Polestar InsuranceAI™ services is more than risk analysis. We believe that every area where we can imaginatively collect data, we should try. Risk management should be a partnership for growing client profits.
For example, one of our driveaway clients, equips their drivers with cell phones and they take 4 pictures at pickup and 4 pictures upon delivery of the vehicles they move. Each digital picture is embedded with geolocation and other data about the pictures. Here was data that could be prove useful.
My job can include leveraging information to create a bidding war to get lower rates for clients. A success for a transportation company involving these photos was getting an offer from an admitted carrier thereby replacing a Lloyds physical damage policy.
When an accident happens, the same cameras can provide great amounts of useful information. Another client sent a text containing accident scene photos while waiting for the sheriff arrived. We transmitted this to the insurance carrier. The driver was interrupted by a text from the claims department while talking to the sheriff just a few moments later.
Imagine how you would respond if you knew DOT inspection results as fast as the claims people knew about the accident. Could this be the start of building a better organization? Would processes and training change? How would recruiting fit in? Rushing is not speed. But you could build decision-trees and better process and procedures for your organization after you receive actionable information in useful form.
Your new and existing data can lead to bottom line improvements after we analyze it, find correlations and communicate back to safety and compliance and the operations. Even such things as retraining to reduce the OOS or HOS violations which are severely punished. Safety and Compliance responses can leap into action instead seemingly displaying delayed reactions. How might your CAB ratings change? Insurance penalties will be less severe and premiums more affordable.
Lelantus didn’t understand the correlation soon enough to respond and curb increases in insurance premiums.