The two companies will bring together advances in contextual risk data, fleet telematics and dynamic insurance pricing to help vehicle operators reduce their premiums by 20%, Ctrack said.
As part of the agreement, Ctrack Online, the web-based tracking solution, will be integrated with Humn’s data-driven insurance management system, Rideshur to enable a usage-based premium, priced per trip in real-time, that considers location and driver performance alongside other risk factors such as weather, time of day and driver fatigue.
Steve Thomas, managing director of Ctrack by Inseego, said: “We are working together with Humn to create a unique solution that delivers a comprehensive understanding of risk, so commercial fleets can cut insurance costs while improving road safety.”
“Backed by data, the powerful, real-time insight ensures flexible and fair insurance based on where, how and when the vehicles are driven.”
Through analysis of the insight, the solution will also recommend remedial action to be taken with drivers to improve their behaviour on the road.
James Cowen, chief commercial officer (CCO) of Humn, said: “Our insurance offering, working seamlessly with Ctrack Online, will be the smartest way of assessing and reducing risk for vehicles.
“As a result, we believe it can dramatically cut a fleet’s premium by reducing accident frequency by up to 65% and average claims cost by up to 25%.
“We are excited by this strategic partnership with Ctrack and the significant opportunities it offers both businesses moving forward.”