Boston, Mass. and Waterloo, Ont. – IMS, a subsidiary of Trak Global Group (TGG) and one of the world’s top three providers of connected-car data solutions to insurers, mobility operators and governments, is pleased to announce they have been selected by Berkshire Hathaway GUARD Insurance Companies, for a new commercial fleet insurance program, TrackMRI (Monitor, React, Improve).
“Our fleet manager customers have limited time for research and system or vendor selection, and yet are flooded by technology solutions that only offer a ‘one-size-fits-all’ approach without any real identifiable differentiation,” said Mike Hynes, Vice President of Commercial Auto at Berkshire Hathaway GUARD. “Through our relationship with IMS, we are helping fleet managers get the commercial insurance telematics solution they want and need with features and functionality that will have direct improvements on fleet management and driver safety, while helping them potentially save money in the process.”
TrackMRI is a safety-focused commercial fleet insurance telematics solution, powered by IMS’ DriveSync connected car and telematics platform, to provide an easy-to-use fleet management portal, device logistics support, data collection, scoring, fleet behaviour assessment and program analytics, as well as hands-on customer support to fleet manager customers. As part of the program, IMS provides easy-to-install sensors to be deployed in Berkshire Hathaway GUARD’s policyholders’ commercial fleet vehicles to gather driver behaviour data. The insights gained can be quickly and easily translated into savings in vehicle maintenance and fuel costs for commercial fleet organizations.
Even before the pandemic altered driving frequency and behaviours, commercial lines auto insurers were struggling to find new ways of achieving greater profitability. For more than a decade, the industry has been suffering from a trend toward inadequate rates in a competitive operating environment coupled with increased frequency and severity trends. In addition, premium leakage continues to increase for commercial insurers who could directly benefit from increased transparency into information about actual fleet vehicle usage.
For a limited time, Berkshire Hathaway GUARD is making TrackMRI available at no-cost to commercial auto policyholders with fleets of three or more vehicles. By taking an educational and behavioural improvement approach, TrackMRI provides fleet managers with the ability to rapidly improve fleet driving safety, reduce costs and improve processes. TrackMRI delivers an easier method of managing fleets, opportunity to price fleet premiums appropriately, and improvement of the insurers' combined operating ratios in the process.
“The combined ratios across the commercial auto lines industry remains above 100 per cent, creating a long-term unprofitable environment,” said Lorie Goodmann, Chief Revenue Officer at IMS. “Our commercial auto insurance telematics solution provides insurers, like Berkshire Hathaway GUARD, with data-driven insights that improve underwriting and overall profitability. In turn, fleet managers get the necessary fleet management tools that positively influence driving behaviour. It’s a win-win proposition for all involved.”
For more information about TrackMRI, visit: https://ims.tech/lp/imsfleet/.
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About IMS
IMS (Insurance & Mobility Solutions), part of Trak Global Group (TGG), is a global provider of connected car solutions, services, and analytics to insurers, mobility operators, OEMs, and governments. IMS is the developer of the cloud-based IMS DriveSync® connected car platform which has received industry acclaim for its ability to offer customers a data source-agnostic, multi-device strategy through which a multitude of B2B and B2C propositions can be taken to market. More info at www.ims.tech.
About Berkshire Hathaway GUARD
Berkshire Hathaway GUARD Insurance Companies is a property and casualty insurance company writing $2 billion in premium nationwide. GUARD offers a variety of products for both commercial and personal lines of insurance. To learn more about Berkshire Hathaway GUARD visit https://www.guard.com.
