Credit Hire and telematics benefits

Trak Global urges credit hire companies to embrace telematics or be left behind

Telematics offers credit hire companies (CHCs) a growing number of efficiency and risk management options, according to Nick Street, insurance solutions and claims manager at Trak Global Group, the UK’s number one telematics technology company.

Nick was guest speaker at the Credit Hire Organisation (CHO) annual conference near Coventry, on 8 November. He briefed delegates on the changing fleet landscape and outlined how CHCs can use telematics to improve service and cut their operating costs.

Delegates, who included CEOs of the UK’s leading CHCs, heard from Nick that TGG’s bespoke service provides real time data analysis to improve vehicle utilisation, map driver behaviour (including safer driving), and supports claims management, including fraud detection.

He said: “Telematics gives fleet managers real time visibility for every vehicle in their fleet, enabling them to track, for example, entry and exit from body shops to increase utilisation.”

He added: “We can also track driving behaviour to ensure CHCs’ vehicle assets are being safely driven, so preventing accidents and safeguarding vehicles. And, when it comes to a claim, our ‘Claims as a Service’ proposition also deploys technology, for example to quickly tell the story of an accident and assess liability, reducing the time CHCs take to assess the viability of a claim.

During a Q and A, Nick also said that telematics technology was fast becoming essential in the fight against fraud, as well as terrorism and other serious offences, where stolen vehicles can be tracked in real time.

He said: “CHCs have hundreds or even thousands vehicles under management, but the challenge is how to improve margins in a highly competitive environment, where the cost of motor claims is rising all the time.“

“We believe telematics can be enormously valuable, and we urge progressive CHCs to contact us to see how this technology can make a significant difference to their bottom line.”

About Trak Global Group

Operating in 5 countries, Trak Global Group is one of the world’s largest telematics companies, gathering and interpreting data from connected devices to help organisations manage driver and vehicle risk. To date, the company gathered and interpreted over 14 billion miles of driving data, and received the Prince Michael International Road Safety Award in 2015 for its work in reducing young driver accident frequency.

The business has long-standing partnerships with global insurers, leading motor manufacturers, corporate fleets and daily rental companies.