Taking Our Relationship with Free2Move to the Next Level

Today, we announced that we will continue working with Free2Move, PSA NA Car Sharing Solutions’ Washington D.C. based program, for a third consecutive year. This year sees our relationship with Free2Move reach new and exciting heights, as they are now taking full advantage of our Mobility Insurance Platform.

Earlier this week, you might have read about the introduction of a new component of our Mobility Insurance Platform, called Risk Operations Technology. What is really exciting about our ongoing relationship with Free2Move is that, on top of the cost-effective commercial insurance program we’ve created for them, we have also implemented our new technology to enable Free2Move to gain a more holistic view of their fleet risk.

Now, you may be curious about what we mean by ‘holistic risk’. Let us explain.

Fleet operators, like Free2Move, face two main types of risk, namely insured and uninsured.

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Since both types of risk can significantly impact a businesses’ bottom line, it’s vital that mobility operators have an accurate view of them and the tools necessary to take action to minimize them. That is where our technology comes in. It acts as a centralized hub for these combined types of risk, enabling fleet operators to monitor, manage, and mitigate like never before.

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While insurance is meant to protect fleets from risk to a certain degree by offering compensation, it’s not really enough on its own anymore. A wide range of incidents occur that aren’t covered by insurance, which leaves mobility businesses exposed. Furthermore, even incidents that are covered by insurance carry consequences. The more claims that are filed, the riskier the business will appear to insurance firms, and that will eventually impact premiums. On top of that, there are the deductibles to consider.

This is where mobility operators can implement efficient risk management and mitigation strategies to find cost-efficiencies. The more incidents they can avoid means they’ll have to pay less out of pocket. Furthermore, being proactive in risk avoidance will positively impact the risk score insurers give the firm, leading to more attractive premiums.

Just as essential is the fact that fewer incidents means less vehicle downtime. For mobility operators, unplanned vehicle downtime can really hurt their bottom line. Minimizing this downtime, on the other hand, can drive up ROI, as well as profit margins.

With the full power of our Mobility Insurance Platform behind them, Free2Move has experienced dramatic benefits, which is why they now rely on our technology every day. Now that Free2Move are aware of the status of their fleet at all times, they have been able take quick and effective action.

Thanks to our Risk Operations Technology, Free2Move has access to the data and insights they need to monitor, manage and mitigate risk more effectively, leading to more streamlined operations overall. According to Lynn Blake, Free2Move’s Vice President of Mobility, they are already seeing as much as a 10% reduction in vehicle downtime.

We’re delighted to share the news of our expanding relationship with Free2Move and, furthermore, we are proud to finally unveil our Risk Operations Technology to the world.

If you’re interested in learning more about our Mobility Insurance Platform and the value it provides to commercial fleet operators, check out our mobility page or reach out to us at mobility@trov.com.