Commercial fleets are being targeted with two new connected vehicle insurance solutions that could cut business costs.
The new solutions are the result of a tie-up between Aioi Nissay Dowa Insurance UK (AND-E UK) and insurtech firm Flock, and will initially target self-drive hire, own goods, courier and tradesperson fleets across the UK, before rolling out to other types of fleets and other markets.
The products combine AND-E UK’s expertise with Flock’s risk intelligence and policy management platform, which connects to vehicle telematics and analyses millions of data points to price policies based on the size and safety of each fleet.
This means that fleet managers can now access insurance tailored to their operations and designed to help improve safety over time.
Flock CEO Ed Leon Klinger said: “We believe the insurers of the future won’t simply pay claims; they will also actively incentivise and enable motorists to drive more safely and reduce risk. Together with AND-E, we are excited to be pioneering this approach. The AND-E UK team share our vision of combining insurance with cutting-edge technology to create a safer, smarter world. This is only the beginning and I believe together we have the potential to transform how the world thinks about motor insurance.”
AND-E UK CEO Warren Hetz added: “By combining Flock’s cutting-edge technology with our significant underwriting expertise in connected vehicle technologies and insurance, along with our global distribution networks, we will be able to deliver an exceptional experience for fleets and their drivers.”
The partnership comes after the launch of Flock’s commercial motor division at the end of 2020. Since then, it has expanded its large fleet business, including with vehicle transportation firm Engineius, Jaguar Land Rover’s ‘The Out’ on-demand rental service, and all-electric self-drive hire company Elmo.
Flock is now signing up a number of brokers to distribute its products to fleets across the UK.