PIB has launched a telematics-based insurance product for the fleet market.
The broking group said the product uses telematics data and risk management to reduce costs for fleet operators.
The product uses driver behaviour and attitude data to influence the insurance premium paid as part of a three-year risk management programme supported by the broker and insurer.
PIB declined to name the insurer but said the company had an A+ rating from Standard & Poor’s and an A rating from AM Best.
Clients can use any telematics provider as long as the data can be made available for analysis.
The data from the telematics provider is analysed on a monthly basis to provide tailored reports and risk improvement advice to fleet operators.
PIB said the data can be used to score drivers on their driving performance, helping fleet managers identify areas for improvement.
It said that by hitting performance targets, companies will be able to reduce overall risk as well as having the opportunity to reduce the frequency, fluctuations and severity of motor claims, which in turn will help reduce insurance premiums.
The broker added that the product has already been adopted by several companies across the UK, including well known sports brands, coach operators, couriers and heavy goods vehicles operators in the waste and haulage sectors.
PIB corporate development director Chris France said: “This new product offering creates significant benefits for our clients allowing PIB to truly get under the skin of a fleet business, ensuring that we can proactively manage claims and that costs are kept to minimum.
“Indeed, the cap and collar approach will mean the number of cases where control is taken away from the client are reduced, and will subsequently help create a sustainable insurance solution.”
PIB chief executive Brendan McManus added: “The launch of this innovative product is incredibly exciting and represents PIB breaking new ground within the fleet insurance arena.”