Cybit, the UK's leading online telematics service provider, has announced a major three-year strategic partnership agreement with Norwich Union. This development builds on the success of a series of collaborative risk management initiatives between the two companies over the last three years and, more recently, a 12-month pilot involving a number of Norwich Union's customers with Cybit telematics equipment fitted to their vehicles. Under the new strategic partnership agreement, Cybit will provide the core telematics technology for Norwich Union's 'Fleet Telematics' solution - the industry's only telematics-enabled fleet insurance product. Norwich Union, who are the largest fleet insurer in the UK, will make the new Fleet Telematics offering available to new and existing Norwich Union customers through their extensive network of intermediaries.
Qualifying fleets that install their vehicles with Cybit's Fleetstar-Online telematics equipment - available from as little as 20 per vehicle per month
- can take advantage of Norwich Union's unique fleet insurance offering, which features:
fixed price insurance cover over two or three years
annual telematics-based insurance premium rebate when key performance indicators are achieved 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 best practice guidance on running a fleet of vehicles including compliance with safety and legal issues.
"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. 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," commented Mark Keavney, Norwich Union's Commercial Motor Product Manager.
"Signing a three year strategic partnership agreement with the UK's leading fleet insurance provider is a major achievement for Cybit, and a strong endorsement of our Fleetstar-Online telematics solution," added Richard Horsman, Cybit's Chief Executive Officer. "With our new modular Fleetstar-Online solution we've significantly lowered the cost of telematics for Norwich Union's UK fleet customers, with initial entry-level costs from as little as 20 per vehicle per month. In addition to the innovative fixed pricing and risk recognition approach of Fleet Telematics, we're also expecting many Norwich Union fleet customers to take full advantage of added value telematics functionality such as Smartnav intelligent navigation and RAC Trackstar Plus proactive stolen vehicle recovery."
Cybit has quickly established itself as the market leader for Internet-based telematics-enabled fleet management solutions. The latest release of Fleetstar-Online introduces a unique modular approach to fleet management, providing Norwich Union's fleet customers with access to industry leading technology that was previously available only to major enterprises. With its next generation telematics platform, Cybit combines key architecture strengths - such as an OpenAPI and decoupled technology and application layers - to enable organisations such as Norwich Union to easily integrate Cybit telematics technology with their own applications and bring them to market quickly. Cybit's data feeds feature highly accurate information collected at nineteen-second intervals, underpinning the development of third party services such as Norwich Union's distinctive new Fleet Telematics offering.