Auto Fleet Management
The ecosystem of connected car technology has cultivated another growing trend of telematics-based
insurance, which promises to create a boom for the automotive insurance industry. In our previous
articles, we have already explained what is telematics-based insurance or usage-based insurance or pay as you drive.
These terms define the tailored insurance program depending on an individual’s driving pattern providing the financial incentive for driving safely. Generally, telematics-based insurance products are categorized into two models: pay how you drive (PHYD) insurance and pay as you drive (PAYD) insurance.
Pay how you drive insurance focuses on the driving behavior/pattern of an individual to assess the possible risk and calculate the annual premium. Insurers monitor driving behavior and adjust premiums based on observed risky behaviors. This program is designed specifically for low-risk drivers providing them better premium discount rates.
Pay as you drive insurance focuses on the monitoring of precise mileage driven and calculating premium based on that mileage. This model is based on the assumption that the less time a driver spends on the road, the less likely it is for an accident to occur. Insurers verify time, mileage, and location by using telematics to ensure the transparency of purchased protection and combat mileage reporting fraud.
According to the survey conducted by a private insurance firm, today the number of telematics-based car insurance products are more precedent than ever before. As per the survey, in the last three years, the number of these products have been doubled which suggests that the old trend of targeting the young drivers have been changed and low mileage drivers are also targeted now.
Most of the insurance policies allow access to an online dashboard which can help the driver in reviewing their driving pattern and improve it. Moreover, some of the telematics-based insurance also provides you the insight of theft assetsand accident alert systems.
Have you wondered what are those elements that are monitored in telematics-based insurance but not in traditional one, we have mentioned some of the elements in the list below Traditional insurance Telematics based insurance
With the right kind of feedback and coaching, demand for telematics will continue to accelerate as added safety and lower premium costs offer tangible proof of its benefits.
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Moreover, with its custom settings, you can receive an alert for loading and unloading events along with the event’s location of the map with respect to the time of the event. This information will help you in keeping the check of underhand cargo and will prevent the overloading of the vehicle.
Managing a fleet of trucks often presents its own unique challenges. Fortunately, we’re up for all of them and continue to develop solutions customized to the specific needs of trucking fleets.
Eagle-I also offers the temperature monitoring of your refrigeration units, humidity monitoring, and pressure monitoring. We take it a step further by looking after the needs of truck drivers as well by providing easy ways to make their job easier, less stressful and safer.