Telematics technology continues to transform how insurance carriers, brokers, and fleets assess and manage risk. As discussed by Ashley Newbill, Senior Director of Product Marketing at SambaSafety, in a recent conversation with Dustyne Bryant, Director at the Risk & Insurance Education Alliance, the release of the SambaSafety 2024 Telematics Report highlights the growing significance of telematics across multiple sectors.
According to Newbill, the report—which surveyed insurance carriers, brokers, and fleets across various industries—offers a comprehensive look at how telematics is being adopted and used to tackle key challenges. While the report shows that all groups agree on the critical role of telematics in addressing issues like profitability in commercial auto and fleet safety, it also points out that many are operating in silos. The lack of collaboration among these groups limits the full potential of telematics.
This is where sharing telematics data becomes vital. By fostering a more connected approach between insurance carriers, brokers, and fleets, there can be a deeper understanding of how telematics data can improve risk control, enhance loss prevention, and make our roads safer. Insurance companies that integrate telematics into their risk management strategies—especially those that work closely with clients on these insights—stand to benefit from more accurate risk assessments and tailored solutions for commercial policyholders.
Why the SambaSafety and Risk & Insurance Education Alliance Partnership Benefits Alliance Members:
- Cross-Industry Collaboration: Telematics data from fleets of various sizes can be used to tailor insurance products and services, making them more relevant to the unique challenges faced by commercial policyholders.
- Education is Essential: The report highlights that fleets and insurers alike could benefit from increased education on how to better use telematics data. This education could close the gap in adoption and ensure more effective use of this valuable data.
- A Solution to Profitability & Safety Challenges: Both insurance carriers and fleets view telematics as critical in solving profitability challenges in commercial auto and improving fleet safety—a clear signal that continued investment in this technology is essential.
As Newbill notes, telematics programs need to be discussed and embraced more widely between carriers, brokers, and their clients to fully leverage the benefits. The 2024 report is expected to play a key role in driving these conversations, encouraging a more collaborative approach to managing risk and enhancing safety on the road.
