Press Release: Matrix iQ redefines access to telematics data for fleet insurers

SmartLink, Matrix iQ’s telematics data aggregation solution, gives insurers access to the data they need to offer usage-based pricing, without having to mandate telematics.

Growing demand for flexible and transparent pricing, only accelerated by the pandemic, has led to an increasing number of fleet insurers investigating the possibility of offering usage and behaviour-based schemes. This has come with a number of challenges as, in order to do so, insurers need access to a consistent set of data to which they can apply their pricing algorithm.

The move away from mandating preferred kit

The 40+ Telematics Service Providers (TSPs) in the market today process and score telematics data using their own custom algorithm. Therefore, to be able to offer usage-based pricing, insurers have been forced to mandate a preferred supplier to ensure all of their fleets on cover present a uniform set of data.

However, a reluctance amongst fleet managers to replace systems they have invested heavily in, combined with an increasing number of vehicle manufacturers installing telematics solutions straight off the production line, has led to this becoming an increasingly less viable strategy.

Tech agnostic data aggregation

Matrix iQ’s SmartLink ingests telematics data from a fleet’s existing provider, then normalises and scores it on a single algorithm to present insurers with a standardised driver score alongside data such as mileage and vehicle utilisation.

This is redefining the way fleet insurers think about telematics-based schemes as it offers them a way to significantly improve the onboarding process for these policy types, as well as opening the door to a number of other opportunities such as running proactive risk insights with their policyholders to reduce risk and increase intention rates.

Find out more here: SmartLink Driver Risk Aggregation