Element Fleet Management Corp. has introduced Element Risk Solutions, a comprehensive risk management service. The new offering is born of a strategic partnership with insurance brokerage and financial services firm Hub International.
Element Risk Solutions aims to streamline how businesses manage and protect their commercial fleets by providing a range of services, including insurance coverage, accident management, subrogation, driver safety programs and telematics. This bundled solution is designed to create a seamless vehicle life-cycle experience for clients.
According to Angelique Magi, head of insurance at Element, the commercial auto insurance market has presented challenges for clients in North America for over 15 years.
In 2024, commercial auto insurance rates in North America increased by an average of 20%, leaving clients uncertain about securing coverage and facing higher premiums. This volatility has impacted businesses' projected cash flow and balance sheets.
Element Risk Solutions aims to address these issues by providing an automated, end-to-end solution that reduces complexity, saves time, and uses Element’s data capabilities.
Clients using the new service will have access to customized insurance products through HUB Drive Online, based on their specific requirements and vehicle types. The service is set to be available in the first quarter of 2025.
Lisa Paul from HUB Transportation Specialty stated that HUB is excited to partner with Element, offering clients a digital resource that simplifies the insurance process and helps manage business costs more effectively.
David Madrigal, Element’s executive vice president and chief commercial officer, emphasised the company’s commitment to creating value for clients. He noted that the collaboration with HUB aims to reduce fleet risks and improve the management of the Total Cost of Risk, enabling clients to focus on growing their businesses.
