From the 1st of July 2022, all Connected Fleet Insurance policies from Flock include Safety and Mileage Rebates as standard.
Flock incentivises safer driving by giving fleets the ability to earn up to 10% of their policy premium back if they improve fleet safety during the policy term or drive less than expected.
The Rebates tab on Flock's Fleet Portal gives fleets and brokers the ability to see accumulated rebates, monitor mileage, view claims and see risk on a per-vehicle basis.
Fleets must have a loss ratio of less than 55% at the end of their policy to be eligible for an annual premium rebate of up to 10%.
Rebates are calculated using telemetry data received from your vehicles and will be based on the following:
The Mileage Rebate is calculated by comparing actual mileage vs estimated mileage.
Clients are able to earn up to a maximum of 6% rebate as a percentage of gross premiums. For new business customers, we require an accurate estimated mileage so that we can calculate this effectively and is an important step in pricing the policy.
The Risk Rebate is calculated by comparing the Risk Score at inception vs the average Risk Score throughout the policy period. Clients are able to earn up to a maximum of 4% rebate as a percentage of gross premiums.
Non renewing clients will only be entitled to 50% of the calculated rebate.