Another year, another insurance policy renewal. What does the typical scenario look like? No strings attached: the business doesn’t know much about the insurer, and the insurer lacks understanding and visibility of the businesses they insure.
As a business, you pay for your cover and forget about it - until you need to make a claim. So, it’s been a rather cold, one-sided relationship between the insured and the insurer. Until now. Because the world is rapidly changing, and so is the traditional insurance industry.
Thanks to Usage Based Insurance (UBI), risk management is changing from being a legally necessary logistical core to becoming a powerful business asset. For the first time ever, choosing the right fleet insurance provider and the policy is a worthwhile investment. Now, it’s a gift that will keep on giving.
We have already explored the business value of Usage Based Insurance. Now, let’s look at how you can best move to a Usage Based Insurance policy provider, so you can start reducing your insurance costs and the fleet insurance management overhead. We will also explore how you can use Usage Based Insurance to increase the value of your business through getting a valuable and unique perspective of your business operations.
How Do I Set Up a Usage Based Insurance Policy?
Usage Based Insurance policies are straightforward to set up and use - thanks to our powerful and simple to navigate online fleet portal. Here is the five-step process from getting a quote, to getting your insurance up and running, to renewal with us.
Step 1: Get your quote.
Step 2: Fleet Onboarding/ Go live documentation
Step 3: Monthly billing (get billed after the first month or any upfront payments?)
Step 4: Ongoing fleet management on portal
Step 5: Renewal
Usage Based Insurance policies utilise vehicle data to understand when and how they are used daily. This data forms the basis of an insurance policy, where the premiums change every month, reflecting your fleet usage and your drivers’ behaviour on the road. This way, we make sure that the business’s insurance costs are fair and aligned with their vehicle usage.
To benefit fully from a Usage Based Insurance policy, you will need to fit a telematics device into your vehicles. Fitting a device is quick, easy, and safe. It will automatically gather the mileage data needed to calculate your premium.
Updating Your Driver and Fleet Information
Adding the details of your vehicles and drivers is simple too. All you need to do is add the vehicle’s details to the online fleet portal, and that it’s - you are covered. Your policy will be updated quickly, and your premium adjusted to reflect the additional coverage. If you decide to make any changes to your fleet (removing or adding vehicles), you can do that in a matter of a few clicks. This will allow you to cut costs quickly when needed and have more control over your cover.
Our online fleet portal makes your driver onboarding and management easier as well. We help you with the driver background checks, as all of your driver information is synced with DVLA making sure that they meet the UW criteria.
Educating and Training Your Workforce
Usage Based Insurance policies provide you with essential feedback on how your drivers behave as part of your fleet. The data analytics used to update your insurance premiums can also give you detailed information that shows how your drivers use your vehicles on a minute-by-minute basis.
You can quickly see who your best on-the-road drivers are, and who needs extra training, guidance, and support. They will likely be the riskiest drivers, so improving their driving behaviour, using the insights from your Usage Based Insurance provider, can help you minimise your insurance costs over time.
Use Data Analytics to Enhance Your Business
A manager or owner of a small business has to be dynamic, flexible, and often a jack of all trades. But let’s be honest - everyone could always use a little help to better run your business.
A Usage Based Insurance policy provider can help you with that.
Again, it is all in the magic of the Usage Based Insurance analytics, powered by telematics. Leveraging advanced Artificial Intelligence (AI) and ‘big data’ capabilities, these analytics can:
- show which drivers and vehicles are the most efficient
- help you cut your fuel, maintenance, and leasing costs
- create new ways of serving your customers by combining the data from other sources
What Do I Do Next?
So, if fairer premiums, straightforward insurance management, and invaluable insights sounds like something you have been looking for - you are in the right place. What do you do next?
We can help you. Reach out to our team to find out more about the powerful capabilities of our Usage Based Insurance policies and intuitive online fleet portal.
We are on a journey to becoming a market leader in providing Usage Based Insurance policies to fleet managers and self-employed drivers in the UK. Over seven years ago, we started innovating to help SME managers and owners find better ways of insuring their vehicles. So far, we have insured over 200,000 vehicles, with over seventeen million policies, across Europe.
Our platform is easy to navigate, and we use the industry best practices to secure and protect your data, while making sure it is convenient for you and your team to access.
We offer a robust, proven, and transparent Usage Based Insurance policy service that helps you make better use of your money and time. Learn more.