Safer PSV initiative launched
Tue, 09/27/2016 - 12:00am
TWO local insurance companies are collaborating to offer an insurance product to the public service vehicle (PSV) sector, intended to improve the level of safety on such vehicles.
The initiative, dubbed Safer PSV, spearheaded by ICBL and Sagicor General, was launched yesterday morning at Sagicor’s Wildey offices and should be up and running from October 3, 2016. They have combined ICBL’s substantial underwriting knowledge and experience offering insurance to the PSV sector, with Sagicor’s telematic monitoring device, DrivePal, to develop a framework through which they will offer insurance coverage to the sector.
Speaking during the launch, ICBL’s Deputy Chief Executive Officer, Goulbourne Alleyne, said they are also confident that the initiative will improve the general negative perception of the local public transportation system, mostly due to the “frequent incidents of risky and horrendous acts performed on the road by some drivers”.
Alleyne explained that such behaviour has not only led to several incidents of unnecessary accidents, injury and in some cases death, but has also led to players in the insurance industry taking increased measures to limit their exposure to such risks. These challenges, he said, has resulted in PSV owners and operators finding difficulty in securing insurance.
“ICBL is the leader in risk mitigation. Through extreme risk selection, along with sanctions including driver exclusions, policy suspension and policy cancellations, we have been able to keep policyholders in check. Working along with Sagicor and their monitoring device… we can further enhance our risk mitigation for this segment,” he said.He added, “The goal here is simple. Reduce unwanted, risky behaviour; make the passenger experience safer; and increase trust in our drivers.”
Adding to his comments, President and Chief Executive Officer of Sagicor General, David Alleyne said that his company has honed the specialised technical skill of data analysis based on driver behaviour through its DrivePal and DrivePal Plus programmes, which they will now apply to the PSV sector.
“PSV will be monitored using criteria that our research has identified as indicative of driving behaviour. This includes variables such as speeding, harsh braking and cornering. Geofences will be used to identify instances of vehicles going off-route and sensors may be installed to ensure that vehicle doors are closed before the vehicle moves off,” he said.
The Sagicor CEO said the initiative will also encourage the public’s participation in monitoring and controlling driver behaviour by the use of a hotline, which will be emblazoned on every vehicle insured under the joint arrangement. He added that they will be engaging the public to help with the monitoring and reporting of poor driving behaviour if observed. Added to the hotline, he said, they will also launch a mobile number through which persons can send photos via WhatsApp.
Furthermore, PSV owners who sign up for the coverage will benefit from reduced premiums. Adding to his comments, Sagicor General’s, Marketing and Business Development Officer, Andre Barrow said that the hardware that will be installed will be tamper resistant and software will alert them if at any time the devices cease to communicate with the network.
Meanwhile, Director of Transport Authority, Alex Linton lauded the companies, as he said that enhancing safety on PSV is a national issue. He noted that the technology being employed is one which Government has been eyeing for some time and he said if they go this route, they will be able to share information. (JRT)