FMG has launched its new Risk Solution, aimed at mitigating road risk and reducing the severity of vehicle incidents.
Risk Management has been an integral part of the FMG client proposition since its infancy some 35 years ago. In 2012, a dedicated team was established to support clients in highlighting and mitigating road risks and today that team supports a large client base across the country. To meet the ever-changing demands of the sector, and to support the reductions in road risk, the Huddersfield based business set-out to understand the biggest challenge faced by this market.
The findings were stark. There was simply ‘too much data’, from disparate data sources in varying data formats which hampered the ability to draw any meaningful conclusions, let alone improve safety and drive value. The response is the launch of an enhanced FMG Risk Solution, featuring FMG Indicate.
1. What is the new Risk Solution?
The new solution was created in consultation with our customers, who told us they require the ability to harness data to power decision making and drive a greater return on investment.
FMG’s Risk Solutions brings together fully configurable services to assess and manage the risk of a fleet or a driving community. The approach is based upon the execution of a 3A’s framework – the risk is assessed, the data is analysed, and actionable insight is generated from the consolidation and normalisation of multiple data sources. Combining risk advisory services and insights with leading technology and tools, the solution is prime to deliver risk prevention and mitigation.
Generation of data insights via FMG Indicate drives the decision-making process and lies at the core of the solution.
2. What are the services?
FMG provide a full spectrum of risk management services, across all vehicle dynamics – grey fleet, cars, LCVs, HGVs and alternative fuel vehicles, with the provision of a full range of risk features from a diverse panel of partners. The agnostic approach offers clients greater flexibility and choice, with services ranging from a fully outsourced white-labelled fleet-wide risk solution to individual driver training.
The cornerstone of the new enhanced Risk Solution is FMG Indicate, a risk management portal that has been designed and developed in conjunction with market leading data insight partner, TDS Ultra Ltd. FMG Indicate collects the data created (whether that data is from one of their panel or a client’s existing supplier), and aggregates, normalises and simplifies it to provide a single view of the risk of the fleet or driver community. The typical data sources could include: telematics, fuel card, accident management, leasing company and risk data, to name a few, with the resulting output being a single interpretable view with clear indication of actionable improvements to enhance risk profiles, thus making return on investment more transparent.
3. What are the benefits?
FMG’s Risk Solution seamlessly utilises the capability of multiple strategic partnerships that are centrally managed by a dedicated FMG team to provide a market leading choice of services. The team are focused on providing the relevant solution, fulfilled by the relevant partner to meet client’s objectives.
Customers benefit from a better understanding of the risks they are exposed to and are provided with a simple, interpretable view with clear indications for any actions that can be taken to continue to effectively mitigate their risk profile, with the solution adding value through cost savings, improved safety and engagement of the driver community.
FMG’s dedicated Risk Solutions team can support the creation of a perfect solution, tailored to unique fleet objectives and to the benefits that matter most for any new or existing clients.
Dave Parry, Commercial Director who has been leading the project over the last 18 months, commented, ‘A focus on continuous improvement ensures our services remain fit for purpose in an industry whereby change is a constant. We’d been in dialogue with many of our Risk Solution clients for some time regarding the challenges faced and those discussions were the catalyst for the initiation of this project.
“During the client discovery phase, it became apparent that the current capability in the market was lacking, and that there was an opportunity to design, build and configure a solution that was truly focussed on plugging a genuine gap in the market. The project allowed us to review our original solution and enhance each and every part, along with the addition of new tools to drive even greater value for clients, specific to their feedback on the difficulties faced to use insight to drive solid decision making to mitigate risk exposure.
We were careful to choose a partner who would support the development of a market leading unique solution – unique in the sense that it can aggregate multiple data streams despite the source or format. The partnership with TDS Ultra Ltd has been a huge success story of the project.
“The whole project has been hugely exciting – working hand in glove with our clients to drive enhancements that will help them overcome real challenges in promoting fleet safety. Whether new or existing clients, we are confident that the new and enhanced Risk Solutions will help analyse and manage existing data more optimally and provide insight into how and where to invest both time and resource to generate the best return, reduce incidents and enhance driver safety.’