Article date: 30 September 2004
Norwich Union is to launch the UK’s only fleet insuranceproduct based on telematics technology.
Fleet Telematics – available via insurance intermediariesfrom Monday 4 October – is an insurance product designedfor fleets that currently have telematics devices installed or planto have them installed. Using a combination of telematics data andinsurance claims information, Fleet Telematics will provideinsurance intermediaries and fleet operators with a package ofunique and market-leading benefits that will help to effectivelymanage their occupational road risk.
The Fleet Telematics product features:
- Risk management advice that looks at key elements of thetelematics records, coupled with claims information to provide ananalysis of key performance measures and bespoke risk managementreports
- Fixed price insurance cover over two or three years
- Telematics-based premium rebate when key performanceindicators are achieved
- Best practice guidance on running a fleet of vehiclesincluding compliance with safety and legal issues.
Mark Keavney, Norwich Union’s commercial motor productmanager, said: "As the largest fleet insurer in the UK, we haveused our experience and understanding of the fleet market, and theenvironment fleet operators currently work in, to design thismarket-leading product.
"This launch follows a year-long pilot in partnership withCybit, one of the UK’s leading telematics providers,involving a number of existing Norwich Union fleet customers whohave telematics equipment fitted to their vehicles.
"The key objective was to better understand how telematics datacould be used to improve fleet management and to help us definethis unique product."
Initially, the full benefits of Fleet Telematics will beavailable to those using Cybit telematics systems. Following thislaunch, Norwich Union will consider additional fleet telematicsproviders and their technologies. We envisage that their customersmay be able to enjoy the benefits of Fleet Telematics, provided thesupplier’s technologies meet the required high standards.
Keavney explained: "What makes this product unique is itscombination of vehicle usage data and a fleet’s individualclaims information. This means that we will be able to offer trulybespoke and relevant risk management advice, specific to the fleetin question to help them manage their occupational road risks.
"This is the latest development from Norwich Union that uses theapplication of telematics information, and we expect that in thefuture we will be able to offer an even more extensive range oftelematics-related services to the fleet market."
Norwich Union is also currently running a two-year pilot with5,000 of its private car customers using telematics devices to lookat when, where and how often they drive, with a view to producing"Pay As You Drive"™ insurance premiums. Norwich Union has anexclusive agreement with US insurer Progressive Casualty Insuranceto pioneer usage-based insurance in the UK and Europe using suchtechnology.
Insurance intermediaries wanting to find out more about theFleet Telematics product should contact their local Norwich UnionIntermediary Business Unit or log on to www.norwichunion.com/ebroking.Fleet customers should contact their insurance intermediary to seehow the product can work for them.
Jenny Chapman at Norwich UnionPress Office on 01603 682 264 or 07775 822642
Notes to editors:
- Norwich Union is the UK’s largest insurer with a marketshare of around 14 per cent
- With a focus on insurance for individuals and smallbusinesses, 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 patentapplication no,s 97904096.1 and 01303501.9. Licensed fromProgressive Casualty Insurance Company, USA and is Proprietor ofEuropean Patent (UK) No. 0700009
- Norwich Union products are available through a variety ofdistribution channels including brokers, corporate partners suchas banks and building societies and Norwich Union Direct
- Norwich Union’s news releases and a selection of imagesare 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 6873
- For all other media enquiries call 08703 66 68 68.
Cybit is a leading Internet-based Telematics Service Provider(TSP) and supplier of fleet and asset management solutions to thebusiness-to-business sector. Cybit’s solutions portfolioincludes vehicle tracking management, lone worker support andcar-pool management. Hundreds of companies across a wide range ofindustries already use Cybit’s online solutions to improvethe management and control of their fixed and mobile assets.Additional information is available at www.cybit.co.uk.