While the use of telematics-based insurance to date has primarily been seen in monitoring personal-vehicle use, insurers are increasingly relying on the underwriting tool in the commercial-fleet and trucking industries.
“If I'm doing a risk assessment for an insurance company, a lot of underwriters are looking for some kind of refined [global positioning system],” says Beth Lowrey, senior associate for Mercury Associates Inc.—a Washington D.C.-based management consulting firm for large fleets.
Insurance players on the commercial side are adopting programs to tap into the wealth of knowledge a telematics system can deliver—and initial data looks very promising for loss ratios, sources say.
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