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