Masternaut and Telefleet team up to create telematics-based fleet insurance policies
24 August 2017
Author: Daniel Puddicombe
Telematics company Masternaut and insurance company Telefleet have partnered to create a telematics-based insurance policy that is claimed to represent a "major step forward" for the fleet industry.
According to the companies, Telefleet is the first fleet insurance provider to fully integrate telematics, insurance and claims management systems.
Telefleet claimed its offering to provide fleet customers with "competitive" premiums and risk management solutions through speedier claims management results in lower premiums.
"We are delighted to be partnering with Masternaut, the UK's largest telematics provider, using their technology to improve fleet risk," said Michael Walton, Telefleet's business development director. "Telefleet's offer not only provides insurance coverage but [also] encompasses exceptional FNOL capture and speedier claims management, which will drive down claims expenses and result in lower insurance premiums."
"To align our telematics solutions with an insurer such as Telefleet is a natural extension of our products and services. We recently conducted a controlled study on over 9,000 vehicles, showing that our products reduce speeding by 53%," said Dhruv Parekh, CEO of Masternaut. "Thanks to this partnership, we can now reward our customers' commitment to driver safety with lower insurance premiums. It takes us one step closer to our vision of a connected world that is safer, cleaner and more productive."
Earlier this month, Masternaut launched a new device aimed at companies running short-term hire vehicles as well as those with grey fleet drivers.
Called the M300, the unit can be installed within minutes and allows fleet managers to add short-term hire vehicles and others not currently being tracked to their existing fleet management dashboard.
The unit is mounted to a vehicle's windscreen and powered by a built-in battery. Masternaut says this allows the box to be removed with ease and reinstalled in any vehicle, avoiding downtime and the cost of sending out an engineer.
Data captured from the M300 unit will appear in Masternaut Connect, the firm's fleet management application, alongside the rest of the fleet using permanently installed telematics units.