GlobalData surveying has found that SMEs rank improved safety measures as the most important feature of usage-based insurance. Meanwhile, Aon has launched a new platform to help motor fleet operators in Ireland understand where risk is within their fleet.
GlobalData’s 2023 UK SME Insurance Survey found that SMEs rank improved safety measures (22.3%) as the most important feature of usage-based insurance. Other important features include cheaper premiums (21.6%), more efficient driving to improve carbon footprints (19.9%), and the ability to track driver behaviour (18.4%). While the survey captures the thoughts of UK SMEs, these preferences are likely shared among Irish SMEs due to similar market dynamics and business needs.
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Meanwhile, in Ireland, Aon has introduced Fleet Risk Intelligence, a platform designed to offer fleet operators and drivers valuable insights derived from data analysis. Utilising vehicle telematics (including GPS, acceleration, and speed) alongside real-time weather and contextual road data, the platform aims to develop proprietary models. Aon anticipates that this new product will enhance operational efficiency, mitigate accidents, and lower costs. This comes after Aon acquired the technology assets and intellectual property of Humn.ai in March 2024. Allowing insurers to gain data from telematic devices can provide several benefits for SMEs. Firstly, it enables insurers to better assess risk by monitoring driving behaviour in real time, which can lead to more accurate premium pricing tailored to the specific risk profile of each business. This personalised approach can result in fairer premiums that reflect the actual risk exposure of the SME, potentially leading to cost savings in the long run. Additionally, telematics data can help SMEs identify areas for improvement in their fleet management practices, such as identifying risky driving behaviours or optimising routes to improve fuel efficiency and reduce carbon emissions.
Any flexibility insurers can provide SMEs shortly is likely to be highly appreciated given how tight budgets are becoming amid the cost-of-living crisis. In such a challenging economic climate, the ability of insurers to provide adaptable and cost-effective insurance solutions can be a significant differentiator in the competitive landscape.
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