PHH Arval, a subsidiary of PHH Corporation, and FleetRisk Advisors are building sophisticated predictive models that will integrate with existing PHH services, such as PHH Collision Prevention, to further enhance fleet risk and safety. These models can analyze client data collected from PHH Arval’s services, such as maintenance, fuel, safety, and accident management, to help predict which drivers are at high risk for collisions. PHH Arval then consults with risk and safety managers to recommend targeted corrective actions that can be taken before incidents occur.
In pilot tests, PHH Arval and FleetRisk Advisors collected four years of PHH Arval historical data including inventory, maintenance, motor vehicle record, accident, and driver data. The two companies combined the data and used it to build a predictive model with FleetRisk Advisors technology. The model’s predictions were then compared with real-life events, and it was determined that the model successfully predicted over 70 percent of collisions and 80 percent of the financial loss resulting from collisions.
“The success of applying predictive modeling technology to fleet data holds tremendous promise for increasing the safety of drivers who are doing their jobs on the road every day,” said Sam Wilkes, CEO of FleetRisk Advisors. “The outcome of the model grouped drivers into high-, medium-, and low-risk categories. The level of accuracy achieved during the testing phase speaks to the diligence and quality of the data that PHH Arval captures.”
FleetRisk Advisors’ predictive modeling technology will be integrated into the PHH Collision Prevention program, which was launched late last year and is already showing tremendous success in helping companies move toward a crash-free culture. FleetRisk Advisors’ clients have seen as much as a 46 percent accident reduction rate as a result of predictive modeling technology.
“The ability to predict which drivers will have accidents before they occur enhances PHH Arval’s ability to proactively intervene and work with our clients to design a course of action that will lower accident costs and potentially save lives,” said Paige O’Neill, senior vice president of marketing and product development at PHH Arval. “We believe our partnership with FleetRisk Advisors will help our clients dramatically increase safety in their fleets.”