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As a fleet manager, how can I control my insurance costs?

We empower fleet managers to harness safety incentives for tangible cost savings. By promptly reporting claims, connecting vehicles for safety insights, actively managing your loss ratio, leveraging Flock's telematics-driven insights, engaging close

At Flock, we are on a mission to make the world quantifiably safer. We reward safe driving with incentives. For fleet managers, understanding how to maximise these incentives can lead to substantial cost savings. Here's how you can take advantage of our offerings to reduce your insurance costs.

1. Report claims promptly

If a claim is reported within 24 hours, we reduce the standard excess by £250*. Not only does this lead to immediate cost savings, but it also facilitates a smoother claims process, ensuring your fleet remains operational with minimal downtime.

*The minimum excess for each claim will be capped at £100 and the excess reduction will not apply to glass, fire, theft, mis-fuelling, malicious damage claims or accidental damage claims not involving a third party. Only for policies bound after 9th August. Exclusions apply.

2. Connect your vehicles

To optimise safety and efficiency, ensure your vehicles are connected. 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 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 55% threshold, your fleet qualifies for a 10% rebate. It's a win-win!

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 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 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.