IT Brief New Zealand - Technology news for CIOs & IT decision-makers
Story image
How AI is reshaping global transport and fleet insurance
Fri, 13th Oct 2023

In the rapidly evolving world of transport and logistics, artificial intelligence (AI) is pioneering substantial enhancements in efficiency. McKinsey and Co forecast that AI will introduce an astounding $6.5 trillion into the global economy, reshaping operations across a variety of industries and transforming the nature of business operations.

A noteworthy advancement of AI can be seen in the fleet insurance industry. Progressive businesses are employing groundbreaking technology to manage and streamline their fleets to become more efficient, safer, and financially viable. With the continuous progression of technology, the adoption of AI for motor fleets isn't merely a strategic advantage but becomes a necessity in the increasingly competitive landscape of transportation.

Luke Kelly from underwriting agency Fuse Fleet articulates, "Embracing AI for fleet solutions isn't just a technological choice; it's a strategic imperative for businesses seeking to chart a course of operational excellence. The power of AI can optimise fleet insurance by propelling organisations toward heightened efficiency, and data-driven insights, leading to a competitive edge in the dynamic landscape of transportation and logistics."

The development of AI is expanding vastly beyond just a simple chat bot. Numerous industries around the globe have begun to implement AI to improve their business and provide enhanced customer service. Fleet insurance agencies are using this technology widely to allow businesses to have a superior understanding of their fleet operations.

A step-by-step guide to navigate AI fleet solutions includes: Firstly, understanding the basics of AI Fleet Solutions. AI solutions amalgamate artificial intelligence, data analytics, and real-time connectivity to revolutionise fleet insurance. Agencies such as Fuse Fleet provide a comprehensive approach, encompassing vehicle tracking, driver behaviour analysis, and more. By harnessing the power of AI, businesses can gain actionable insights from the copious data generated by their fleets, leading to informed decision-making.

Secondly, data collection and integration. The basis of AI insurance solutions lies in gathering data. Vehicles are fitted with telematics systems that continuously collect information such as location, speed, driver habits, among others. This data is then incorporated into a centralised platform to create an up-to-date analysis of current driving and vehicle statistics.

Thirdly, driver behaviour analysis. AI fleet insurance solutions are underpinned by their ability to analyse intricate driver behaviour. Monitoring driving habits like speed, acceleration, and braking patterns can assist in improving efficiency and road safety, contributing to lower accident rates, fairer insurance premiums, and promoting a responsible driving culture.

Finally, integrating with existing business systems is crucial to maximise the benefits of AI in fleet insurance. Fleet data can be harmonised with resource planning systems, customer relationship management platforms, and inventory management tools to create a holistic view of operations and streamline decision-making processes.