Identifying, managing and preventing driver risk is increasingly challenging for many companies and insurers. This complexity arises from the disparate nature of data sources needed for comprehensive driver risk management.
From Motor Vehicle Records (MVRs) and telematics to Compliance, Safety, Accountability (CSA) and claims data – uncovering hidden driving risk is a daunting task. Compounding this complexity is the use of various tools and systems that companies rely on to make sense of it all in an actionable way.
This fragmented approach results in significant visibility gaps, leaving critical violations and driving behaviors unnoticed. Companies risk exposing themselves to avoidable liabilities and financial losses without a unified solution.
In an era when road safety is more paramount than ever, SambaSafety emerges as a beacon of innovation, elevating our fleet risk management software through the groundbreaking SambaSafety Risk Cloud.
Introducing the SambaSafety Risk Cloud
The Risk Cloud works behind the scenes to consolidate, enrich and unify critical driving data. It then transforms this information into a flexible suite of capabilities. These tools work together to help businesses and insurers navigate the complexities of driving risk with unparalleled clarity and precision.
Consolidate and Enrich Disparate Driving Data
At the heart of the Risk Cloud lies its advanced data processing capabilities, which harmonize billions of raw data points from over 3,000 global, federal, state and local sources into a single view, including:
- Telematics data
- MVR and license data
- Federal Motor Carrier Safety Administration (FMCSA) data
- Court data
- Claims & employee data
This disparate data is standardized, contextualized and enriched, transforming it into actionable insight that can be leveraged throughout the lifecycle of a policyholder or driver.
Empower Informed Decision-Making
Once harmonized, relevant data is tied to individual drivers, creating comprehensive risk profiles across entire driver populations that serve as the cornerstone of informed decision-making.
Each driver’s risk profile is summarized with a simple and highly accurate score – the Risk Index. The Risk Index factors drivers’ complete driving history and behavior, as well as their organization's unique risk tolerance and safety policy, to provide the most holistic assessment of risk.
The Power of a Comprehensive Risk Profile
What can you do with this comprehensive risk profile? The Risk Cloud’s capabilities power two primary use cases for our customers:
- Evaluating risk
- Monitoring and improving risk
Elevate Risk Evaluation and Underwriting
The Risk Cloud offers a spectrum of data services that organizations can leverage to evaluate risk at a single point in time. For example, an insurer can use driving data to improve auto policy underwriting. A ride-sharing company can also utilize these tools to confirm driver eligibility.
These flexible risk assessment tools work to balance accuracy and efficiency while protecting a company’s bottom line. What makes them unique is their ability to balance cost against the completeness of the data provided.
For companies in search of the most current and complete driver history, purchasing an MVR is an option. However, MVRs can be costly, ranging from $2 in California to almost $28 in states like Oklahoma. If a full MVR isn't necessary – which can often be the case depending on a company’s needs – they can opt for different levels of detail through our services. This flexibility can result in significant savings, sometimes reducing costs to one-tenth of what an MVR would typically cost in a particular state.
The Benefits
This strategic approach positions our customers favorably for renewing and retaining business, ensuring maximum value at every stage of the policy or driver lifecycle.
The result? Streamlined operations, reduced violations, lower crash and claim frequencies, optimized driver Lifetime Value (LTV) and ultimately, a path to profitability in a historically challenging market.
Transform Driver Safety Programs
With access to the right data at the right time, businesses can also transform the effectiveness of their ongoing driver safety programs.
The Risk Cloud aids in identifying and assessing top-tier, safety-minded drivers. It also works to meticulously track and correct behavior throughout their employment or agreement.
Our continuous driver monitoring tools provide timely alerts on risky driving behaviors, violations, license status changes and more.
Our online driver training curriculum is then tailored to help companies swiftly address any of these incidents as soon as they are identified. They can also implement ongoing training programs to proactively educate drivers on essential safety topics.
Beyond monitoring and training, the Risk Cloud’s advanced analytics help evaluate the effectiveness of overall driver safety programs, providing crucial insights into concentrations of risk at the organizational, regional, departmental or driver level.
Commercial carriers can also tap into these insights across their portfolios. This bird’s-eye view enables them to support policyholders and inform decision-making when managing and renewing policies.
The Benefits
Our streamlined approach is a win-win for both businesses and insurers. It ensures safer, compliant and more efficient operations aligned with the highest industry standards. Companies reduce crashes, boost driver retention rates and even unlock unique opportunities for lowering insurance premiums.
On average, customers leveraging our solutions experience a:
- 22% reduction in violations
- 14% reduction in crash frequency
The Risk Cloud is more than an innovative platform – it's a paradigm shift in driver risk management. By harnessing the power of data and technology, we empower organizations to navigate the complexities of risk with confidence and clarity.
Discover the Latest Driver Risk Trends Shaping the Industry
To complement these efforts, we work to uncover emerging driver trends that affect the businesses and communities we serve. We recently dove into our comprehensive database to uncover new insight into driver behavior and its impact on hiring and retention, regulatory compliance and insurance costs.
You can explore these never-before-seen insights and how your team can stay ahead of them by watching our webinar, "The State of Driver Risk in 2024: Critical Discoveries for Fleets & Insurers," below!