We gathered industry leaders from Aon Global Risk Consulting, Liberty Energy, Verizon Connect and Sunbelt Rentals to discuss their experiences with telematics in our latest webinar, “The Future of Telematics: How Fleets and Insurers Can Collaborate to Create Safer Roadways."
With a projected market growth from $79.17 billion to $170.35 billion by 2032, telematics is undeniably becoming a powerful tool for insurers and fleet managers alike.
Telematics technology, which encompasses GPS tracking, in-cab cameras and electronic logging devices (ELDs), is especially valuable as workplace auto accidents account for 22% of workplace fatalities. Distracted driving incidents alone cost employers over $395 billion annually. While insurers have traditionally looked at data after accidents occur, telematics allows for a more proactive approach, identifying risky behavior before it leads to accidents.
A standout theme in the webinar was the opportunity for fleets and insurers to partner strategically, leveraging telematics data to create safer roads and reduce costs on both sides. Panelists highlighted that while fleets often hesitate to participate in a telematics data exchange with insurers, doing so can open doors to impactful insights, improved safety strategies and potentially lower insurance premiums.
SambaSafety’s 2024 Telematics Report found that 74% of fleets use telematics to inform their training and coaching. Combining training and telematics has a direct correlation to insurance outcomes. Of the fleets that use telematics and training, 72% report reduced crashes or claims and 25% report premium reductions.
In the webinar, Sara Wojcik, Senior Director of DOT Compliance and Transportation Safety at Sunbelt Rentals, noted that more open communication with insurers could help her team identify areas for improvement within their safety program.
“We actually do a presentation for them every year showing them what new strategies we have in place. . . we shared with them some of the results we were getting back, some of the wins that we were seeing from that. I'd like to flip the script a little bit here too. I'd really like to have a more open relationship where the information goes both ways. What are they learning, and what can they share back with me?” Sara explained.
For many fleets, partnering with insurers offers the chance to develop a more holistic approach to safety and risk management. Michael Tuomi, Director of HSE and Training at Liberty Energy, shared his vision of how he envisions their broker relationship evolving into a two-way conversation about safety. “I am happy to share data trends, video retrievals of accidents and demonstrate how we're using the system to reduce risk. And in return, they may be able to help us identify trends across the industry, have access to aggregate data that we might not have and maybe give insights on actions to reduce risk in areas that we might have missed.”
Nancy Bendickson, Managing Consultant at Aon Global Risk Consulting, also emphasized the role insurers can play as “co-pilots” in fleet safety. She described how consulting teams can guide fleets on adopting telematics technology, suggesting vendors and even crafting coaching programs that align with specific safety goals. Explaining her perspective on coaching. Nancy says, “It's setting up an action plan, meeting one-to-one with their direct supervisor, listening to them, and their driver should start seeing results. . .”
This partnership potential goes beyond simply reacting to incidents. It’s about creating a proactive safety culture that anticipates and mitigates risk. Sean O’Bryan, Professional Safety Consultant at Verizon Connect, shares his perspective on the future, envisioning an even deeper collaboration between insurers and fleets through AI and predictive analytics. Sean emphasizes the importance of more prescriptive analytics and how we can use AI to focus managers on what needs the most attention. He shares, “I think when you start looking at bringing all of those [integrated risk management] pieces together in one ecosystem, and you look at how that begins to partner then with your influence and the relationship SambaSafety has built with the insurance networks, that's a powerful place to be.”
As telematics becomes increasingly integrated into fleet operations, the potential for fleets and insurers to partner for safer, more efficient outcomes is substantial. This collaboration improves safety on the road and strengthens the relationship between fleets and their insurers, moving them from transactional interactions to a meaningful, strategic alliance.
Visit the link below to watch the full webinar recording and learn more about the innovative safety solutions fleets and commercial carriers are creating together. The collaboration opportunities shared in this conversation can elevate your risk management and improve profitability.