Exclusive: New Trak Global Mobility and Fleet Division to target UBI market

Telematics and big data company Trak Global Group (TGG) is launching a new Fleet and Mobility Division.

It will aim to service growing demand for its products and services from businesses that are shaping the way we’ll travel by car in the future, according to group chief executive, Nick Corrie.

Corrie explained that TGG is looking to build on its position in usage-based insurance and daily rental markets, and expand its offering to cater for the requirements of Mobility as a Service (MaaS) providers, such as car clubs and peer-to-peer car sharing platforms.

“We’re in the middle of the internet of things (IoT revolution, which has already started to positively impact traditional motor insurance – but the ramifications are likely to run far deeper than that.

“Society’s relationship with cars, and attitudes towards traditional ownership, will create new usage patterns and behaviours and, in turn, new profiles of risk.

“The only way for insurers, automotive manufacturers and fleet operators to gain real-time insights around these emerging behaviours is by connecting and monitoring their assets via telemetry.”

Telematics data can help drive the growth of the MaaS market, according to Corrie.

Corrie said this was evidenced in car clubs.

“For people who don’t need the cost or maintenance burden of 24/7 car ownership, car club membership makes total sense.

“But due to the fact they’re infrequent drivers and don’t have a cash investment or emotional tie to the car they’re driving, there’s a chance that these users represent a higher crash risk.

“This hypothetical situation will make insurers nervous, and thus drive up the car clubs’ total operating cost, therefore increasing cost to the end user.

“So why not prove or dispel this hypothesis in close to real-time through proven, risk predictive driver behaviour scoring?”

Alan Cottrill, who will head up the new division as managing director for Fleet and Mobility Solutions, said: “ Our relationship with the major car rental companies, who are arguably the original MaaS operators, now spans a number of years, and over that time we’ve worked very closely with them to expand the use case for telematics.

It’s developed from simple theft protection and stolen vehicle recovery to using the data to drive operational efficiencies and, when their cars are involved in collisions, rapidly identifying the most appropriate route for resolution, whilst pushing down indemnity-related costs.”

He added: “In addition to the established industry giants we’re proud to include amongst our customers, we’re also working with some niche mobility operators and early-stage ventures – it’s important that we support their growth and development, and it also provides us with stimulus for fresh thinking around our product and service development strategy.”

Fleet and Mobility Solutions will incorporate all activities related to TGG’s current fleet and rental customers.

In addition, TGG hopes it will provide a platform for future collaborations and product development. 

The division launched at the beginning of May.