What is Fleet Insurance Telematics?

Fleet Insurance Telematics (FIT) can be defined as an insurance policy in which an insurer is using telematics data to improve its service offering to a customer.

FIT enables insurers to collect actual data to better understand the risks and to influence them.

The use of FIT can manifest in 6 scenarios:

• Insurer-owned telematics;
• Standalone telematics insurance;
• Fleet management services;
• Risk management;
• Claims managment, and;
• Risk assistance

There are at least 6 different partnership models to deliver connected fleet insurance:

• Insurer-TSP supported insurance
• Fleet TSP-supported insurance
• Broker-supported insurance
• Leaser-supported insurance
• OEM-supported insurance
• Fuel card-supported insurance

Telematics can reduce risks in all fleet and vehicle types but high risk fleets benefit the most

Key Words: Telematics