Premium finance house TIFCO has agreed to finance both the premium and the risk management costs, such as Qualified Driver Training, of a new motor fleet scheme.

The scheme is launched by risk management company Rarrigini & Rosso and is underwritten by several insurers.

Each year, 65% of all company vehicle drivers are involved in a traffic accident. One in 40 will be killed or suffer serious injury on the roads, while a thousand UK company drivers end up in hospital every week.

TIFCO managing director Ian Jerrum said: "For the first time, employers will be able to spread their fleet insurance and risk management costs in a highly cost-efficient way.

"And, of course, an improved claims record will result in dramatically-reduced fleet running costs and lower insurance premiums."