While the use of telematics tools by insurers to date has primarily been seen in monitoring personal-vehicle use, carriers on the commercial side are now eagerly adopting programs to tap into the wealth of knowledge a telematics system can deliver—and the initial data looks very promising for loss ratios.
"We've seen a reduction in frequency and severity" of claims, says Scott Stevens, vice president of captive and specialty programs at The Hartford, which launched its FleetAhead program more than two years ago.
Through a partnership with a telematics service provider, The Hartford's loss-control staff can work with clients to reduce losses and risk exposure, Stevens adds.
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