Berkshire Hathaway GUARD, a subsidiary of Warren Buffett’s global re/insurer, has selected IMS to provide a new commercial fleet insurance program.
TrackMRI (Monitor, React, Improve) is a commercial fleet insurance telematics solution that includes device logistics support, data collection, scoring, fleet behaviour assessment and program analytics.
As part of the program, IMS will provide sensors in Berkshire Hathaway GUARD’s policyholders’ commercial fleet vehicles to gather driver behavior data.
The insights are intended to be quickly and easily translated into savings in vehicle maintenance and fuel costs for commercial fleet organisations.
“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.”
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 behavioral improvement approach, TrackMRI is designed to provide fleet managers with the ability to rapidly improve fleet driving safety, reduce costs and improve processes.
“The combined ratios across the commercial auto lines industry remains above 100 percent, 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 behavior. It’s a win-win proposition for all involved.”