EMC Insurance Companies has chosen Octo Telematics as a fleet telematics partner for its commercial telematics program, Peak Fleet. Octo Telematics will provide the full platform and accompanying services for the insurer’s fleet telematics program to promote safer driving and maximize fleet performance.
Driven by regulatory developments such as the ELD mandate, fleet owners have begun to embrace telematics to optimize fleet operations, and a report from Berg Insights expects the market to grow at a compound annual growth rate (CAGR) of 17%, from 5.8 million units in 2015 to 12.7 million units in 2020.
Commercial vehicle fleets play an essential role in our economy, drivers are on the road more than personal drivers, operating expensive vehicles and equipment. Telematics can help minimize risk with real-time insights that improve driving, reduce claims and maximize productivity. As the benefits of telematics become more apparent for commercial lines, EMC Insurance Companies is a leading example of innovation in the space.
They will involve their independent insurance agents directly in the process of offering Peak Fleet to policyholders, supporting their agents with all necessary information and enabling commercial fleets of all sizes to benefit from the program.
The Octo Fleet platform includes a secure website and smartphone app so fleet managers can get real-time insights on fuel consumption, vehicle health, location, driver safety, and more. Knowing drivers’ habits and whereabouts throughout the day can help managers to optimize routes, maximize productivity, save money and increase safety measures.
“Telematics in commercial fleets is a win-win, with clear benefits for both insurance companies and their policyholders,” said Nino Tarantino, CEO of Octo Telematics North America. “Using telematics creates better and more efficient drivers, decreases speeding and idle time, and enables fleet managers to improve the bottom line. We are happy to be the telematics partner to enable EMC Insurance and its commercial fleet policyholders to reap such benefits.”