Cybit, the UK's leading online telematics service provider, has announced that Premier Motorauctions Limited, the UK's largest independent car auction, has gone live with Fleet Telematics, the industry's only telematics-enabled fleet insurance product. Fleet Telematics, the result of a strategic partnership between Cybit and Norwich Union, allows Premier Motorauctions to earn up to a 16 per cent rebate on its insurance premium for each of the three years of the agreement. It also allows Premier to benefit from a fixed insurance rate, avoiding fluctuating costs.
Under the agreement, Premier Motorauctions has implemented Cybit's Fleetstar-Online Internet-based fleet and asset management solution in 19 of its vehicle transporter fleet. Norwich Union then delivers an annual telematics-based insurance premium rebate when key performance indicators are achieved. Premier also receives risk management reports that look at key elements of each vehicle's telematics records, coupled with claims information, to provide an analysis of key performance measures and help ensure best practice for running a fleet of vehicles, including compliance with safety and legal issues.
"We regard our move from another vehicle tracking supplier to Cybit as a success because investing in Fleetstar-Online has meant that we have been able to obtain valuable management information to enable us to focus on the efficiency of our vehicle transporter fleet," commented Paul Dyson, Transport Manager at Premier Motorauctions. "The analysis of key information, such as driving hours and time spent at customer locations, increases the visibility of how our fleet operates. This enables us to ensure best practises to take advantage of the rebates offered by the Fleet Telematics policy."
David Raw from Henderson Insurance Brokers Limited, who advised Premier Motorauctions to adopt the Fleet Telematics insurance offering, commented: "Premier Motorauctions has invested in Cybit's leading edge telematics technology and has been able to take advantage of Norwich Union's innovative Fleet Telematics policy. This guarantees a three-year fixed rate premium, enhances profit share to reflect lower claims and improves the relationship between ourselves and the client. This partnership is positive for all parties - Norwich Union benefit from a three-year policy revenue, as the broker we get a satisfied client, while Premier Motorauctions benefits from set premiums for three-years and the potential to gain a rebate each year."
"Cybit's developing partnership with Norwich Union to supply the core solution behind the Fleet Telematics offering is another example of how telematics can be integrated into an organisation's processes to unlock business benefits for forward thinking companies such as Premier Motorauctions," commented Ian Walmsley, Cybit's Director of Partnerships. "With the modular release of 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."
Under the new strategic partnership agreement, Cybit provide the core telematics technology for Norwich Union's 'Fleet Telematics' solution. 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,
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.