Telematics: Fleet Insurance…[#2 in a 2 part series]
If your business relies on professional drivers to keep things rolling, telematics fleet insurance offers new opportunities to manage and monitor your risk exposures.
You carefully assess a potential hire, their employment history, driving record and skills before extending a job offer. Knowing how your drivers act and react while they are behind the wheel and representing your company – and brand – on a day-to-day basis is equally as important.
Wikipedia cites that with telematics a “…driver’s behaviour is monitored directly while the person drives and this information is transmitted to an insurance company.”1
Related Matters: Wikipedia’s Telematics Definitions In Depth
For businesses that employ multiple drivers and own fleets of vehicles, telematics fleet insurance is a new tool that can be used to potentially reduce your overall coverage costs.
4 Questions Answered By Telematics Fleet Insurance
A telematics device automatically uploads data about the activities of anyone who drives a fleet vehicle. Viewing real-time telematics information about your fleet can help to answer many of your questions about employees’ driving habits such as:
- Are my drivers regularly keeping within speed limits?
- Which of my drivers are taking the most time-efficient routes?
- How frequently are my drivers braking? Accelerating? Speeding?
- Where are my drivers right now?
Related Matters: IRMI: Attention To Details Reduces Fleet Loss Exposures IBC: How To Drive Your Premiums Down With Telematics
Assessing this data can help reduce your business insurance costs over the long haul. You can install telematics devices across fleets of corporate trucks, cars, trailers, shipping containers and more. Telematics are also being used in satellites, wireless car safety and emergency communications as well as to support smartphone car-sharing applications.
As this new technology is in the early-adoption stage, Canadian business owners may have questions about how telematics fleet insurance will benefit their bottom line.
An ALIGNED Insurance Advocate can provide more information about telematics fleet insurance and other tools and resources to manage and monitor your business risk exposures.
