Over £500,000 of premium already submitted for quotation as Brit and HSBC sign up to insurer panel
Direct Fleet Insurance (DFI), the first online auction-based insurance service for commercial fleet, has experienced a healthy growth since its recent launch.
The DFI service, where a fleet operator or broker submits details of a fleet and insurers actively ‘bid’ for the policy, has already enjoyed over £500,000 of potential insurance business submitted by brokers and fleet owners.
In addition DFI has added Brit and HSBC to its insurer panel. They join other leading commercial insurers including AXA, Allianz and Zurich. Over a dozen leading brokers have also signed up to the unique service.
Paul Samways, director of DFI, said: “It’s been a great start for DFI and the volumes we have seen submitted for quotation since launching are higher than we anticipated. Insurers, fleet owners and brokers have embraced the simplicity and transparency that our approach offers, and all parties are already seeing the benefits.
But this is just the beginning and we already have a number of other insurers wishing to join the DFI panel. This will make the quotation process even more competitive, which can only be good news for fleet owners and brokers looking to get the best possible cover at the keenest price.”
The overwhelmingly positive reaction to the DFI concept can be attributed to its innovative approach towards entire fleet insurance process. A fleet operator or broker submits details of the fleet and insurers then proceed to bid for the policy. At any time before the end of the auction both buyers and sellers can see what has been offered, and insurer bids can be amended to try and win the business.
DFI said the advantages to fleet operators, brokers and insurers are numerous.
The fleet operator or broker benefits from a quick and transparent quotation process where insurers openly compete for policies. And in addition to just seeing who offers the lowest price, the operator or broker can evaluate competing quotations in terms of what’s included in the different bids.
This aspect of the service will help operators and brokers not only get the best possible price but also the right type of cover to meet their individual business needs.
The insurers benefit from competing on a level playing field, with all competing quotes visible throughout the bidding period. Insurers also have the option to submit numerous bids to try and secure the policy.
Dave Smith, SME fleet manager at Zurich Commercial, added:
"The new DFI site is a very innovative and interesting project and we are delighted to be one of the panel of insurers trading on the site at the start of the project. We will be working closely with DFI and watching the developments with great interest".
