Advanced vehicle tracking gives fleet owners access to a great deal more than support in vehicle recovery in the case of theft – it also enables better risk management, lower operational costs and improved HR management.
Running a heavy commercial fleet is a costly business, associated with many risks. Not only do fleet owners face the potential risks of hijacking and road accidents; they also risk incurring vehicle damage and losing fuel and goods in transit through pilfering, outright theft and negligence. These risks are increased when driver wellness is neglected, and fatigued or unwell drivers are made responsible for valuable payloads.
Fortunately, a broad range of advanced tracking solutions have come to market to help mitigate risk, optimise operations and even improve driver wellness in the transport industry.
As a benefit of our HCV (Heavy Commercial Vehicle) insurance solutions, MiWay Business Insurance gives clients free basic tracking devices and preferential rates on optional advanced tracking systems.
With advanced systems, the fleet owner has the ability to track more than just where individual trucks are; they can also identify individual drivers using biometric tags so they can determine which driver is using which truck and where they are. This allows for individual driver performance monitoring and supports HR time logs. With impact alert features embedded in the advanced tracking device, the fleet owner is also able to monitor which drivers are responsible for minor accidental damage.
These systems, along with live stream in-cabin cameras, support risk management and compliance; allowing the fleet owner to determine levels of driver fatigue and whether drivers are complying with rules on picking up unauthorised passengers along the road.
Fleet owners can also opt to improve tracking of cargo by placing small mobile tracking units among the goods in transit; along with mobile electronic locks that will unlock only when the cargo arrives at its specified destination.
To improve cost control and eliminate fuel pilfering, new smart fuel management systems allow fleet owners to determine how much fuel is in the tank at any given time, and receive an alert when the fuel cap is opened. This reduces losses and helps the transport company optimise route planning and fuel stops.
Advanced vehicle tracking systems also offer rerouting capabilities; so that if a planned route is affected by traffic, bad weather or unrest, the fleet owner can reroute the vehicle to a better route. This too, optimises efficiency and helps mitigate risk.
As a risk mitigation partner for SA business, MiWay Business Insurance is enthusiastic about the range of benefits now available to fleet owners through GPS-enabled Internet of Things (IoT) and machine to machine (M2M) tracking and management devices, which allow transport companies to significantly improve their operational cost control, asset management and staff wellness, in addition to helping reduce the risks commonly encountered within the transport sector.
Business owners looking for a fleet management solution can find benefits in the collaboration between insurers and vehicle tracking companies. Fleet owners are encouraged to ask about preferential rates on advanced tracking systems.
MiWay is an Authorised Financial Services Provider (Licence no: 33970)
[Article by Morné Stoltz, Head of Business Insurance at MiWay ]
