TeleFleet have launched a new Managing General Agent specialising in Motor Fleet Insurance.
Michael Walton, managing director of TeleFleet said that the firm was now in the process of talking with brokers to discuss it’s offering.
“The reason we are launching is that we see a real opportunity to start to use risk data from our customers to assess their true fleet risk” he said.
“Historically fleet insurers have worked with customers that may have telematics but have never really understood what was in the data and they never used data to analyse risk” – Walton added.
Initially, TeleFleet’s MGA is a joint project with telematics provider Masternaut where their plan is to approach the current client bank of Masternaut as well as others soon after.
“They’ve got the technology and the data and now we want to build a cheap motor fleet insurance policy and programme around the use of that technology,” he added.
Walton stated that they were excited to be launching their MGA suggesting that “The marketplace is hardening and with increased education for customers in terms of risk management, the telematics industry is growing exceptionally well”.
It has also been suggested that the data generated by the MGA would speed up the claims process.
“Historically claims capture can take up to 10 to 15 days, with the MGA, this could be reduced down to within minutes”. This would also allow them to compete competitively on pricing.
The aim of Walton and TeleFleet is not to sell telematics with Fleet Insurance but instead sell insurance to those who have already invested in Telematics for their commercial fleet.