Insurance Times Awards 2022: Matrix IQ is ‘trailblazing a completely new approach’ in fleet risk management

Explain briefly about your entry in the Excellence in Risk Management category.

Managing risk and safety is at the heart of everything we do.

There is a truism that ‘if you can’t measure it, you can’t improve it’ and we are committed to ensuring that our clients can measure data accurately and use it to target interventions that lower risk and improve safety.

Our SmartLink platform allows accurate benchmarking of fleet risk, across a number of different telematics devices.

There are, historically, two main problems with identifying risk levels for fleet insurers. These are:

• All telematics devices have their own parameters and weighting. Therefore, it is impossible to benchmark one fleet with another.
  
  
• Premiums have, largely, been calculated on historic data, collision history and cost per claim. SmartLink allows a view of actual, current risk in a fleet by showing driver risk in real-time.

So, how did we achieve our goal? We ingested and normalised telematics data from over 30 providers and supplied it to insurers via an application programming interface (API) or an insights dashboard.

What do you think makes your entry stand out or different from your competition?

We think that this is a totally unique product and we believe it is a complete game changer for the insurance industry. SmartLink is not competing with our peers as much as it is trailblazing a completely new approach.

What would winning this award mean to you and your firm?

Winning this award would be a validation of the hard work and passion that we have put into this developing this product.