For most of the managers and owners of small and medium enterprises, the idea that insurance can help businesses grow and run more effectively is laughable.
After all, isn’t insurance just a boring and expensive, but necessary piece of paper? We’re here to challenge this notion and that’s exactly why Zego was born. We’re disrupting the insurtech industry by showing that when tech and insurance are combined - magic begins and insurance gains a whole new meaning for businesses..
Usage Based Insurance - Doing Insurance Differently to Cut Your Costs
Usage Based Insurance (UBI) is a different way to insure your fleet. We like to say that it’s a much fairer way to insure fleets and save businesses a lot of money.
Standard fleet insurance policies insure your vehicles on a 24/7 basis and assume the risks are the same across the day. This is not true of course, as your vehicles are less vulnerable when they are not on the road, and stored in a secure location. Still, mainstream insurers continue to offer the same policies they always have been. Their policies do not reflect how you use your vehicles, and insurers offer little to no feedback on how you can better manage your fleet to cut your premiums.
Usage Based Insurance policies take a different approach.
Usage Based Insurance captures data from your vehicles to better understand how your vehicles are used on a daily basis, whether it is on extended motorway routes, urban and suburban cycles, or on national or international journeys.
It can also understand the different driving behaviour of your drivers, from the more careful to higher risk driving behaviour. This data can also capture when your vehicles are in a secure depot, and when they are on the road. Usage Based Insurance policies use this data to create a very sophisticated risk profile for your business. This helps your insurer create policies that are tailored to the needs and specifics of the business.
Not only does it ensure that you are not over or underinsured, but it also means that your insurance costs are lowest when vehicles in your fleet are off the road. The result? Your premiums get significantly lower, without reducing the cover you need when your vehicles are in use.
Easier Policy Management
While policy costs are very important, they are not the only insurance cost you face. Making claims, or adding drivers, for example – is another overhead, and Usage Based Insurance policies can make that all much easier for you.
For example, when you get insured by us - managing your Usage Based Insurance policies is a piece of cake. We use Cloud-based computing platforms, which are easy to access anywhere, using a PC or a Smartphone. All your data is stored in one place, so you can have a single view of all your fleet insurance needs – your monthly costs, your vehicle and driver coverage, your current and past claims, and your premiums history. You can receive alerts when there are changes to your policy or your claims, so you don’t have to spend time worrying about them. They are also easy to integrate with your current financial systems, so making payments, or receiving claim payments is quick and easy.
Making claims is easier too. Instead of engaging with a call centre or websites’ FAQs, our fleet portal allows you to raise claims online and show you your progress through the claims process in near real-time.
The same goes for adding or removing drivers and vehicles - it’s just as quick and easy (like it should be!). All this automation means less time spent managing your insurer, and more time for you to focus on your customers and your business.
Insurance as Your Additional Business Value
So, now you know that Usage Based Insurance policies allow you to reduce insurance premiums and give you back some valuable time. But guess what? Usage Based Insurance policies give you even more.
Usage Based Insurance policy providers can take the data they use to price your premiums, and provide you with analytics you can use to improve your business.
We do it by offering two different types of Fleet insurance at Zego, our usage based and flat rate policies.
Our usage based Fleet insurance uses advanced technology and data collection from our partner ABAX, to develop accurate premiums based on the number of vehicles and drivers in your business and the distance they cover. To ensure your vehicles are always covered, you pay a minimum base rate for your policy which is then combined with a flexible premium which is calculated depending on vehicle usage.
Our fixed policy is a fixed premium for the duration of cover. Unlike our usage-based policy which requires you to pay according to your fleet’s activity, the fixed premium would be calculated per each vehicle and then pro-rata for how long the vehicle is on the policy each month.
This is especially useful if you prefer having greater predictability of your monthly insurance costs.
Flexible Usage Based Insurance policy premiums are also typically charged monthly, even as your policy changes, which helps your cash flow.
Summarising the Business Value of Usage Based Insurance
So, now you can see how a Usage Based Insurance policy for your vehicle fleet gives you substantially more business value, compared to a standard fleet policy.
Where is the best place to start a journey with a Usage Based Insurance policy? The number of Usage Based Insurance policy providers are growing, and as modern pioneers we make signing up and getting a quote super easy.The vehicle data comes from a telematics device you attach to your vehicles. It is quick to fit, safe and legal.
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.