VisionTrack has introduced a new 24/7 monitored behaviour and First Notification of Loss (FNOL) service as it predicts that Usage Based Insurance (UBI) will become a mainstream solution for commercial insurance by 2021.

Simon Marsh, VisionTrack’s managing director

According to the video telematics provider, UBI is seeing unprecedented adoption in commercial lines due to its potential prevention of incidents with monitored driver behaviour, ADAS features and live footage in the event of an incident.

Simon Marsh, managing director of VisionTrack, added that one of the firm’s insurer clients has seen a 24% reduction in frequency of incidents and as a result, an 18% reduction in claims costs since introducing this product on like-for-like customers.

His comments come as the company looks to significantly reduce claim reporting times with the launch of its new 24/7 FNOL monitoring platform. The solution uses the VT2000 connected forward-facing camera, enabling fleets to manage the insurance claims process more efficiently while maintaining a high-level of duty of care to their drivers.

Speaking about the new service, Marsh added: “The technology is constantly developing to enhance commercial insurance offerings on the market and VT24/7 is designed for fleet managers looking to reduce the amount of claims, the hassle and expense of dealing with vehicle incidents. They benefit from a seamless behaviour and incident reporting process with VT24/7.”