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Azuga Helps Auto Insurance Companies Save Money

Commercial auto fleet owners are using Azuga telematics to monitor vehicles and drivers, resulting in a 20% reduction in loss frequency (on average) for insurance carriers and cost savings for fleet owners.

/EIN News/ -- FREMONT, Calif., Oct. 29, 2020 (GLOBE NEWSWIRE) -- Azuga, a leading provider of telematics hardware and software to commercial auto fleet owners, announces a steep increase in sales from its work with auto insurance companies. Between October 1st, 2019, and September 30, 2020, Azuga increased sales from auto insurance customers by 60%.

The increase in sales is due to the ability of the Azuga product to help fleets reduce accident claims, which saves them money by keeping their insurance costs down but also saves the insurance companies from having to make big and frequent payouts. Azuga’s insurance company customers – which resell Azuga to their auto fleet clients – have reported a 20% reduction in loss frequency due to clients' use of Azuga.

Philadelphia Insurance (PHLY) is an Azuga customer. The carrier incorporated Azuga into its PHLYTRAC offering, resulting in a 19% reduction in loss frequency compared to policyholders not using PHLYTRAC. “We’re seeing safer driving habits and a reduction in claims. Those are the two primary goals, so it’s a huge win for us and policyholders,” said Mark Konchan, Vice President of Risk Management Services at PHLY.

Using Azuga’s telematics solutions is easy. Fleet owners plug the Azuga GPS Tracker into the OBDII port in each vehicle, and fleet managers use the Azuga application to monitor vehicles and driver behavior. For example, managers can see how fast a vehicle is traveling, when and where “hard braking” occurred, and vehicle service warnings. Managers can also block smartphone distractions such as texting, calls, and app use.

“The biggest benefit to using Azuga is that we’re in a stronger position to ensure the safety of our drivers and the community at large,” said Bob Zavada, Director of Campus Safety and Security at Misericordia University and a PHLYTRAC customer. “If we see that one of our vehicles is traveling too fast, we can address it immediately. This protects everyone on the road, while helping us keep our insurance costs down.”

“Telematics has become increasingly popular for insurance carriers, now that there is clear evidence of the return on investment,” said Ananth Rani, CEO of Azuga. “Some carriers mandate their fleet clients have a telematics solution, while others offer it as a carrot to reduce policy costs. Either way, the only way to lower the loss ratio and stabilize insurance costs is for carriers and fleets to partner in safety.”

About Azuga

Azuga, backed by Sumeru Equity Partners, is a leading global connected vehicle platform, helping our customers turn data from vehicles and their use into intelligence that improves operations and safety while reducing cost and risk. Azuga provides reliable end-to-end solutions for commercial fleets, government agencies, insurance companies, and automotive industry suppliers, through leading hardware technology, the Azuga One platform, award-winning fleet applications, and data analytics. The award-winning Azuga Fleet solution is used by thousands of businesses—from the small fleet of a few vehicles up to several thousand—and is lauded by customers for its ease-of-use, robust features, and affordable pricing. Azuga is headquartered in Fremont, California, with offices across the globe.

Media contact:
Kevin Wolf
TGPR
(650) 483-1552
kevin@tgprllc.com

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