Norwich Union is to launch the UK’s only fleet insurance product based on telematics technology.
Norwich Union is to launch the UK’s only fleet insurance product based on telematics technology.
Fleet Telematics – available via insurance intermediaries from Monday 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 will provide insurance intermediaries and fleet operators with a package of unique and market-leading benefits that will help to effectively manage their occupational road risk.
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.
Mark Keavney, Norwich Union’s commercial motor product manager, 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.
"The key objective was to better understand how telematics data could be used to improve fleet management and to help us define this unique product."
Initially, the full benefits of Fleet Telematics will be available to those using Cybit telematics systems. Following this launch, Norwich Union will consider additional fleet telematics providers and their technologies. We envisage that their customers may be able to enjoy the benefits of Fleet Telematics, provided the supplier’s technologies meet the required high standards.
Keavney explained: "What makes this product unique is its combination of vehicle usage data and a fleet’s individual claims information. This means that we will be able to offer truly bespoke and relevant risk management advice, specific to the fleet in question to help them manage their occupational road risks.
"This is the latest development from Norwich Union that uses the application of telematics information, and we expect that in the future we will be able to offer an even more extensive range of telematics-related services to the fleet market."
Norwich Union is also 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. Norwich Union has an exclusive agreement with US insurer Progressive Casualty Insurance to pioneer usage-based insurance in the UK and Europe using such technology.
Insurance intermediaries wanting to find out more about the Fleet Telematics product should contact their local Norwich Union Intermediary Business Unit or log on to www.norwichunion.com/ebroking. Fleet customers should contact their insurance intermediary to see how the product can work for them.
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Media contacts:
Jenny Chapman at Norwich Union Press Office on 01603 682 264 or 07775 822642
Notes to editors:
- Norwich Union is the UK’s largest insurer with a market share of around 14 per cent
- With a focus on insurance for individuals and small businesses, Norwich Union insures:
- one in five households
- one in seven motor vehicles
- more than 800,000 businesses - Norwich Union Insurance Ltd is licensed under European patent application no,s 97904096.1 and 01303501.9. Licensed from Progressive Casualty Insurance Company, USA and is Proprietor of European Patent (UK) No. 0700009
- Norwich Union products are available through a variety of distribution channels including brokers, corporate partners such as banks and building societies and Norwich Union Direct
- Norwich Union’s news releases and a selection of images are available from Aviva’s internet press centre at www.aviva.com/media
- An ISDN facility is available for studio quality broadcast. Call the press office on 08703 66 68 68
- For all life & pensions media enquiries call 08703 66 68 73
- For all other media enquiries call 08703 66 68 68.
About Cybit
Cybit is a leading Internet-based Telematics Service Provider (TSP) and supplier of fleet and asset management solutions to the business-to-business sector. Cybit’s solutions portfolio includes vehicle tracking management, lone worker support and car-pool management. Hundreds of companies across a wide range of industries already use Cybit’s online solutions to improve the management and control of their fixed and mobile assets. Additional information is available at www.cybit.co.uk.