Karolin Kroeg :
Total Systems announces partnership with Armour Fleet Trac to bring innovative telematics-based insurance proposition to market
Karolin Kroeg :
Total Systems plc [LSE Symbol; TTS], a leading provider of policy systems to the UK insurance market are delighted to have signed an agreement with Armour Fleet Trac to market their telematics based solution.
Emma Howell, Marketing Manager at Total says “the use of telematics in UK insurance is the most innovative product development of this year, as ratified by Datamonitor in their Product Innovation in General Insurance report. We researched the market to find the most advanced provider of not only the GPS devices, but the software to provide the richest functionality and management information. Armour Fleet Trac (in partnership with Vehicle Location Systems Ltd) demonstrated to us that they have the technology, the experience, a referenceable customer base (which includes Brit Insurance, one the Uks leading Fleet insurers) and the in-depth knowledge of the insurance industry to be an extremely valuable addition to the Total Systems portfolio”
The agreement will see Total initially marketing Armour’s proposition to Fleet insurers. John Kowalyk, Managing Director of Armour says “The UK Fleet market would benefit enormously from more insurers adopting telematics as a way of enriching the information available to both Fleet Managers and Insurers. In addition to standard Fleet functionality, the wide range of alerts the software can trigger enable Fleet Managers to track driving patterns, facilitate faster recovery and offloading of vehicles and accurately track the position of the fleet”
The proposition offer insurers an exceptional and unique opportunity to draw on the Management Information to underwrite risk more effectively, fully automate their fleet processes and ensure compliance with the Motor Insurer Database (MID).
The emergence of Pay as you Go as a viable insurance proposition will undoubtedly increase the demand for the technology in the near future.