Fleet Managers are torn in different directions – you’ve got to keep your drivers safe and your fleet running at peak efficiency, while at the same time balancing a tight budget. At Mobileye we understand a prime example of this balancing act is the decision of whether to plan out for the installation of advanced driver assistance systems (ADAS) or collision avoidance systems in your current fleet vehicles.
While most managers understand that advanced technologies excel at protecting drivers and reducing vehicle downtime, they also assume they must wait until they purchase new, expensive, vehicles to benefit from these technologies; an unfounded assumption that may prove to be quite costly at the end of the day.
And these studies are strongly backed up by our field experience. One example is New York’s Ambu-Trans Ambulette, a medical transportation service. After retrofitting their 70-vehicle fleet with Mobileye, their collision-related expenses dropped by 95%(!).
The best news of all, for fleet and risk managers, is that these results did not require the purchase of any new vehicles. Rather, this remarkable drop was accomplished simply by retrofitting collision avoidance systems on older vehicles for a fraction of the cost of new vehicles. This means not only increasing driver safety, a worthy goal, but also boosting the return-on-investment (ROI) resulting from adding safety technology to existing vehicles in fleets.
Another exciting result of installing these systems is that drivers improve their driving habits due to using Mobileye’s collision avoidance system. A 2019 University of Missouri study showed drivers experienced a 43% drop in lane departure warnings, a 57% drop in forward collision warnings and a 71% drop in headway monitoring warning, indications that the system was actually training users to drive more carefully.
Measuring the ROI of any potential safety training or devices can be difficult, mainly because there are numerous collision-related costs that are tough to assess, in addition to other types of savings such as fuel costs. Nonetheless, Mobileye has created an ROI calculator to help fleets assess the potential cost savings associated with reducing collisions.
There are four simple steps you can take to track and analyze how any new safety initiative might help your business financially. While it may seem obvious, tracking this data can make a world of difference:
- Measure: measure your meaningful collision-related data for the previous six months, year, and five years. For example: percentage of fleet vehicles involved in collisions annually, cost per type of collision (this can include vehicle repair, sick pay, lost productivity, replacement goods, temporary replacement vehicle leasing, insurance costs, legal costs etc.), and any other related statistics.
- Implement: Put your new safety measures in place, and make sure to note the date that a new piece of safety technology or safety training is rolled out.
- Track: From that date on, track the same collision-related statistics that you previously measured, for the following six months or year after the safety initiative is in place.
- Compare: After six months with the new measures in place, compare the statistics from before and after to understand the impact of the safety measures. This can be performed again after one year.
As you continually track data with the right safety technology in place, you can expect to see your collisions reduced, as well as some the following perhaps less expected benefits:
- Decreased insurance costs, both in payouts and premiums
- Lower cost-per-collision
- Enhanced image of social and corporate responsibility
- Increased accuracy of other risk management tools
- A new method of driver evaluation
- Lower fuel costs
It is equally important to understand that by retrofitting vehicles with Mobileye there is no compromise on system quality. This retrofit system is brought to you by the same team that has developed ADAS systems for over 25 leading auto manufacturers, systems that are now found in over 40 million vehicles worldwide. This same technology is being made available not only in for new vehicles but for retrofitting into those already on the road.