Insurance Times Awards 2022: Insurers are ‘perfectly positioned to proactively help clients improve safety’ - Flock

Explain briefly about your entry in the Excellence in Underwriting category.

We’ve developed a new form of connected fleet insurance that combines data from the vehicles we insure with several other real-time, third party and proprietary datasets. The result is a completely personalised price based on a fleet’s actual and unique risk exposure.

By enabling and incentivising risk reduction, this new insurance product maintains a significantly lower loss ratio than the industry average.

Vehicles are increasingly connected and a range of new business models are on the rise, such as next day delivery services, short-term rentals and electric vehicle subscription services.

These new use cases and dramatic shifts in vehicle usage are not factored into traditional underwriting models, which can lead to pricing that doesn’t truly reflect the risk of each individual fleet.

What do you think makes your entry stand out or different from your competition?

Flock has now analysed over 60 million miles to insure over two million individual journeys for a range of commercial fleets in the UK. As we capture more data, our underwriting model continues to evolve.

We now protect tens of thousands of commercial vehicles and have seen gross written premium grow 30 times over the last 12 months.

What would winning this award mean to you and your firm?

Winning this award would highlight to the industry that insurers should do more than just pay claims. Insurers are perfectly positioned to proactively help clients improve safety, while giving brokers the ability to add value beyond the obligatory motor insurance certificate.