Flock empowers fleet managers to harness safety incentives for tangible insurance cost savings.
Flock rewards safe driving with a financial incentive called 'Rebate'. For fleet managers, understanding how to maximise this Rebate can lead to substantial insurance cost savings. Here's how you can take advantage of our offerings to reduce your insurance premium.
1. Report claims promptly
If a claim is reported within 48 hours, on average claims costs are reduced by 40%. This leads to immediate cost savings and a likely reduced price at renewal.
2. Connect your vehicles
To optimise safety and efficiency, ensure your vehicles are connected with Telematics. This allows us to provide Safety Insights, allowing you to provide feedback to your drivers. Safer driving not only reduces the likelihood of claims but also leads to potential insurance premium reductions in the future.
3. Understand the importance of the loss ratio
Your loss ratio is a key metric that represents the relationship between the costs of claims you've incurred and your pro-rata premium. You can influence this by using Safety Insights to help you coach drivers to reduce speeding, which can lead to fewer incidents. When accidents do happen, reporting quickly can help us ensure we can manage and reduce your claims costs. And when your loss ratio is below the 50% threshold, your fleet qualifies for a 10% rebate (for policies bound after 14.02.24). It's a win-win!
4. Take advantage of excess savings across different policies
Understanding how excess savings work across different policy types can significantly impact your overall fleet insurance costs:
- Admiral policies offer a £250 reduction in your excess when incidents are reported within 24 hours. This applies to the standard excess determined by your policy schedule with no additional late reporting penalties.
- Haven policies implement a strict late reporting structure. While they don't offer early reporting incentives, they apply a £500 late reporting excess for claims not reported within 72 hours. Ensuring your team reports all incidents promptly helps avoid these additional costs.
- ANDI policies provide a £250 reduction in excess for claims reported within 24 hours when third-party details are provided and repairs are carried out by an approved repairer. The minimum excess payable is capped at £100, and this reduction applies to accidental damage claims involving third parties.
By reporting claims as soon as they occur, through the Flock Portal, you can maximise these excess savings and significantly reduce your overall insurance costs.
4. Leverage Flock's insights for safer driving
Through the Flock Portal and our expert team, we provide personalised Safety and Claims Insights that leverage telematics data. These insights help you understand, quantify, and manage risk. Fewer accidents mean fewer claims, less vehicle downtime, greater fleet utilisation, and potentially lower insurance costs for your fleet over time.
5. Engage with your broker
Your broker can also view your Safety and Claims Insights and use these to support you. They can advise on the impact of claims on your future renewal insurance premiums and offer guidance on how to reduce your risks and therefore your insurance costs.
6. Stay updated and educated
Regularly check the Flock Portal. It provides key stats such as vehicles on cover, claims, connectivity level across the fleet, loss ratios, and Safety Scores. Being informed empowers you to make data-driven decisions for driver coaching and taking actionable steps to improve the safety across your fleet.
In conclusion
At Flock, we believe that the best claims experience is no claim at all. By taking proactive steps and leveraging the tools and insights we provide, fleet managers can foster a culture of safety which can reduce the costs across the fleet.
More details on how faster reporting can stabilise premiums can be found here.