CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Risk Technology driver behaviour scoring shown to accurately predict likelihood of accidents
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Risk Technology driver behaviour scoring shown to accurately predict likelihood of accidents PDF Print E-mail
Tuesday, 16 June 2015

A research study undertaken by driver behaviour experts CAS for Risk Technology, has revealed that data collected by automotive telematics devices can accurately predict the likelihood of a motorist having an accident.

CAS carried out the research with 1,291 drivers who were insured by a leading UK insurer and had telematics devices installed in their vehicles. The study examined how driver behaviour affects the chance of a driver being involved in an incident – and, therefore, the potential to make an insurance claim.
 
CAS concluded that the Risk Technology driver scoring methodology provides very good prediction of a driver’s potential to be involved in accidents than other technologies on the market because of the factors it takes into consideration and the way it does this.
 
The study investigated the accuracy of five key indicators used by Risk to predict driver behaviour, including: speed of driving, braking force, acceleration speed, whether or not the drive is taking place on an urban road, and or whether it is day or night time.
 
This information was collected from each driver’s telematics device and compared against the cause of any crashes or damages recorded by the insurer. The main reasons recorded for accidents included a lack of hazard perception, poor basic steering skills, loss of control of the vehicle, and not maintaining a safety envelope (the safe space around the car from other vehicles).
 
Different crash types are best predicted by different combinations of factors. For example, driver’s braking score was shown to be a very good predictor of loss of control, and is currently the most useful indicator to insurers for predicting this type of crash.
 
The current scoring methodology already predicts a high proportion of drivers who will be involved in crashes. CAS expects this prediction rate (the ability to identify individuals likely to be involved in crashes) to increase significantly when Risk introduces planned improvements to measure tailgating and poor lane discipline and even more sophisticated driver profiling.
 
Mark Packman, CEO at Risk Technology said: “This research proves that Risk Technology’s methodology and algorithms work to produce high accuracy predictions for insurance claims and thus help to improve the safety on our roads by reducing crash risk.
 
“We’re proud that independent research has shown what our insurance partners know already – that our driving performance scores correlate significantly with both the likelihood of being in a crash and the length of time that an individual goes without making a claim on his or her insurance.”
 
Each of the drivers used in the research had been driving with a telematics device installed in their car for between one month and three years. Of these policy holders, 104 people already had claims made against them for crashes for which they were at fault.

(Source - Risk Technology Press Release)
 

 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197