As technology evolves, the term “telematics” is becoming more and more popular in transportation industry conversations. Telematics is a technology that combines telecommunications and information processing to send, receive and store information related to remote objects, such as vehicles. The data provided by telematics can be key in proactively preventing or resolving challenges.
Operational efficiency is key in the transportation space. Telematics providers can provide the necessary software and hardware which provides critical data designed to increase profitability by driving down the cost of claims. Having access to video footage can save time and resources, leading to corrective measures for the driver population. We have witnessed the influence of telematics and have celebrated the prevention of fraudulent claims, collision prevention, enhanced safety programs and modified behavior. Telematics can also help pinpoint inefficiencies in a loss prevention process by providing a suite of data to help analyze day-to-day activities.
Traffic on our highways along with distracted driving is increasing at a rapid rate. As such, most insurance companies are now requiring trucking companies to have some facet of telematics. If the company refuses, they are commonly met with difficulty finding an insurance partner without increase fees.
Accidents will occur but being armed with accurate data when they do, is key. A properly implemented telematics program will be a standard expectation and essential tool for safety programs as the transportation insurance space continues to harden. Contact the AssuredPartners Transportation specialists for help with fleet safety and risk management programs that help protect your company.
Source: U.S. General Services Administration