Telematics, Driving & Insurance
Building a Successful Telematics Program: Keys to Implementation, Benefits, and Vendor Selection
As telematics technology continues to evolve, fleet managers face the challenge of implementing effective programs that enhance safety, reduce costs, and engage drivers. Creating a successful telematics strategy requires more than just installing devices—it demands a thoughtful approach to safety culture, technology selection, and data utilization.
Implementing a successful telematics program requires several foundational elements that work together to create meaningful results. According to professionals at The Hartford, the approach should be comprehensive and people-focused.
“Building a successful telematics program involves several key components centered around using data safely and transparently. It’s essential to view telematics as a people effort powered by technology, not just a technology effort,” said Ashley Valour, Auto Product Director for Middle and Large Business at The Hartford.
Before launching a telematics initiative, organizations need to establish clear objectives. “When it comes to implementing a successful telematics program, there are several key factors to consider. First and foremost, it’s essential to have a clear understanding of your goals and objectives. What do you hope to achieve with the program? Is it to improve driver safety, reduce costs, or both?” Valour explained.
Understanding legal requirements is another critical preliminary step. “Before starting, it’s crucial to understand state privacy laws and have an implementation plan in place,” Valour said. “Additionally, basic fleet management controls such as driver selection, training, placement, and supervision should be established, as the telematics program will build upon these fundamentals.”
Posted by The Hartford, a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity
Climate/Resilience/Sustainability
FEMA is not prepared - The Atlantic
Citizens could be on their own this hurricane season.
Who manages the disaster if the disaster managers are the disaster?
That’s a question that the people of the United States may have to answer soon. As hurricane season begins in the U.S., the Federal Emergency Management Agency is in disarray.
Reuters reported yesterday that acting FEMA head David Richardson suggested during a meeting with employees that he was unaware of the very existence of a hurricane season. A spokesperson for the Department of Homeland Security dismissed the report:
“Despite meanspirited attempts to falsely frame a joke as policy, there is no uncertainty about what FEMA will be doing this Hurricane Season.” The spokesperson added, “FEMA is shifting from bloated, DC-centric dead weight to a lean, deployable disaster force that empowers state actors to provide relief for their citizens.”
FEMA Review Council Can End NFIP Waste
One of the steps taken by President Donald Trump toward fiscal reform was the signing of an executive order establishing a Review Council for the Federal Emergency Management Agency (FEMA).
This new oversight body, tasked with issuing a report within 180 days of its first meeting, creates an unprecedented opportunity to address one of the federal government's most inefficient programs: the National Flood Insurance Program (NFIP).
The NFIP has operated at a chronic loss for decades, plagued by outdated pricing models and politically motivated subsidies. Even with the adoption of Risk Rating 2.0, the program remains grossly underfunded. Since 2005, the NFIP has averaged $2 billion in annual losses, and storms like Helene and Milton are expected to deepen its deficit by another $2 billion.
Despite these losses, the NFIP continues to offer below-market renewal rates, undermining the growth of the private flood insurance market and distorting consumer expectations of flood risk. The cost to U.S. taxpayers is staggering: an additional $96 billion in projected losses over the next 12 years, with a projected $36 billion in losses coming from rates that are inadequate to keep up with increases in building costs alone—unless reform occurs.
An Opportunity for the FEMA Review Council
The newly formed FEMA Review Council is now positioned to evaluate this unsustainable system. A key opportunity lies in reconsidering the federal administration of flood insurance.
By focusing on NFIP reform, the Council can:
- Reduce taxpayer exposure
- Advance market-based solutions
- Ensure that the NFIP fulfills its original mission: to help create a viable private flood insurance market that removes the funding of flood losses from taxpayers
P&C Insurers Well-Positioned for 2025 Hurricane Season Despite Above-Normal Forecast: Fitch - Risk & Insurance
The North Atlantic Basin storm season for 2025 is forecast to range from average to slightly above average, following an active 2024 season that saw major hurricanes like Beryl, Helene, Milton and Rafael cause significant insured losses, according to analysis by Fitch Ratings.
Early forecasts from Colorado State University (CSU) researchers indicate the upcoming Atlantic hurricane season will feature above-normal activity, though likely below 2024 levels, according to the report.
The CSU assessment is based on La Niña conditions expected to transition to ENSO neutral conditions over several months. While sea surface temperatures remain warmer than normal, they aren’t as warm as last year. The CSU forecast specifically notes “an above average probability for major hurricanes making landfall along the continental U.S. coastline and in the Caribbean.”
“The 2025 Atlantic hurricane season is forecast to be slightly above average, but recent premium rate increases, combined with benefits from legislative changes to the Florida market, and growth in surplus mean the market is better able to withstand extreme loss events,” Gerry Glombicki, senior director in Fitch Ratings insurance group, stated in the report.
The property and casualty insurance industry appears well-positioned to weather potential 2025 storms. P&C insurer policyholders’ surplus grew by 6.5% in 2024, reaching $1.1 trillion, with Fitch forecasting continued modest growth through 2025. This capital strength provides a substantial buffer against catastrophe losses, which remain “a prime source of underwriting volatility for insurers with property exposure.”
The 2024 hurricane season proved costly, with Hurricane Helene generating $16 billion in insured losses and $56 billion in economic losses, while Hurricane Milton caused $25 billion in insured losses and $38 billion in economic losses. These figures highlight the significant protection gap that exists, particularly for flood peril.
Commentary/Opinion
May I Rant for a Moment? | Insurance Thought Leadership
Right before I started on the copy desk of the Wall Street Journal as a young pup, a veteran at the Washington Post wrote a column in which he joked that his job was "to change 'that' to 'which' and 'which' to 'that' every time they appear in copy." I soon learned that that's pretty much how reporters view copy editors, and I've always tried not to be pedantic.
But little things add up, and as we all try to innovate and drive progress in our crucial industry, I think we'd benefit by being more precise with our language. I griped last summer about how seemingly every company claims to be transforming itself and disrupting the industry. Here, I'll lament a smaller point: that so many issues are treated as white-knucklers or otherwise hyped through modifiers that are somewhere between redundant and meaningless.
Today, for instance, I received an article that said the industry was at a "critical moment of truth." "Moment of truth" wasn't strong enough. We're at a "critical" moment of truth, as though there's some other kind.
Our messages about the importance of what's happening in insurance will be stronger if we come across as less breathless and more careful.
Here is some of the most common offending language to watch for.
Paul Carroll, editor-in-chief, Insurance Thought Leadership
3 Tips for Agents to Provide Tailored Coverage Through the E&S Market
As catastrophes, social inflation and other challenges force admitted carriers to become more risk-adverse, the excess & surplus market is anticipated to grow.insured property losses estimated at up to $45 billion, according to ClaimsJournal. With these losses—in addition to other property losses due to hurricanes, flooding and wildfires throughout the U.S.—carriers within the standard insurance market are more risk-averse in certain geographical areas and product lines than ever before.
“What we anticipate seeing, particularly in California, is a shortage of admitted capacity, specifically for high-net worth clients," says David Nelson, executive vice president, E&S wholesale, Nationwide. “As a result, it's anticipated that it's going to become a growth area for the excess & surplus market, as admitted insurance options are likely going to be limited."
Casualty lines challenges are also forcing insureds to rely on E&S. “There are challenges, such as social inflation and litigation funding, that I don't see us solving in the near future," says Kevin Doyle, CEO of Risk Placement Services Inc. (RPS). “Additionally, cyber is still fairly new and continuing to evolve, along with professional lines of business such as directors & officers."
“Historically—and even more so moving forward—the E&S and wholesale world can develop different solutions to bring to the table to solve these problems," Doyle explains.
For independent insurance agents with clients encountering this challenging environment, “the nice thing is that the E&S market is becoming more of a stable market that is priced well and is growing," Nelson explains. “We're starting to see signs of rate leveling and, in some instances, decreases in rates, as well as capital continuing to enter that space. These are good signs for the consumer."
News
US lawmakers push to end auto insurance bias with reintroduced PAID Act | Insurance Business America
The Prohibit Auto Insurance Discrimination (PAID) Act has been reintroduced in the US House of Representatives, aiming to ban the use of non-driving-related factors such as credit scores and occupation in determining auto insurance premiums.
House Resolution 336 would extend prohibitions beyond credit scores and occupations to include education level, employment status, gender, ZIP code, census tract, homeownership status, previous insurer, and prior insurance purchases. The bill’s language specifies that these factors would no longer be permitted when insurers calculate premiums.
The legislation, reintroduced as H.R. 3664 in May 2025 by representatives Rashida Tlaib (pictured above) of Michigan, Bonnie Watson Coleman of New Jersey, and Mark Takano of California, builds on prior efforts to curb the use of personal and socioeconomic factors in auto insurance underwriting.
Supporters argue that these factors have little to no relationship to driving performance and that their use perpetuates disparities among different demographic groups.
If enacted, the Federal Trade Commission would be responsible for enforcing the new rules and could develop additional regulations to support enforcement efforts. Violations would be treated as unfair or deceptive acts under the Federal Trade Commission Act, with the FTC authorized to impose civil penalties of not less than $2,500 per violation.
InsurTech/M&A/Finance💰/Collaboration
Thoma Bravo Completes $34.4 Billion Fundraise
[Ed. Note: Thoma Bravo’s software portfolio includes over 75 companies that generate around $30 billion of annual revenue and employ over 93,000 employees worldwide. Its Insurance information technology and software ecosystem portfolio includes Majesco, JD Power, Bottomline, Nearmap/Betterview and riskonnect]
Clear Support for Thoma Bravo's Strategy of Investing in Leading Software Companies and Commitment to Returning Liquidity to Investors Across Market Cycles
Thoma Bravo, a leading software investment firm, today announced the completion of fundraising for its buyout funds totaling more than $34.4 billion in fund commitments: Thoma Bravo Fund XVI, a $24.3 billion fund, Thoma Bravo Discover Fund V, an $8.1 billion fund, and as previously announced the firm's first dedicated Europe Fund, with approximately €1.8 billion in capital commitments (individually, a "Fund" and collectively, the "Funds"). The fundraise demonstrates strong support from Thoma Bravo's diverse network of investors for the firm's buyout strategies. Each fund significantly exceeded its target. Thoma Bravo Fund XVI and the Europe Fund were oversubscribed and achieved their hard caps and Thoma Bravo Discover V experienced an over 30% increase in commitments from its prior vintage.
"We are deeply grateful to our investors for their continued confidence in Thoma Bravo," said Orlando Bravo, a Founder and Managing Partner at Thoma Bravo. "This fundraise is a testament to the strong relationships we've built with our investors over many years and reflects their belief in our ability to drive meaningful results. Their support will enable us to continue delivering on the strategy we have executed for more than two decades – pursuing leading software companies and deploying our strategic and operational expertise to drive innovation and profitable growth."
"The successful completion of our fundraise underscores the enduring trust our investors have in Thoma Bravo's approach and team," said Jennifer James, Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing at Thoma Bravo. "All three funds far exceeded their targets, reflecting not only the strength of our investor relationships but also their conviction in our ability to navigate complex markets. We look forward to continuing to be good stewards of our investors' capital as we seek to deliver strong outcomes."
North America insurance broker M&A hits 4-year low Q1'25 | S&P Global
Insurance broker deals declined steeply during the first quarter, hitting the lowest total number of deals seen over the past 4 years.
With 101 deals logged in the first quarter of 2025, the total figure was considerably less than any quarter since 2021, with the closest figure being 125 deals during the first quarter of 2024.
The total reported deal value was also down, with the aggregate transaction total for the first quarter totaling $1.73 billion, down from $13.49 billion in the fourth quarter of 2024 and $13.23 billion in the first quarter of 2024.
The decrease in the aggregate value of transactions and total number of transactions involving insurance brokers partially matched the M&A trends in the broader US and Canadian markets, which saw deals decline but aggregate values rise amid uncertainty following tariffs by US President Donald Trump.
The largest deal announced in the quarter was Arthur J. Gallagher & Co.'s purchase of Woodruff-Sawyer & Co. Inc. for $1.2 billion, which was completed in April.
The acquisition was touted as part of the company's growth strategy by CFO Douglas K. Howell during a May first-quarter earnings call.
"Our current cash position, potential borrowing capacity and strong expected free cash flow position us well for our pipeline of M&A opportunities," Powell said.
Gallagher still has over $2 billion of M&A capacity in 2025 and another $5 billion of capacity in 2026 before using any stock, Howell said, describing the company's M&A strategy as having "a tremendous runway."
Announcements
Combined Ratio Solutions Introduces Open-Source, License-Free Policy Administration Platform for P&C Insurance Industry
CRS has announced the release of CRS OSPolicy, an open-source, license-free policy administration platform designed specifically for the P&C insurance sector.
Combined Ratio Solutions (CRS) has announced the release of CRS OSPolicy, an open-source, license-free policy administration platform designed specifically for the property and casualty (P&C) insurance sector. The platform offers an alternative to traditional proprietary systems by eliminating recurring licensing fees and vendor lock-in.
“Insurers face real limitations with legacy policy admin systems. CRS OSPolicy delivers a modern, deployable solution built for change, growth, and real control” said Michael Jones, Combined Ratio Solutions, Co-Owner and CEO.
CRS OSPolicy is designed for rapid deployment—typically within 90 days—and supports full customization to meet insurers' operational needs. The system is intended for insurers seeking to modernize legacy infrastructure, launch new products, or improve operational agility without the long-term constraints associated with closed platforms.
Built on modern cloud-native architecture, CRS OSPolicy features an Angular frontend and .NET backend hosted on Azure Kubernetes Service (AKS). This setup offers scalability, resilience, and adaptability across various deployment environments. The platform also integrates with third-party tools and services such as rating engines, billing systems, claims management tools, business intelligence dashboards, and reinsurance systems
Predict & Prevent
Westfield Marks One Year of Electrical Fire Prevention Success Through Smart Technology Initiative
Westfield, a leading property and casualty insurer, is marking the one-year anniversary of a key initiative aimed at reducing the risk of electrical fires in homes and farms through smart technology. Since launching in May 2024, the program has helped prevent more than 70 potential electrical fire hazards, reflecting Westfield's strategic focus on proactive safety measures that deliver meaningful impact for customers.
The program uses Ting, a smart home electrical monitoring solution, to detect electrical anomalies that can precede fires. Offered at no cost to eligible policyholders, the initiative equips homeowners and farmowners with a Ting sensor and three years of monitoring service. Behind the technology, a dedicated support team helps guide customers through professional remediation when potential issues are identified.
"At Westfield, we view safety and prevention as core to the value we deliver—not just something that begins at the point of loss," said Steve Butler, AVP, Personal Lines Product Management and Underwriting. "This program is an example of how we're using technology to help protect what matters most—our customers, their families, and their homes."
Driven by the program's early success and strong customer feedback, Westfield is now offering Ting to eligible farmowners policies. The initiative is part of Westfield's broader commitment to innovation and customer-centric solutions that reduce risk and build long-term resilience.
People
Stephen Goldstein Joins TFC as Advisor | The Founder's Chair
The Founder’s Chair (TFC), a growing angel investment platform unlocking aligned capital and strategic support for founders in the insurance and financial services space, is excited to announce the addition of Stephen Goldstein, who will be joining as Strategic Advisor for Funder & Founder Enablement. In this role, Stephen will focus on accelerating several key areas ahead of our upcoming Detroit event.
Goldstein brings two decades of experience across reinsurance, venture-backed startups, and global insurance innovation. He previously held senior roles at Reinsurance Group of America and Prudential plc, and now leads his own consulting practice, TETRA G, which supports founders, investors, and incumbents navigating emerging technologies across life, health, and property and casualty (P&C) markets.
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