FMG has launched a new road risk product aimed at mitigating road risk and reducing the severity of vehicle incidents.
Risk management has been an integral part of the FMG customer proposition. In 2012, a dedicated team was established to support customers in highlighting and mitigating road risks and today, it says, that team supports a large client base across the country.
To meet the ever-changing demands of the sector, and to support the reductions in road risk, the Huddersfield-based business says it has set-out to understand the biggest challenge faced by this market.
FMG suggests that there was simply ‘too much data’ from disparate data sources in varying data formats, which hampered the ability to draw any meaningful conclusions, let alone improve safety and drive value.
In response, FMG has launched an enhanced Risk Solution, featuring FMG Indicate. Dave Parry, commercial director at FMG, who has been leading the project over the past 18 months, explained: “We’d been in dialogue with many of our risk solution clients for some time regarding the challenges faced and those discussions were the catalyst for the initiation of this project.
“During the client discovery phase, it became apparent that the current capability in the market was lacking, and that there was an opportunity to design, build and configure a solution that was truly focussed on plugging a genuine gap in the market.
“The project allowed us to review our original solution and enhance each and every part, along with the addition of new tools to drive even greater value for clients, specific to their feedback on the difficulties faced to use insight to drive solid decision making to mitigate risk exposure.”
The approach is based upon the execution of a 3A’s framework – the risk is assessed, the data is analysed, and actionable insight is generated from the consolidation and normalisation of multiple data sources.
The cornerstone of the new enhanced Risk Solution is FMG Indicate, a risk management portal that has been designed and developed in conjunction with data insight partner, TDS Ultra.
FMG Indicate collects the data created (whether that data is from one of their panel or a client’s existing supplier), and aggregates, normalises and simplifies it to provide a single view of the risk of the fleet or driver community.
The typical data sources could include, telematics, fuel card, accident management, leasing company and risk data, with the resulting output being a single interpretable view with clear indication of actionable improvements to enhance risk profiles.
Customers benefit from a better understanding of the risks they are exposed to and are provided with a simple, interpretable view with clear indications for any actions that can be taken to continue to effectively mitigate their risk profile, with the solution adding value through cost savings, improved safety and engagement of the driver community, says FMG.
Parry continued: “The whole project has been hugely exciting – working hand in glove with our clients to drive enhancements that will help them overcome real challenges in promoting fleet safety.
“Whether new or existing clients, we are confident that the new and enhanced Risk Solution will help analyse and manage existing data more optimally and provide insight into how and where to invest both time and resource to generate the best return, reduce incidents and enhance driver safety.”