– PHH Arval has partnered with FleetRisk Advisors, a provider of risk management and loss control services for the fleet transportation industry. Under the agreement, PHH Arval and FleetRisk Advisors will combine their technologies to test a new service that could give corporate risk and safety managers the ability to predict accidents so that corrective action can be taken before an incident occurs.
The new service, which is being tested over the next several months, will combine data from the following:
Years of fleet transaction data stored in PHH Arval's data warehouse.
Data obtained from PHH Onboard, PHH Arval's new telematics-powered fleet service.
Data from participating client organizations.
The advanced predictive technologies provided by FleetRisk Advisors.
The goal of this test is to combine data from these technologies and sources to deliver a powerful tool that leverages data mining and predictive analytics to help fleets predict which combination of risk factors are most likely to produce an accident – and ultimately improve the company's risk profile.
According to David Coleman, PHH Arval vice president of telematics strategy, "This alliance with FleetRisk Advisors is an important part of our overall strategy to integrate advanced technologies with core fleet management services. The specific relationship with FleetRisk Advisors allows us to combine real-time vehicle data, historical loss data, and current operational data to proactively identify driving activities that will contribute to a vehicle-related loss, and eliminate them through execution of targeted prevention services. This means our clients will be able to reduce overall risk exposure, save costs by preventing loss, and enhance driver safety."
FleetRisk Advisors provides extensive relational database technology and sophisticated analytics to help identify specific causes of loss, implement effective countermeasures, and monitor the performance of both safety and operational efficiency programs. Their services build upon the infrastructure of established fleet telematics providers.
“PHH Onboard is the only fleet telematics service on the market today that provides integrated fleet and telematics information, consulting, and reporting to clients to help them lower costs,” said Coleman. “The new product, scheduled to be introduced to the general market this fall, will deliver services in three key fleet-related areas: risk management, workforce productivity, and vehicle performance.”
Originally posted on Fleet Financials