Working in partnership with telematics platform provider Microlise, motor fleet insurance specialist Finch Group is offering a new telematics package FITS (Fleet Insurance Telematics solutions) to help drive premiums down for HGV operators looking to proactively manage their insurance costs.
By linking a brand new 24 hour claims management centre to data transmitted from vehicle telematics, the team at Finch Group can be alerted straightaway to abnormal driving activities, enabling them to provide a fast and effective first notification of loss (FNOL).
According to Finch Group, this transfer of data and management of information immediately after the incident has occurred will mean HGV operators with this insurance package will experience a reduction in claims frequencies and costs - and subsequently, reduced premiums and broking fees.
Microlise/Finch fleet insurance telematics system.
Vincent Gardner, Managing Director, Finch Commercial Insurance Brokers, said: "Commercial vehicle operators which have a higher than average number of accidents do find it hard to get affordable insurance. But by tailoring a package whereby the vehicle operator is committed to having a telematics solution installed and managed by Microlise, linked to our 24/7 claims team, insurance providers are able to offer reduced premiums, knowing that costs and risks are being extensively and actively managed."
The telematics solutions offered by Microlise would be tailored to the specific needs of each customer but, in addition to helping drive down insurance premiums and removing the room for error in reporting accidents, companies will also have the potential of realising efficiencies right across their operations. From driver and vehicle performance to real time journey management and proof of delivery, a tailored telematics solution will provide valuable insights into how both vehicles and drivers are performing. This level of understanding will enable transport managers to see which drivers might be at a higher risk of being involved in incidents, meaning measures can be put in place before claims need to be made.
Nadeem Raza, Managing Director at Microlise, added: "Telematics is widely used across the commercial vehicle sector to manage fleet performance, journeys and driver behaviour. These functions hold a great many attributes in themselves, but by linking directly to an insurance claims management centre, like Finch Group, the opportunity for telematics to help companies realise even greater cost savings through reduced insurance premiums can be realised."
Vincent added: "As the technology develops further, we look forward to developing the intelligence of the solution we can package for insurance premiums to improve efficiencies for both commercial vehicle operators and insurance providers."
Microlise designs, develops and manufactures all of its products in the UK. On average, Microlise saves its customers over £172m per year in fuel costs and a recorded reduction in CO2 output of 333,000 metric tonnes per year.