
020 7417 8989



Notes to Editors

Brit Insurance's operations comprise three strategic business units: Brit Global Markets, Brit Reinsurance and Brit UK. All three have access to the two regulatory vehicles through which Brit Insurance underwrites: Brit Insurance Limited which is a UK FSA regulated insurance company and Lloyd's syndicate 2987 which is managed by Brit Syndicates Limited. Brit Insurance has UK underwriting offices in London, Reading, Birmingham, Bristol, Glasgow, Leeds, Darlington, Ilford and Manchester.
www.britinsurance.com

Brit Risk Management is offered in association with THB Risk Management Limited, a leading provider of fleet risk management services, with many years' experience working with some of the largest UK intermediaries and fleet operators.

Brit Fleet Insight was developed in conjunction with Armour Fleet-Trac, a trading name of Trace Systems Ltd, who specialise in developing and supplying computerised vehicle fleet and plant management systems especially for commercial vehicles and mixed fleets.

1 Telematics is a generic name for systems which allow a fleet manager at base to have remote access to details of the activities of all vehicles fitted with a telematics 'black box'. Details can include location, speed, direction and mileage.
2 Telematics Good Practice Guide, Department of Trade and Industry
 
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