We have been talking for a while about the issues with auto losses and the subsequent rising costs of auto insurance for all industries. There are several factors on what is driving up auto insurance rates such as inflation, the rising costs of goods and services, frequency of auto claims, and litigation trends like “social inflation” and “nuclear verdicts”.
Fleet managers nationwide and from all industries are worried about the spike in insurance costs over the past few years with industry experts predicting commercial auto insurance premiums to once again increase in 2023.
So, what can you do?
The best steps moving forward for fleet managers is to make commercial drivers safer on the roads – and to have proof that they’re safer. That means reducing minor incidents and decreasing the odds of a large loss, such as a “nuclear verdict.” Technology like telematics makes this possible for fleet managers at any capacity.
Telematics goes beyond basic risk management for fleets by monitoring driving behavior in real-time and allowing manager to address safety concerns as soon as possible. PLM has partnered with providers in telematics solutions to help our policyholders improve their fleet safety and profitability on the road. One our newest telematics safety partner is GPS Insight.
GPS Insight Overview
Businesses that rely on their drivers, vehicles, trailers, and heavy equipment trust GPS Insight to provide top of the line accountability, compliance, efficiency, and safety through their variety of telematics equipment and services.
GPS Insight provides a wide variety of products and services to ensure that your fleet is achieving maximum efficiency and safety.
- Their tracking capabilities utilize telematic technology that is designed to produce results by providing you with visibility into people, vehicles and assets that gives your management team actionable data and insights.
- Their compliance capabilities with ELD and DVIR allows you to access real-time data on your cell phone or tablet. This live log of key performance metrics allows you to create solutions to keep your fleet operational and compliant.
- Driveri or GPS Insight’s 360-degree safety camera feature is designed to enhance driver safety by capturing and analyzing every minute on the road allowing you to eliminate viewing hours of footage through the power of artificial intelligence.
Some of the additional benefits and features of GPS Insight also include the following:
- Plug-and-play or hardwired GPS tracking and telematics devices
- Solar-powered, battery-powered, and wired asset, equipment, and trailer trackers
- Field service management solutions
- 24/7 U.S. based customer support
- Professional installation or self-install options available
GPS Insight – Customer Success Story
A GPS Insight customer installed Driveri cameras on its fleet of 15 Class 8 vehicles. Management recognized where technology was taking the industry, and they wanted to be ahead of the technology curve.
Management benchmarked the drivers for one week before arranging one-on-one, face-to-face meetings between the safety manager and the drivers. Together, they discussed their problematic driving habits.
During the benchmarking period, the drivers logged 102 safety events. The drivers scored in the 600s out of a possible 1,000 points.
By the end of the next week, the fleetwide average shot up into the 900s. Even better, the improvement lasted. In a random week selected a few months after implementation, the fleet logged 9 unsafe driving events. That’s a 91% improvement.
To learn more about GPS Insight and how it can help your fleet be safer on the roads, visit https://www.plmins.com/loss-control/telematics/ or speak to a PLM Loss Control Representative.