NEW YORK—Telematics devices are helping to reduce accidents and remove unsafe drivers from commercial-auto fleets, but effectively incorporating all of the new data into underwriting is a process still in its infancy, say insurance executives.
During the third annual Casualty Insights Conference sponsored here by Advisen on Monday, Executive Vice President, Casualty & Healthcare Divisions for Lexington Insurance Co., Brad Cox, said the electronic devices used to monitor and control driving activity are giving fleet operators and insurers the tools to reduce accidents. For instance, trucking fleets using speed-regulator technology have seen collisions reduced by 50 percent compared to those that don't.
Geofencing technology, which tracks vehicle location, is helping to improve driving efficiency.
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