Flock enters flexible connected motor insurance market

Insurtech and specialist broker insurer Flock has expanded into flexible connected motor insurance.

It will be offering two specialist policies tailored to the needs of motor fleets.

Ed Leon Klinger, chief executive at Flock said: “We’re excited to bring our data-driven approach to insurance into the rapidly evolving world of commercial motor fleets.

”Now more than ever fleet managers want flexibility from their insurers as their operations expand, contract, and change on a daily basis. With Flock Motor, we’re doing away with the ‘one-size-fits-all’ approach to fleet insurance.

Flock’s Motor fleet insurance is now available to self-drive hire, delivery, courier and trade fleets in the UK.

It is also signing up a select number of forward-thinking fleet owners for an entirely usage-based insurance product, set for widespread availability in 2021.

It follows Flock being selected as Sky Futures’ drone insurance partner. 

Insurance company of the future

In the run up, Flock has signed up its firsts motor fleet customers, inked agreements with telematics firms – Samsara and Geotab, as well as partnering with NIG.

Klinger continued: “We believe that the insurance company of the future will not solely exist to pay claims when something goes wrong, but to help customers understand and mitigate their own risks, preventing accidents from taking place in the first place.”

One of Flock’s first motor customers is electric car subscription company, elmo.

Founder and chief executive at elmo, Oliver Jones said: “Flock’s scientific, data-driven approach to insurance is genuinely refreshing, and working with them was a pleasure. We both share a belief that flexibility is the future, whether it’s buying insurance or leasing a car.

“What we really loved was Flock’s focus on securing us a fairly priced policy that flexes as our fleet grows. The level of transparency into the underwriting process was also unlike any other insurer we’ve worked with.

”From day one, the team gave us insights on what was impacting our insurance costs, and how they could be reduced over time.”

Flock’s Risk Intelligence Engine uses real-time, third party, and proprietary datasets to help its customers access insurance prices that fits their needs.

Safety first

Meanwhile another Flock Motor customer – Lendwheel’s co-founder, Edmond Mammy, added: “Working with Flock is a breath of fresh air. As well as a flexible and fairly priced policy, their team gave us a clearer understanding of the risks our fleet is exposed to and how this impacts insurance costs.

“We’re now looking forward to using Flock’s risk insights to help improve safety and optimise our operations over time.”

Klinger said: “Every year, over one million people die in road traffic accidents. With Flock Motor, we hope to reduce that number, by providing real-time safety insights and incentivising safer driving.”