(InTouchGPS plug-in tracking device. Source: InTouchGPS.)
Libertate Insurance, an Orlando, Fla.-based agency, and InTouchGPS, a Lakeland, Fla.-based fleet tracking solutions provider, have partnered in the creation of a new agency, FleetPilot Insurance, to use GPS fleet management technology for its clients’ insurance programs. The endeavor is based on the concept that GPS Fleet Management can directly impact losses in the areas of workers’ compensation, automobile and motor truck liability through enhancing clarity in the usage of vehicles.
“The concept came as a result of both teams understanding the applications GPS can have in monitoring the safety of a business’s assets—which in the case of a transportation firm, its most coveted assets are the people it employs, the product it carries and the trucks that carry it,” comments Paul Hughes, CEO, Libertate. “In Libertate’s world of business property and casualty insurance, GPS directly helps the business owner with loss prevention in the realms of workers’ compensation, automobile liability and motor truck cargo.
“We are so confident that our platform will dramatically impact the premiums of these three types of insurances that we are giving the InTouchGPS devices to our clients for free,” Hughes adds.
Fleet tracking devices can cost as much as $50 per unit monthly and require long-term contracts, nots Drew Sheahan, owner of InTouchGPS. “Clients that use FleetPilot as their agent of record for workers’ compensation, commercial auto liability and motor truck cargo programs will be given a free InTouchGPS fleet tracking system for risk management purposes,” seconds Sheahan.
Reducing Insurance Premiums
The National Association of Insurance Commissioners expect that 80 percent of new cars will be equipped with GPS Fleet Tracking devices by 2020, according to Libertate’s Hughes. “This partnership gets us out in front of the pack in terms of helping our clients reduce their insurance premiums by designing commercial usage-based insurance programs,” he says.
Currently 8.5 percent of all personal auto liability is purchased on a UBI basis and that number is expected to grow to 30 percent in the next 4 years, Hughes says. “No one is making a mark using GPS at present in the commercial auto liability world and we are driving to be the first.”