PIB Insurance Brokers has launched a fleet insurance product that uses telemetry data and focused risk management in order to reduce costs for the fleet operator.
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 focuses on 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, PIB Insurance says 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, it says, has already been 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 at 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 of PIB Insurance, continued: “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."