The Fleet Safety Marketplace: A New Paradigm in Commercial Auto Insurance

If you’re a commercial auto insurance company, it’s possible you’ve yet to hear about a new and exciting development in commercial fleet insurance – the fleet safety marketplace – brought about by the Roadz marketplace platform. A Fleet Safety Marketplace is an ecosystem with integrated 3rd-party solutions across multiple fleet safety and risk management categories. 

Some of the leading commercial auto insurance carriers in North America have already launched a Roadz-powered marketplace of their own. Why?

A fleet safety marketplace helps insurance carriers achieve 3 very important goals (quickly, and with minimal resources):

  1. Improve fleet safety and reduce loss ratios by offering insureds a curated set of safety and risk management solutions at discounted prices.
  2. Improve risk selection, pricing, and claims adjusting by gaining access to unique fleet datasets across multiple safety solutions.
  3. Increase customer engagement and loyalty by providing ongoing engagement and education offered by an ecosystem of safety and risk management solution providers.  

Commercial auto insurance carriers are facing big challenges

Poor loss ratios and enormous nuclear verdicts 

This challenge is nothing new; poor loss ratios and nuclear verdicts have been frustrating commercial auto insurers for about a decade. But, in the last few years, those challenges have worsened. Commercial auto insurers have tried to engage safety technology providers to help reduce loss ratios, but with minimal success. Fleet customers are diverse, and therefore want choice and relevance when choosing and buying safety and risk management solutions. Engaging more than a handful of siloed providers is challenging, let alone an entire ecosystem. 

Safety technologies could potentially help fleets reduce the number and severity of accidents, but fleet managers remain confused with the large number of safety solutions out there, and are slow to adopt. So how can you help them select the right safety solutions to jump on board?

Intense competition

Many commercial auto insurers lack a key differentiator, making it difficult to build customer loyalty. Without a unique incentive to stay, it’s easy for fleet customers to switch carriers. Very often, commercial auto insurers meet their customers only when it’s time to renew. There is very little ongoing customer engagement or added value provided during the policy term, so customer- stickiness is low. 

Limited data for sound risk selection and pricing

Insurers lack the granular data necessary for sound risk selection and pricing. Every underwriter wishes they had the right data to help them assess and price risk, but it’s been nearly impossible to access such data.

Offering your customers a “fleet safety marketplace” 

Roadz, a Silicon Valley company, provides a personalized “Fleet Ecosystem in a Box” to commercial auto insurers, customized based on the unique needs of both the carrier and their customers.

Gain access to fleet data

Launching a Roadz-powered marketplace provides insurance carriers access to data generated by the solutions offered through their marketplace, including:

  • Telematics
  • Driver behavior 
  • Video footage
  • Texting-while-driving
  • Driver training
  • Critical maintenance data
  • And more!

This data allows underwriters to better select and price the risk, and enables insurance carriers to improve claims adjusting and measure the impact of recommendations made by loss prevention teams. With integrated data, you’ll create more accurately priced policies.

Improve loss ratios

A Roadz-powered Fleet Safety Marketplace carefully curates a wide variety of safety and risk management technologies, all available in a single user interface. This enables insureds to select and find the solutions that best meet their needs, ultimately enabling improved safety, which leads to reduced losses. 

Increase customer engagement and loyalty

A Fleet Safety Marketplace allows insurance carriers, brokers and agents to provide additional value and engage their insureds on an ongoing basis, with minimal resource commitment on their part. Customers get educated about new technologies and trends through monthly webinars and newsletters crafted by Roadz especially for your customer base, in coordination with your marketing team. 

Enhance relationships with agents & brokers

Insurance brokers and agents typically work with multiple insurance carriers. How do you stand out from the rest? The marketplace gives you competitive differentiation 

Control costs 

With a one-stop-shop Roadz platform, insurance companies minimize the time and resources associated with the ongoing management of technology partners.

What value does it bring to your fleet insureds?

A Fleet Safety Marketplace – customized by you and powered by Roadz – provides unparalleled value to your fleet customers:

  • One-Stop Shop: Eliminates guesswork with carefully curated, industry-leading safety, compliance, and risk management solutions in a single interface. 
  • Open Data Platform: Integrates rich data across solutions, enabling smarter decision-making, better safety outcomes, and higher ROI.
  • Simplicity: Unified and simple billing and an end-to-end user experience.
  • Affordability: Discounted pricing and promotions on top safety solutions

What does it take to launch a Fleet Safety Marketplace?

If you want to build your own marketplace and ecosystem, you’re probably looking at several years and quite a few million dollars. Plus, you need to consider the ongoing management of the marketplace on both the technical and business development fronts. 

But, if you choose to launch a marketplace using the Roadz platform, then it will take you  weeks, with no development resources required on your end, and no upfront costs. Roadz will handle for you:

  • Partner selection and management
  • Business and tech diligence
  • Contracts and legal agreements
  • On-going management and marketplace operations
  • Data integration
  • User identity integration
  •  Multiple business and billing models
  • Turnkey marketing support

The Roadz platform was designed for a seamless process that yields maximum efficiency and ROI for commercial auto insurers. 

Become an Industry Leader with the Fleet Safety Marketplace

The leading carriers are already working on launching their marketplaces. As we near the final quarter of the year and prepare for 2022, don’t ignore it. If you want to stay in the game, consider planning to launch your own in 2022 and seize the growth opportunity.