Vehicle Telematics Program Gains Speed with Commercial Auto Customers
Philadelphia Insurance Companies' customers have logged more than one billion miles with the technology.
BALA CYNWYD, PA, September 13, 2022 -- With U.S. traffic deaths hitting a 20-year high in early 2022 and record surges in gas prices around the country, more organizations are recognizing the value of vehicle telematics in increasing safety and lowering costs. Philadelphia Insurance Companies' (PHLY) vehicle telematics tool, PHLYTRAC, has reached a new milestone, recently logging more than one billion miles in customer vehicles.
As a relatively new sector rapidly growing, the global commercial telematics market size is predicted to surpass $162 billion by 2030. PHLY has been at the forefront of commercial insurers in the telematics space, launching a pilot program in 2016 and offering the service to all commercial auto customers in 2018. Since then, PHLYTRAC has been installed in nearly 70,000 commercial vehicles for over 2,000 policyholders in all 50 states.
PHLYTRAC has lowered the frequency of accidents for users by 19%. A small device that can easily be installed in minutes, PHLYTRAC alerts organizations of dangerous driving behaviors such as speeding and hard braking so they can take action to lower the risk of driver-related accidents. The devices can even help reduce gas costs by tracking vehicle idling time and providing more efficient routing.
"It helped us improve the safety culture because people live it every day" said Lucas Carvalho, Vice President of Corporate Resources at BAMSI, a PHLY-insured non-profit. "We went from having a culture where people only thought of safety when the safety committee met once a month or once a quarter, but now we live it every day. We show the data, we follow up with program managers and area directors, and it's a very positive approach to solving a real big issue we had as an organization." "One billion miles traveled is an exciting milestone for the PHLYTRAC program," said Mark Konchan, Senior Vice President of Risk Management Services at PHLY. "As one of the early adopters of commercial telematics, we have extensive data that supports expanding the program and we're striving to unlock new innovations to help our policyholders increase safety and experience additional benefits."
Vehicle telematics surfaced originally for personal auto coverage, designed to track individual driver behavior to help carriers better determine premiums. PHLYTRAC is not used to calculate premiums and PHLY covers the cost for insureds with auto coverage to help them make more informed decisions about their fleets. Visit PHLY.com/PHLYTRAC to learn more.
About Philadelphia Insurance Companies
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. The Company is rated "A++" (Superior) by AM Best Company and "A+" for counterparty credit and financial strength by Standard & Poor's. In business for over 60 years, PHLY is nationally recognized as a member of Ward's Top 50, one of the Best Places to Work in Insurance, and one of the Healthiest 100 Workplaces in America. The organization is strategically located across the United States to provide superior service. For more information, please visit www.PHLY.com.
