Fleet clients benefit from full analysis of their telematics data to reduce risk and cost.
PIB Insurance Brokers, one of the fastest growing insurance companies in the UK, today announced the launch of a new ground-breaking fleet insurance product which utilises telemetry data and focused risk management in order to reduce costs for the fleet operator.
The product, exclusive to the fleet market, is the first of its kind to actively utilise driver behaviour and attitude data to influence the premium. The telemetry data provided by the telematics provider 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.
The product is centered around vehicle telemetry, where driver behaviour monitoring tools are used to underpin a three-year risk management programme supported by the broker and insurer. 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.
The product has already been successfully adopted by numerous companies across the United Kingdom in varying industries including well known sports brands, coach operators, couriers and heavy goods vehicles operators in the waste and haulage sectors.
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”.
Brendan McManus, CEO, PIB Insurance commented: “The launch of this innovative product is incredibly exciting and represents PIB breaking new ground within the Fleet insurance arena. At PIB Insurance we pride ourselves on providing flexible and tailored state of the art expertise to our clients combined with the highest levels of service. This product is a great example of the benefits of this approach ensuring that we offer the best new custom-made risk management based solutions and thinking to our clients across the transportation and logistics industry”.