FORT WORTH, Texas, and WASHINGTON, D.C. — Daimler Truck Financial Services (DTFS) and GEICO have announced the launch of Connected Insurance.
“Daimler Truck Financial Services is dedicated to offering comprehensive and innovative financial solutions tailored to our customers’ specific needs,” stated Kevin Bangston, president and CEO of DTFS North America. “This strategic alliance with GEICO presents a smart, data-driven insurance solution that assists our customers in minimizing one of their largest operational costs.”
According to a joint press release, Connected Insurance is a novel, data-driven insurance initiative aimed at helping Freightliner and Western Star owner-operators and small fleets to lower their premiums while encouraging safer driving practices. The program is managed through DTFS’s subsidiary, Daimler Truck Insurance Agency LLC.
Overview of Connected Insurance
“Real-time data provided by Daimler Truck’s telematics platform enables us to better evaluate risk, reward safe driving habits, and deliver significant savings to our customers,” remarked Chris Sions, head of partnerships at GEICO. “Expanding our commercial trucking insurance nationwide necessitates strong collaborations like the one we’ve established with Daimler Truck Financial Services.”
Enhancements to Existing Programs
Connected Insurance builds upon GEICO’s DriveEasy Pro program by utilizing data to incentivize safe driving. Customers of Freightliner and Western Star can opt to share their real-time Detroit Connect telematics data, allowing them to enjoy benefits without needing to install any additional diagnostic or dashcam equipment in their trucks. This leads to more precise underwriting and simplifies the claims process. According to the release, eligible clients may save as much as 10 percent on their commercial vehicle insurance premiums.
Addressing Insurance Costs in Trucking
“The launch arrives at a pivotal moment for the trucking sector,” stated the release. “Data from the American Transportation Research Institute reveals that insurance expenses rank as the third-highest challenge for carriers, especially small businesses. Connected Insurance directly tackles this issue by making quality coverage more accessible and affordable, thus fostering the long-term success of independent drivers and small fleets.”
Expanded Coverage Options
GEICO’s entrance into the commercial trucking domain broadens coverage options specifically designed for Freightliner and Western Star customers. Crafted with feedback from owner-operators and industry experts, the program merges real-world telematics data with sophisticated analytics to provide competitive rates supported by Berkshire Hathaway. Additionally, this initiative benefits from GEICO’s nearly 90 years of auto insurance expertise, now augmented with specialized knowledge in trucking to facilitate efficient claims services tailored for commercial vehicles.
Daimler Truck’s Commitment
“Connected Insurance exemplifies DTFS’s ongoing commitment to utilizing Detroit Connect telematics data to improve the ownership experience,” declared DTFS. “As DTFS continues to innovate, it will seek further opportunities to incorporate connected vehicle data throughout its financial services offerings.”
