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18 June 2012

TomTom extends tracking-based insurance to business sector

Following our report in the last issue of m.logistics on TomTom’s insurance-based tracking initiative, we can confirm that the company has struck a deal with an additional insurance partner, leading UK motor insurer Equity Red Star.

TomTom is able to support schemes that allow individual drivers’ insurance premiums to reflect their driving performance, which in many cases can mean savings.

In a separate deal, TomTom is now also supporting the Fleetcare+ scheme operated by another insurer, Towergate. This system aims to provide expert support and consultancy to help businesses use telematics data to reduce risk. Fleetcare+ aims to help deliver tailored solutions that can reduce insurance premiums.

The new deal with Equity Star extends the TomTom proposition from the consumer to the business sector, and is reflected in a new insurance package from Equity Star called Equitrack.

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According to the company’s chief executive, Ian Foy: "Initial reaction to Equitrack from our brokers and their customers has been very positive. This is technology being applied in a highly pragmatic way to the commercial motor market."

These announcements follow hard on the heels of an earlier insurance-related deal struck by TomTom in the consumer sector with broker Motaquote, and means TomTom technology can now be used in a risk management capacity for both the consumer and business markets.

 

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