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Commercial Fleet Insurance

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19 July 2022

A Winding Road for a Data Opportunity

Abstract

The commercial fleet market is a special and complex niche for insurance companies. The business model on which it’s based hasn’t changed in decades, and its complexities make it difficult to control the moving assets. In this context, a series of issues along the business model could provide an opportunity for those involved in the commercial fleet insurance space.

With this in mind, Celent conducted a survey of fleet insurance managers across the globe to understand what those voices say about the importance of risk management—as well the threats, opportunities, weaknesses, constraints, and necessities they see in their daily work, and who they could rely on for making investments and improvements in a complex industry.

Figure: Mobility Mappings Create New Levels of Insight and Lay the Foundation for Actionable Intelligence

Fleet managers around the world are adapting to new ways of working. While changes in regulatory environments affect all market players, specific technology changes and equipment features can blend with company culture and employee behaviors to create new competitive dynamics at a customer level. Increasingly, changes in customer expectations of what a technology solution should do for them is creating displacement to old ways of working.