Norwich Union (NU) has launched a fleet insurance product based on telematics technology.
According to the insurer, this is the only UK product on the market and follows on from its "pay-as-you-drive" personal lines product launched in the summer.
‘Fleet Telematics', which is available through brokers from 4 October, is an insurance product designed for fleets that currently have telematics devices installed or plan to have them installed.
Using a combination of telematics data and insurance claims information, Fleet Telematics would
provide insurance intermediaries and fleet operators with a package that would help to effectively manage their occupational road risk, NU said.
The Fleet Telematics product features:
·Risk management advice that looks at key elements of the telematics records, coupled with claims information to provide an analysis of key performance measures and bespoke risk management reports;
·Fixed price insurance cover over two or three years;
·Telematics-based premium rebate when key performance indicators are achieved;
·Best practice guidance on running a fleet of vehicles, including compliance with safety and legal issues.
Norwich Union commercial motor product manager Mark Keavney said: "As the largest fleet insurer in the UK, we have used our experience and understanding of the fleet market, and the environment fleet operators
currently work in, to design this market-leading product.
"This launch follows a year-long pilot in partnership with Cybit, one of the UK's leading telematics providers, involving a number of existing Norwich Union fleet customers who have telematics equipment fitted to their vehicles."
Norwich Union is currently running a two-year pilot with 5,000 of its private car customers using telematics devices to look at when, where and how often they drive, with a view to producing Pay As You Drive insurance premiums.
