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Insurance companies are set to fuel a big uptake in dashcam technology, with the industry on the verge of "significant change" with regard to the level of discounts offered for drivers using cameras, according to market-leading dashcam provider Nextbase.
The company, which is looking to make moves into the fleet sector this year, predicted that the segment will get involved in "big discussions" around more widespread fitment. "We're working with different insurers and we're about to see significant change," director Richard Browning told BusinessCar.
"Insurers love dash cams, and it is not due to 'admission of fault' - with video, processing time is significantly reduced," he said, explaining that a claim on a policy usually takes around five weeks to complete, but with video evidence it can be five days.
Apportioning blame is still, though, an attractive element. "45% of all claims are resolved 'split liability', mainly due to the difficulty in getting independent witnesses," Browning continued. "A dashcam can give GPS for speed and location, and the G-sensor can disprove whiplash claims."
Browning said Nextbase, which already holds a share of around two-thirds of the retail dashcam market, is looking to move into both the taxi cab and SME fleet market. "We want to do deals with the large leasing companies, but we're not there yet, we're looking at the SME market first," he admitted. The company has a fitment arrangement with Halfords Autocentes, which will also be selling the products.
"I will deliver a B2B deal from the insurance market. At the moment, we're looking at the five to 100-car SME fleet that won't require changes to the billing methods and products," he concluded. "That will hopefully bring us to the attention of the bigger guys to see what they want."
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