Camatics has Rebooted! Lowering claims costs, improving loss ratios, Managing premiums.
From the 1st November 2021 we have launched the next generation of our multi award winning Camatics product.
Camatics, launched back in 2018 represents a significant part of our fleet book and remains rather unique in the market. The results speak for themselves, average fleet claims performance improved by a massive 47% over a 3 year period.
The main aim of Camatics has always been to help policyholders ensure the prompt reporting of claims with video footage to help drive down claims costs and we think these new changes will build on that
Camatics involves the installation into all permanent vehicles of a 3G connected, forward facing camera which registers impacts and uploads event footage to a platform where it is stored for the duration of a policy for both clients and our claims team to use. Cameras not only register impacts but also elements of driver behaviour including harsh acceleration, braking, cornering and the like and also reports speeding which policyholders can then use to discipline drivers as they see fit.
Originally the product was only available to policyholders on a three year basis and cameras were leased rather than owned but following market feedback, any policy incepting after 1st Nov 2021 will see cameras will become the property of the customer. We have also introduced a new 12 month only option for those concerned about an initial 3 year commitment
There are some benefits which have not changed, a full warranty and all data costs remain included and clients can still secure an excess waiver on every claim up to £1000 where the camera is used correctly. But there are other big benefits being introduced. A new 4G camera is now being supplied with 128BG SD cards increasing the local storage by a multiple of 4 and a secondary camera can also be supplied (for a small additional cost) either driver, side or rear facing. Perhaps the most significant change in is that moving forward policyholders can fit cameras themselves rather than rely on our professional third party installers. Whilst the option to have cameras fitted professionally remains, at NO extra cost, the flexibility to self fit means vehicles may not need to be taken out of service.
What cannot be ignored is the average claims cost reductions of 36% or the frequency improvement of 17%. When such figures are being achieved its obvious to see why so many policyholders signing up to Camatics are enjoying year on year premium reductions thanks to the built in premium stability scale!
Checkout the Camatics page of the website for more information or contact your regional BDM.