Daimler Financial Uses Telematics to Provide Insurance Savings and Leasing Flexibility

Safe driving can bring savings to dynamic insurance customers.

Photo: Deborah Lockridge

Daimler Trucks Financial Services now offers insurance and leasing programs that harness the power of telematics to offer fleet savings and flexibility.

DTFS has partnered with High Definition Vehicle Insurance (HDVI) to offer Dynamic Insurance. This solution provides fleets with the power to reduce fares while promoting safe driving.

Using telematics-based technology, dynamic insurance starts with competitively priced insurance with broad coverage, flexible payment terms, enhanced coverage forms and no hidden fees. The service will be extended with tools that allow fleets to set safety goals and benchmark metrics and engage with drivers. Customers benefit from a combination of driver safety and technology to reduce monthly premiums.

Daimler Trucks Financial Services partnered with HDVI to use telematics for insurance pricing. - Source: Daimler Trucks Financial Services

Daimler Trucks Financial Services partnered with HDVI to use telematics for insurance pricing.

Source: Daimler Trucks Financial Services

dynamic insurance

Tobias Waldeck, vice president of sales and marketing, explained in an interview that Dynamic Insurance is liability insurance based on telematics from electronic logging devices and in-cab cameras. “In a way, you pay for how the driver drives.”

The service offers a competitive base rate, but “drivers can get discounts of up to 12% if they drive safely and follow certain parameters.” never exceed.

The telematics data considered includes elements such as geolocation, time of day, distance traveled, safety-critical events such as speeding or hard braking, following distance, and forward dash cams.

A dash cam is a key element, says Waldeck. “HDVI’s research found that accidents often end up in court and it’s the victim’s words to the driver’s words. will be provided.”

If your fleet’s current dash cams are up to the program’s technical specifications, they can be used for dynamic insurance. If not, “we’ll place the cameras as part of the fleet registration,” he said. Fleets using compatible camera he solutions will be reimbursed for monthly service fees for the life of the policy. If the camera is not compatible, a new camera will be installed and a service fee will be paid for the duration of the insurance.

Improved safety program

Additionally, Waldeck says that data shows that HDVI will work with fleet customers to determine where safety programs can be improved.

The program includes:

  • Driver Rewards: Give customers new ways to promote, recognize and reward safe driving. Your Driver Rewards account will be credited with $10 per power unit each month.
  • Integrated software and services: A library of videos helps drivers stay on top of safety topics and fleets demonstrate their dedication to safety.

Waldeck explained that he needed to partner with HDVI for the Dynamic Insurance product.

“We own an insurance agency now and we do very basic things. Mainly gap insurance, dealer lot insurance. It’s a point of sale and a no-interference approach for us. Responsibility has never been our forte. [but] We realized it was an underserved market. With our investment in connected cars, we started looking at what was out there and found HDVI with staff that really understand insurance and trucking. “

HDVI is an insurance provider and Daimler sells through dealers. “We believe in it. That’s why we branded it as Freightliner Dynamic Insurance.”

The offer is somewhat limited at this time. HDVI is now in 14 states.

Waldeck said the company will initially target fewer than 100 trucks.

dynamic lease

Dynamic Insurance is DTFS’ second dynamic product, dynamic lease Offer tailored products to customers based on telematics data.

Powered by Detroit Connect Telematics, Dynamic Lease uses mileage data to charge variable payments. If the truck is within the base monthly mileage tolerance, the operator will be charged a base monthly rate. If you drive over your base allowance, your fleet will pay you overage on a monthly basis.

By paying for actual miles driven, Dynamic Lease allows fleets to align cash flow with usage and avoid large lease termination fees.

“In less than a month, we’ve got five new customers and we haven’t really done any marketing,” says Waldeck.

He believes the service will appeal to three customer groups:

  1. Seasonal business such as farming
  2. team driver. “You put a lot of miles on it. [traditional] There is a heavy penalty when the lease ends. “
  3. A fleet worried about an upcoming recession or recession. “You want almost built-in flexibility,” he explained. Thus, for leasing a truck, “If you don’t carry that much cargo, you don’t have to pay that much.”

“We are slowly building an ecosystem around connected trucks, which are becoming supercomputers on wheels,” Waldeck said.

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