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FLEET TELEMATICS
Page 51
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How the scheme works
*The new Fleet Telematics scheme is open to fleets with any category of vehicle.
*Vehicle operators have to have approved telematics systems on some or all vehicles (depending on fleet size) and must make independent arrangements for this. It is recommended that they first approach NU via the insurance intermediary to ensure they will subsequently qualify for the scheme.
• Those with edsting telematics equipment on vehicles may still join the scheme if the equipment is approved and should approach NU via their usual insurance intermediary.
• Customers need to have a minimum of 10 vehicles in the fleet, all fitted with approved equipment. Larger fleets of 50-plus vehicles need only have 50% fitted with telematics equipment. Nowich Union will 'take a view' on requirements for fleets in between 10 and 50 vehicles, says Keavney. Customers also have to meet the usual underwriting acceptance criteria.
• Customers will need to sign a consent form allowing their telematics provider to make their telematics data available to Norwich Union.
• Insurance duration will be 24 or 36 months, as customers prefer. Premiums will be fixed over the period.
• NU will dispatch a risk assessment provider to customers at contract inception to look at how the customer's business is run, make an initial risk assessment and establish the KPIs. *A 'risk recognition rebate' will be paid in months 15 and 27 as applicable which could be worth up to 16% of annual premium, as long as jointly-agreed KPIs are met. 1111'