Speedy Services, the UK’s leading tools and equipment hire company, has improved road safety, reduced fleet insurance fraud and dramatically cut claims costs using video telematics. Since adopting the VisionTrack solution, the company has reduced road collisions by 35% by gaining complete visibility of collisions, near misses and harsh driving events. Meanwhile, Speedy has successfully defended against all false and exaggerated claims, while cutting the cost of at-fault claims for the business by 40%.
“VisionTrack’s video telematics solution is playing a crucial role within our fleet strategy, protecting staff and other road users as well as targeting reductions in insurance and operational costs,” explains Gareth Jones, Road Risk Manager at Speedy Asset Services ltd. “The quality, accuracy and reliability of the technology means that we have achieved 100% performance in footage use, so we have been able to successfully target our safety-and insurance-related goals.”
A multi-channel DVR system was initially adopted on a fleet of HGVs, providing a five-camera video telematics solution that was connected to the cloud-based IoT platform, Autonomise.ai. Since then, Speedy has installed VisionTrack’s VT2000 connected cameras on all small LCVs and a DVR solution on all new build commercial vehicles. Advanced Driver Assistance Systems (ADAS) technology has also been incorporated for the company’s overnight trunking fleet to help prevent incidents before they arise.
Speedy can view HD video evidence of road incidents within seconds of them occurring through the alert mode on the platform, so the welfare of the driver can be immediately checked, and liability proved in less than five minutes. Rapid liability decisions by the claims team is enabling the company to take swift action regarding at-fault incidents and share details with its insurers on the same day as an incident, achieving greater control over third party costs and reducing claims costs by 40%. An internal rear-facing camera has also allowed Speedy to investigate, verify and where appropriate dispute personal injury claims, as well as ensure employees are following health and safety guidelines.
With any fraudulent claim being made, Speedy can access high quality footage and accurate supporting data of the event. As such, it has reduced these claims by 100% and successfully combated organised scams such as cash for crash. In the past 12 months, at least five claims have been rejected based on the lack of evidence the 3rd party has produced and the false allegation coming through.
Insight from the video telematics solution is also being used by Speedy to better understand driving styles and identify areas of risk as part of its road safety initiative. Being able to review the footage in detail means the company can delegate the most appropriate training to the drivers as well as understand how incidents can be avoided in future. The ADAS solution is also helping Speedy to understand fatigue within the fleet operation and prevent fatigue-related incidents.
“We understood the need for an advanced and scalable video telematics system that safeguards drivers, prevents road collisions and mitigates fleet risk. We have been working closely with VisionTrack – a technology leader that is driving innovation in connected technology and smart transportation – for over two years to take advantage of their unrivalled ambition, expertise, service and support,” concludes Jones.
Simon Marsh, Managing Director of VisionTrack commented: “As Europe’s leading provider of cloud-based video telematics, we have adopted a unique approach that is helping fleet operators such as Speedy Services to tackle some of the most complex challenges they face.
Our solutions unlock a range of benefits by providing visual insight and data to establish how vehicles are being driven, so customers can ensure they are operating in a safe, efficient and socially responsible way.”