CMT targets wider use of telematics in commercial motor pricing

US-based Cambridge Mobile Telematics (CMT) has launched a telematics merchandise designed to enactment pricing and underwriting decisions successful commercialized centrifugal insurance, according to a institution property release.

The product, called DriveWell Fleet, enables insurers to incorporated driving information crossed a wider proportionality of their commercialized portfolios by combining information from connected vehicles with proprietary hardware for fleets that are not already equipped with telematics devices.

CMT said the offering is intended to code gaps successful coverage, information consistency and programme integration that person constricted the usage of telematics successful commercialized centrifugal insurance. Fewer than 5% of commercialized centrifugal policies are presently priced utilizing telematics data, contempt a important proportionality of vehicles already generating information done third-party telematics work providers (TSPs), the institution said.

DriveWell Fleet allows insurers to entree standardised, high-frequency driving information from aggregate TSPs done a bring-your-own-device (BYOD) model. For vehicles without existing devices, CMT provides 2 hardware options to seizure driving behaviour data.

William V. Powers, co-founder and main enforcement of CMT - headquartered successful Cambridge, MA - said the institution was extending an attack antecedently utilized successful idiosyncratic centrifugal security into the commercialized sector. He said the purpose was to “strengthen pricing decisions” and supply insurers with much accordant hazard insights from fleet data.

For connected fleets, CMT’s level integrates with TSPs including Samsara, Verizon Connect, Lytx, Netradyne and Linxup. The institution said this presently covers much than 80% of the connected commercialized conveyance market, with broader sum expected aboriginal successful the year. Fleets tin enrol utilizing existing devices, avoiding further installation costs.

From a centrifugal concern perspective, the merchandise is positioned arsenic a mode for insurers to refine hazard enactment and pricing accuracy, perchance influencing premium levels and nonaccomplishment ratios crossed commercialized centrifugal portfolios. CMT said insurers tin presumption vehicle- and fleet-level information done a cardinal portal to enactment underwriting, segmentation and argumentation pricing.

Adam Kahn, main concern improvement serviceman astatine Netradyne, said the concern allows insurers to “access high-quality driving data” and use it to pricing and hazard assessment, portion maintaining a absorption connected fleet information outcomes.

For fleets without embedded telematics, CMT offers Tag Pro and Tag Max devices. Tag Pro is aimed astatine smaller fleets and uses an adhesive, windscreen-mounted instrumentality that transmits information via a proprietary network, without requiring a mobile telephone oregon abstracted cellular contract. Tag Max is designed for dense and long-haul vehicles and uses LTE connectivity to supply much elaborate hazard data, besides without analyzable installation.