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EMC Insurance Companies (Des Moines) has chosen Octo Telematics (London) as a fleet telematics partner for its commercial telematics program, Peak Fleet. Octo Telematics reports that it will provide the full platform and accompanying services for the insurer’s fleet telematics program to promote safer driving and maximize fleet performance.
While a smaller market than personal auto, telematics is in some ways a more obvious application for commercial fleet purposes. For example, it can be used as a dynamic risk management tool without raising privacy concerns. Insurers are warming to the proposition, according to a recent Berg Insight (Gothenburg, Sweden) report, which says that the market for fleet management in the Americas is in a growth period that will continue for years to come, specifically in the North American market. Driven by regulatory developments such as the ELD mandate, fleet owners have begun to embrace telematics to optimize fleet operations, and Berg expects the market to grow at a compound annual growth rate (CAGR) of 17 percent, from 5.8 million units in 2015 to 12.7 million units in 2020.
The Octo Fleet platform includes a secure website and smart phone app so fleet managers can get real-time insights on fuel consumption, vehicle health, location, driver safety and more. Knowing drivers’ habits and whereabouts throughout the day can help managers to optimize routes, maximize productivity, save money and increase safety measures.
“Telematics in commercial fleets is a win-win, with clear benefits for both insurance companies and their policyholders,” comments Nino Tarantino, CEO, Octo Telematics North America. “Using telematics creates better and more efficient drivers, decreases speeding and idle time, and enables fleet managers to improve the bottom line. We are happy to be the telematics partner to enable EMC Insurance and its commercial fleet policyholders to reap such benefits.”
Years of Expertise in Insurance Telematics
“We’re excited to be working with Octo Telematics to roll out our Peak Fleet program for commercial lines,” comments Scott Jean, executive VP, finance and analytics, EMC. “Their years of expertise in insurance telematics, combined with their fleet platform and crash and claims capabilities, made them a very attractive partner and obvious choice to help us serve our commercial auto policy holders and agents.”
“We knew we would be in the best of hands and be able to quickly roll out a top quality program that will make fleets safer and more productive,” Jean adds.