The insurance brokers PIB have launched a new telematics policy and fleet insurance product, almost immediately following their acquisition of Channel Insurance Brokers.
The new product will use telemetry data to develop a focused risk management solution that ultimately reduces costs for fleet operators.
This marks a significant achievement for PIB Insurance Brokers that will help them and their clients. The telemetry data gathered on a regular, monthly basis will be compiled into reports, which will then be given to fleet operators.
Along with the monthly reports will come personalised risk improvement advice, tailored to the performance of each business.
This new policy will primarily place evidence on vehicle telemetry and driver behaviour monitoring in order to create a three-year risk management programme by brokers and insurers.
The risk management data this new telematics product gathers will score drivers on their performance. It is designed to help fleet managers identify specific areas of improvement, based on evidence gathered.
By reaching performance targets companies will then be able to reduce risks, including the frequency, fluctuation and severity of motor-related insurance claims. Ultimately, by preventing accidents wherever possible it will reduce insurance premiums.
The product has already been made available to numerous UK companies in a wide variety of industries. Sports brands, coach operators, couriers and waste and haulage heavy goods vehicle operators have already adopted it.
It’s no wonder that the new product has taken off. This new telematics product has definitely handed more control back to clients. Through its use, they can benefit greatly. It allows PIB to work in-depth with fleet companies, ensuring their claims are managed proactively and costs are kept to a minimum.
It also creates a more sustainable insurance environment for businesses and brokers in the long term.