While Movingdots' specialty is developing data-driven mobility solutions for insurers, car manufacturers and platform providers globally, Overhaul is the industry's first and only software-based, supply-chain visibility, integrity, and security solution for the world's leading brands. Overhaul's TruckShield platform will work with Movingdots' telematics solution Coloride to enhance data gathering and machine learning techniques, allowing carriers to detect and correct risky driver behavioral events, helping ensure on-time shipments while also lowering costs for insurers.
According to the National Highway Traffic Safety Administration (NHTSA), in the US in 2019 more than 118,000 large trucks were involved in crashes resulting in an injury, a 5% increase from 2018. As a result, motor carrier coverage has risen dramatically in recent years, with premiums projected to rise more than 14% in 2021 and yearly coverage rates as high as USD 30,000 per year in some cases. By partnering together, Movingdots and Overhaul will ultimately lower insurance costs and premiums by assisting clients in identifying risky behavior and changing it - improving their overall risk management by adopting better driving behaviors and helping to reduce the number of accidents.
"Coloride technology can coach drivers to implement safer driving behaviors, preventing accidents on the road," said Donato Genovese, Movingdots' CEO. "By joining forces with Overhaul, many more commercial fleets will get access to this technology. Drivers will see their trip details including risk events like excessive speeds and will have an overview on how to improve their driving style. We are thrilled to continue spreading safety and innovation in mobility through cutting-edge technology together with Overhaul."
Using the trucking industry's first and only app-based risk management technology, insurers can rely on TruckShield and Coloride to showcase fleet safety and deliver reliable data that can be critical when determining insurance pricing. Coloride's events detection software algorithms can identify driver behaviors such as speeding or harsh braking; coupled with TruckShield's ability to implement corrective coaching, carriers can reduce future risks and accidents through effective actions.
"Motor carrier owners and operators alike are facing astronomical insurance rates and having to reallocate funds and resources, only creating more hurdles and roadblocks for the industry," said David Broe, COO of Overhaul. "Our work with Movingdots is helping revolutionize a trucking industry that's in need of any opportunity to gain a competitive advantage, be it increased visibility, on-time deliveries or lower insurance premiums. We're proud of our ongoing innovations with the Movingdots team and look forward to standing by our trucking clients across each and every route."