At a glance
- Increased mechanisation and the use of technologies such as telematics are transforming the way small motor fleet business is conducted
- Insurers and brokers need to work together to improve risk performance through better application of risk management, training and technology
- We've teamed up with Insurance Age to examine the transformation of motor fleet
Increased mechanisation and use of technologies such as telematics are transforming the way small motor fleet business is conducted. Competition in the small fleet market is cutthroat, but there is no lack of new capacity and a general hardening of rates looks unlikely.
Insurers and brokers, need to work together to improve risk selection, and to then work on improving risk performance through better application of risk management, training and technology. Lynn Jones, senior trading underwriter at Zurich, accepts that there are difficulties in the market and says: “We have the same challenges as our competitors have in this market.”
At the other end of the insurance process, telematics and on-board cameras also have an important part to play in establishing exactly what happened in an accident. Suzanne O’Donoghue, senior claims technician at Zurich, explains: “The telematics data helps us at the early stages of a claim and it can give us an indication that an accident has taken place. It can provide valuable information such as the speed at impact, the direction of travel, the road positioning of the vehicles, the forces generated by the impact and it can also pinpoint the location.”