New fleet insurance product utilises driver behaviour and attitude data
Solely offered to fleets, the product is said to be the first of its kind to actively utilise driver behaviour and attitude data to influence the premium.
The product is centred around vehicle telemetry, where driver behaviour monitoring tools are used to underpin a three-year risk management programme supported by the broker and insurer.
The telemetry data is analysed on a monthly basis with reports provided to the fleet operator along with risk improvement advice individually tailored to the performance of the business.
Through the use of risk management data, drivers can be scored on their driving performance, helping fleet managers to identity areas for improvement. By hitting performance targets, companies will not only be able to reduce overall risk, but will also have the opportunity to reduce the frequency, fluctuations and severity of motor claims, which in turn will contribute to the reduction of insurance premiums.
Chris France, corporate development executive, PIB Insurance, said: “This new product offering creates significant benefits for our clients allowing PIB to truly get under the skin of a fleet business, ensuring that we can proactively manage claims and that costs are kept to minimum. Indeed, the cap and collar approach will mean the number of cases where control is taken away from the client are reduced, and will subsequently help create a sustainable insurance solution.”