Fleet risk management: Essential for the health and safety of your business
July 20, 2023
Fleet risk management is a critical aspect of ensuring safety, compliance, and efficiency in any organization that operates a fleet of vehicles. With the advancement of technology, fleet managers now have access to an array of tools and data sources to mitigate risks and improve driver performance including telematics data, motor vehicle records (MVRs) and collision history.
Element Fleet Management experts can help you understand the roles of these resources and how to utilize them to improve fleet safety and reduce fleet risk.
What is closed-loop fleet risk management?
A closed-loop fleet risk management solution integrates telematics data, MVRs and collision history to create a comprehensive and proactive approach for effective driver intervention, training and resolutions. With this level of detailed data collection through a solution such as DriverCare Risk Manager, fleet managers can assess areas of their operations that need improvement, identify measurable goals, and implement policies intended to improve performance, creating a full circle, or “closed-loop” fleet risk management process. As a result of implementing this solution, collision rates can see a reduction by as much as 29% in just 90 days.
Motor vehicle records (MVRs): Assessing driver qualifications
Running and continuously monitoring MVRs provide crucial information about drivers, including traffic violations, license status and police-reported accidents. MVRs play a pivotal role in reducing fleet risk by assessing driver qualifications and making informed decisions regarding employment, training and interventions.
Leveraging MVR information can contribute to fleet risk management through:
- Pre-employment screening
MVRs help fleet managers assess prospective drivers' driving records, identifying any red flags or patterns of unsafe behavior. This screening process allows organizations to hire drivers with clean records and promote a culture of safety from the outset.
- Ongoing driver monitoring and remediation
Regularly reviewing MVRs enables fleet managers to stay updated on any recent violations, license suspensions, or accidents involving their drivers. Fleet managers can take immediate actions to remediate any identified issues through targeted training, coaching, or other interventions to further mitigate fleet risk.
Collision history: identifying patterns and executing interventions
The police-reported collision history uncovered in MVRs provides driver-level data for collisions with both fleet and personal vehicles which may contribute to hiring decisions. Blend this with all collision data captured in your claims intake process, including collisions not reported to police, to get a full view of your fleet risk. By studying past incidents, fleet managers can identify patterns, root causes, and implement targeted interventions.
Key considerations when utilizing collision history data include:
- Incident investigation and root cause analysis
Fleet managers can use collision history data to investigate the causes of accidents, examining factors such as driver behavior and road conditions. This analysis allows for a comprehensive understanding of the root causes, enabling fleet managers to implement corrective actions and targeted interventions to reduce the likelihood of similar incidents in the future. With DriverCare Connect, drivers can receive automated, prescriptive training opportunities before an accident occurs based on their driving behaviors such as:
- Absolute speeding vs. speeding over the limit,
- Seatbelt use,
- Hard braking and acceleration,
- Hard cornering, and
- Phone interactions.
- Proactive measures and continuous improvement
By analyzing collision data over time, fleet managers can identify trends and patterns that may go unnoticed otherwise. This data-driven approach enables proactive measures, such as implementing specialized training programs, updating operational procedures, or introducing advanced safety technologies, to address recurring issues and promote continuous improvement in fleet safety.
Telematics data: A window into fleet operations
Telematics has revolutionized fleet management by providing real-time insights into driver behavior, vehicle diagnostics and operational efficiency. Solutions such as DriverCare Connect and DriverCare CoPilot that leverage telematics to collect data from various sources such as GPS, engine and smartphone sensors and vehicle accelerators, provide a comprehensive view of fleet operations. This wealth of information empowers fleet managers to identify risky driving behaviors, monitor fleet driver performance, and implement proactive measures to resolve inefficiencies and improve driver behavior, reducing fleet risk.
Some key uses of a telematics solution that can contribute to reducing your overall fleet risks include:
- Real-time alerts and interventions
Telematics data enables fleet drivers and managers to receive real-time insights of risky driving behaviors such as speeding, harsh braking and rapid acceleration. Immediate fleet driver intervention, including automated notifications, coaching, and targeted training programs can help address the identified risks.
- Performance monitoring and feedback
Through telematics data, fleet managers can monitor driver performance metrics on an ongoing basis. This information provides the basis for continuous feedback and coaching, ensuring that drivers are aware of their performance and can make necessary improvements.
Closed-loop fleet risk management solution
In today's technology-driven world, a fleet risk management solution such as DriverCare Risk Manager that incorporates telematics data, MVRs, and collision history is essential for organizations operating fleets. These resources provide fleet managers with a cohesive framework to proactively intervene, provide targeted, automated training, and implement resolutions to enhance driver performance and mitigate risks. The integration of these data sources enables a comprehensive approach to fleet risk management, fostering a safety-conscious culture, reducing accidents, and improving overall operational efficiency.
Ready to enhance your fleet's safety and minimize risk?
Contact Element Fleet Management today to learn how a fleet risk management solution can protect your drivers, assets and reputation while reaping the benefits of enhanced safety, compliance and performance.
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