Norman-Spencer Agency is deploying a telematics-based program that would allow its fleet customers to “more effectively monitor fleet performance, improve driver safety and reduce the risks that lead to crashes.”
The insurer has partnered with Cambridge Mobile Telematics (CMT) to create and implement the DriveWell Fleet Program.
The DriveWell Fleet Program is one of the key services offered by Norman-Spencer’s Institute of Risk Management and Safety – a public benefit corporation that helps clients improve driver safety through the use of technology, loss control tools, and collaborative risk management best practices.
According to a release, the program has helped produce – on average – a 35% reduction in distracted driving related to phone usage. It has also led to a 20% reduction in hard braking after only 30 days of using the program.
“CMT offers an advanced methodology for accurately capturing, aggregating and analyzing telematics data and a proven track record of improving driving behavior and making roads safer,” said Norman-Spencer chief claims officer and Institute of Risk Management and Safety president Mark Aussicker. “For us, that translates into safer roads, fewer accidents, improved loss ratios and stronger partnerships with our clients.”
The Institute’s client base includes owners of small to medium fleets, ranging from tow trucks to concrete mixers and cranes. Through CMT’s services, these customers receive real-time location data to help optimize fleet management, reduce operating expenses, and mitigate driving-related risks.
CMT’s platform also provides detailed crash telematics data and analytics.
“Last year, the commercial auto insurance industry reported its worst underwriting performance since 2001, with a combined ratio of 110.4%,” said CMT VP of product and marketing Katherine Wellman. “Top providers like Norman-Spencer and the Institute are breaking through industry norms and gaining an incredible competitive advantage by deploying a telematics solution designed to make roads safer, improve loss ratios and increase customer retention.”
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