Predictive risk analysis

Fleetrisk carrier safety benchmarking system

Alpharetta, GA-based FleetRisk Advisors has launched its new Transportation Risk Analytics Center (TRAC), which it calls a sophisticated risk modeling and analytics platform that facilitates FleetRisk's Knowledge-driven Risk Management Services.

FleetRisk explained that TRAC is built on a powerful relational database that combines historical data about drivers, vehicles, routes, schedules, accidents and incidents with daily operational data from a broad range of in-vehicle monitoring technologies. The company said a sophisticated suite of analytics, including pattern recognition algorithms, turn this combination of data into "Risk Signatures" that give vehicle owners the ability to operate safer and more profitable fleets.

According to the firm, Risk Signatures are predictive indicators derived from historical and operational data that "point to behavioral and/or environmental characteristics, which may cause accidents, incidents or other forms of economic loss."

By contrast, said FleetRisk, "traditional loss control programs, without this wealth of data and analytical support, cannot take into account all of the specific conditions and factors faced by each driver and each vehicle every day. Today's more advanced telematics systems supply reams of data but cannot provide fleet operators with actionable knowledge to improve fleet safety and increase profitability like FleetRisk Advisors can."

"Most fleet operators realize that there is a strong correlation between safety and profitability," stated Sam Wilkes, FleetRisk CEO. "Fleet operations are complex and competitive, and it is more and more difficult to maintain the attention to detail necessary to combat accident frequency and severity. Traditional loss-control programs begin to lose their effectiveness. It takes a tremendous amount of detailed data to predict conditions and circumstances under which a loss might occur, and it is this same level of detail that gives operators the knowledge to prevent those losses.

Wilkes said FleetRisk's research also indicates "the behavior modifications which prevent losses are very often the same behavior modifications which improve personnel productivity and operating asset utilization."

FleetRisk also announced that Dupre' Transport LLC of Lafayette, LA, has agreed to conduct a major pilot project using FleetRisk's Knowledge-driven Risk Management Service. The pilot will include the new TRAC platform as well as data modeling and predictive analytics.

FleetRisk said it will work with Dupre', an integrated logistics provider specializing in the transport of bulk liquid commodities, to gather extensive amounts of historical and operational data into the TRAC database and then analyze that data to "reveal" the unique risk signatures affecting Dupre'.

By determining risk factors that are predictive of accidents or other loss causes, according to FleetRisk, Dupre' will be able to enhance their existing safety programs and take steps to operate even more safely and profitably.

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