The insurtech’s chief executive says insurers of the future ‘won’t simply pay claims’, they will actively reduce risk
Insurtech Flock has partnered with the European arm of Asia’s largest insurer, Aioi Nissay Dowa Insurance (AND-E UK), to transform how commercial fleet insurance is priced and distributed.
Over the past six months, the two firms have worked together to develop connected motor fleet insurance products, which are now available for self-drive hire, own goods, courier and tradesperson fleets in the UK.
Flock’s chief executive Ed Leon Klinger said: “We believe the insurers of the future won’t simply pay claims, they will also actively incentivise and enable motorists to drive more safely and reduce risk.
“Together with AND-E, we are excited to be pioneering this approach.
”The AND-E UK team share our vision of combining insurance with cutting-edge technology to create a safer, smarter world.
”This is only the beginning and I believe together we have the potential to transform how the world thinks about motor insurance.”
This partnership follows the launch of Flock’s motor division at the end of last year - the insurtech is now signing up a select number of brokers to distribute its products to fleets across the UK.
A new era of commercial insurance
AND-E UK is part of Aioi Nissay Dowa Europe (AND-E), which is a division of the MS&AD group – one of Asia’s largest insurers.
By combining AND-E UK’s capacity and motor industry experience with Flock’s risk intelligence and policy management platform, fleet managers can access insurance that is tailored to their operations and designed to help improve safety over time.
AND-E UK’s chief executive Warren Hetz added: “The motor insurance industry is at a crossroads as insurance, technology and mobility converge - this is creating a world of opportunities to improve road safety as well as deliver more tailored customer experiences.
”Our partnership with Flock heralds a new era in commercial insurance.
“By combining Flock’s cutting-edge technology with our significant underwriting expertise in connected vehicle technologies and insurance, along with our global distribution networks, we will be able to deliver an exceptional experience for fleets and their drivers.”
Since Flock’s launch into the flexible connected motor insurance market, the insurtech has helped one of its initial customers achieve a saving of 25% on its previous insurance policy.
It has also begun to grow its large fleets business - vehicle transportation firm Engineius, Jaguar Land Rover’s ’The Out’ and all-electric self-drive hire company elmo have all signed up as customers.
Following this initial launch, AND-E and Flock will continue to work together on new features and functionality, to bring flexible fleet insurance solutions to other markets.
Flock’s technology connects to vehicle telematics, analysing millions of data points to more accurately price policies based on the size and safety of each fleet. This means safer driving is immediately rewarded with lower per mile prices.
Through the insurtech’s integration with the UK’s official Motor Insurance Database, Flock’s digital dashboard also significantly reduces the administration associated with managing the insurance needs of a growing fleet.