Industry Report
Denver, CO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Denver, CO – October 30, 2024 – SambaSafety has partnered with the Risk & Insurance Education Alliance and IoT Insurance Observatory to release its second annual 2024 Telematics Report: Connecting the Dots on Strategies & Adoption. This comprehensive report delivers an unparalleled view into the current state of telematics – tracking utilization, impact and investment trends across insurance teams and fleet segments.
“As the industry faces mounting claims costs, nuclear verdicts and increasing roadway risks, telematics offers an important tool for overcoming these challenges,” said Matt Scheuing, Chief Executive Officer of SambaSafety. “This report provides in-depth insights into how insurers, brokers and fleets are using telematics to create safer roads and establish more profitable insurance programs.”
Key Findings from the 2024 Telematics Report Include:
- 82% of commercial insurers now use telematics within their organizations, up from 65% in 2023.
- 60% of commercial insurers have formed dedicated, multi-disciplinary telematics teams, with Loss Control being the most represented area.
- 72% of fleets report a reduction in crashes and claims due to the combination of telematics and training, leading to lower insurance premiums for 1 in 4 respondents.
- 51% of fleets plan to expand their telematics devices or providers over the next 12 months, signaling ongoing telematics growth.
- Usage-Based Insurance (UBI) is accelerating, with 70% of commercial insurers planning UBI expansions within 1 to 2 years, up from 33% in 2023.
- 75% of insurers cite convincing fleets to share telematics data as the most significant barrier, while 74% of fleets indicate they don’t share data simply because they’ve never been asked.
- 62% of fleets report they don’t foresee challenges in sharing telematics data with insurers or brokers.
These findings underscore the value of telematics and the need for collaboration among insurers, brokers and fleets to reduce risk and accelerate progress toward their strategic goals.
“Telematics has evolved beyond data collection; it’s about converting that data into action for fleets and insurers,” said Rich Lacey, Chief Product Officer at SambaSafety. “By combining telematics with violations, roadside inspections and claims, a comprehensive risk profile allows fleets to benchmark performance and deliver targeted training to improve their risk.”
SambaSafety’s broad telematics integration footprint supports over 60% of connected commercial vehicles across North America and the UK. With fast, seamless access to standardized policyholder telematics data, our unmatched data quality and predictive variables enable diverse use cases in Commercial Lines Loss Control, Underwriting and Claims. Insurers gain an experienced partner and a trusted foundation for implementing and advancing their telematics programs efficiently, without device or industry limitations.
To download the 2024 Telematics Report or explore strategies for elevating risk control and underwriting, visit SambaSafety.com/telematics.
About SambaSafety:
SambaSafety is a recognized innovator and leading provider of cloud-based risk management solutions for over 15,000 organizations with automotive mobility exposure, including many on Fortune’s Global 500 list. Employers and insurers benefit from SambaSafety’s continuous monitoring, intuitive insights, risk reduction tools and configurable pricing solutions. Through the collection, correlation and analysis of federal, state, local and telematics data sources, our flexible, end-to-end capabilities enable businesses and insurers to better evaluate and mitigate driving risk, accelerate product development, reduce crashes and foster safer communities.
Attachment
- 2024 SambaSafety Annual Telematics Report
CONTACT: Ashley Newbill SambaSafety (720)254-4214 anewbill@sambasafety.com
