Telematics revolutionized fleet management. Video telematics is the next wave of that revolution.
For commercial fleet operators and service providers, vehicle and workforce intelligence is everything. A telematics solution, which improves operational efficiency, can make the difference between turning a profit and taking a loss. Video telematics goes further: It can save lives. It can also make the difference between financial devastation from a lawsuit and business as usual.
An automated intelligence-powered video telematics solution can:
- Provide crash footage that speeds up accident investigations and mitigates liability
- Help fleet owners avoid nuclear verdicts (excess of $10 million) and insurance premium increases
- Deliver data-driven insights that allow fleet operators to more effectively coach drivers and reward drivers who abide by the law with safe driving behaviors
- Help businesses improve their safety profile
It’s little wonder Berg Insight recently called the integration of cameras with telematics systems “one of the most important trends in the fleet telematics sector.”
Market penetration of video telematics is currently low, but the use of video telematics systems is expected to triple in the next five years as more fleet owners come to understand the potential return on investment.
Between productivity losses, administrative expenses, medical expenses and lost wages, the average economic cost of a minor crash is $12,200 according to the National Safety Council. For fatal accidents, it’s more than 10 times that.
Driver behavior or error is the root cause of 87% of all commercial vehicle crashes according to the Federal Motor Carrier Safety Administration. Find an effective way to increase driver safety and watch accidents decline.
With iOn Vision, CalAmp’s video telematics solution, the AI-assisted cameras acts as an in-cab coach. Audible messages alert drivers to speeding violations, stop sign violations and lane departure.
At the same time, the artificial intelligence (AI) engine tracks inertial triggers such as hard braking, speeding and aggressive cornering. Reports show managers which drivers have racked up the most triggers — and the least — and which triggers each individual driver tends to produce. Suddenly, driver coaching goes from cookie cutter to driver-specific, and driving behavior improves.
Faster Accident Investigations
A truck collides with the car in front. Was the truck driver distracted, or did the car come out a nowhere and cut him off?
Pre-Internet of Things, claims investigators had to go to the accident scene to retrieve video footage from a traditional dash cam to find out. Video telematics allows investigators and fleet operators to access evidence immediately via the cloud.
iOn Vision captures a video clip if the camera detects a visual trigger, the telematics device detects an inertial trigger, or CalAmp’s CrashBoxx crash response technology detects a collision. The video clip is automatically sent to the cloud, eliminating the need to hunt for the treasure — the key seconds that can help determine driver error or exonerate a driver who is not at fault. This crash response technology goes a step further, providing comprehensive crash data for accident reconstruction, including the force of the crash, direction of impact and speed prior to impact, all in near real-time.
Quick access to video capture and crash data means streamlined accident investigations — and a faster return to service for fleet vehicles.
Reduced Claim Rates
Video telematics evidence that exonerates drivers could potentially deliver significant reductions in settlement costs.
Avoiding nuclear verdicts may be the biggest return on investment of all. In the past six years, trucking fleets have seen the number of these settlements increase by a factor of 11. Video evidence is often the key to accurately determining liability.
Insurance companies have taken notice. Though premiums are rising, many insurers are open to negotiating lower rates for fleets with video telematics systems.
The Future of Video Telematics
In the foreseeable future, video telematics will be standard for fleets, just as telematics is standard today. Of course, not all video telematics solutions are equal. Vehicle cameras that integrate closely with a robust telematics platform and provide detailed contextual insights deliver the most readily accessible and actionable results, while providing the best return on investment.
With rising insurance premiums, record rates of fatal accidents and increasingly common nuclear settlements, fleet operators are faced with multiple challenges. Video telematics can help change the picture.
Learn more about CalAmp’s award winning iOn Vision video intelligence solution.