A Perfect Storm

The Fleet Insurance market is facing a combination of factors that will create a “perfect storm”, according to a Senior Underwriter of one of the UK’s leading Fleet Insurers.

Motor Fleet Premiums have been artificially suppressed as a result of the inevitable drop in claims that occurred during successive lockdowns.

This position is now presented alongside a rise in the cost of claims, brought about by an increase in repair costs and an increase in claim frequency.

Less income combined with increased cost places a squeeze on cash as well as profits for Insurers, which will quickly reverse the softening of the recent market.

A quick and effective solution needs to be found and My Driving Passport App from Driversure falls into that category because it is designed primarily to reduce frequency and cost of claims by ensuring fleet risk initiatives are in place and fully functioning

“My Driving Passport” App

This App can act as an important ally to Fleets, Brokers and Insurers who are looking to pre-empt the inevitable and forthcoming corrections to the current market distortion.

To demonstrate, take a closer look at what the App can achieve:

• It constantly reminds Drivers of the importance of safe-driving as an ongoing fleet objective

• It automatically reinforces the culture of driving-safety through its constant use by drivers

• It adds value to fleet departments by saving time through the outsourcing of risk administration

• It consolidates 100% of risk data for every driver, which means a high risk is never missed

• It motivates drivers by demonstrating how they are monitored, how they’re performing and how they can improve

Due to other pressures on the fleet, driving-safety initiatives generally occur sporadically through the year, giving drivers a chance to forget about safety too easily.

Reducing risk is not usually a primary function of a Fleet department and is rarely supported by a permanent resource.

Drivers need to be able to watch their progress towards qualifying for a safe-driving award and by contrast they need to understand more about why they may have been selected for a disincentive.

Finally, driving-safety is fast-becoming a key agenda item for fleets for three main reasons:

• Recent changes to the Highway Code will make driving on business more risky
• There has been a general drop in driving standards since the end of lockdowns
• Repair costs have increased due to shortages of parts and wage inflation