Fleet News

Fleetvision partnership to bring transparency to fleet insurance

Eelco van de Weil

FleetVision has entered into a partnership with FleetInsurancePlus, to assist fleet clients in bringing transparency to their total cost of insurance.

Between them the two companies are providing consultancy for fleet clients to help to identify a proper fleet insurance strategy which takes into account a variety of factors, including risk profiles and corporate culture.

As a result, they believe they are able to make savings of up between £120-220 per vehicle per year by optimizing the total cost of insurance (TCI).

The partnership found that there can be a large spread between best-in-class and the worst performers in terms of the TCI – often as much as 300% between the two benchmarks. The worst-in-class insurance cost could be as high as £1200 per vehicle per annum, while the best-in-class was £420.

Eelco van de Wiel, Managing Director of FleetInsurancePlus (pictured), said: “An insurance tender can be a very effective way to reduce the fixed part of the TCI, which includes the insurance premium, insurance taxes, fees and overhead.

“This fixed element accounts for about 40% of the total cost of insurance. An optimal insurance structure, with savings in insurance premium tax and improved supplier performance, for example, can help reduce costs considerably.”

Approximately 60% of the total cost of insurance is created by accidents, but many companies overlook the part the driver plays in causing these costs to escalate, or fail to make him or her responsible for their part in accidents or in general safe driving.

Bart Vanham, director of FleetVision/TCOPlus, said: “A company, through its drivers, can have a considerable degree of influence on the accident rate and, as a result, the total cost of insurance.

“Today, the menu of available services and products to influence driving behavior is extensive. Driving behavior can be measured using telematics, smartphone applications, fuel and damage statistics. 

“It can be improved by communication and incentive programs, e-learning and behind-the-wheel training. For each and every budget and corporate culture, the optimal mix can be put together to achieve the optimal result.”

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