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Zurich risk management scheme could reduce premiums

Date: 10 February 2011

Customers of insurance firm Zurich could receive reduced premiums in the future as a result of its new fleet risk management programme.

Working in collaboration with four telematics firms including Trimble and Greenroad, the programme "combines vehicle telematics technology with insightful reporting and driver development tools to help fleet operators improve safety, lessen operating costs and reduce environmental impact" said Zurich.

While there are no plans to reduce premiums in the UK from using Zurich Fleet Intelligence, the company in the US has recently said the initiative can "help reduce fleet insurance premiums". A UK spokesman commented: "We need to look at the data provided and then see if that is reflected in the risk of the companies involved.

"The benefits of the policy - aimed at medium to large fleets - is to use the power of the telematics systems to monitor detailed driver behaviour and vehicle performance data and therefore look at how to make targeted actions (ie cost savings) to improve all aspects of fleet operation."

He continued: "If a company can prove their risk is low, then we would take that into account when coming up with a premium, for them. This therefore would be part of that solution."

Studies by Zurich Risk Engineering and a telematics provider have shown that telematics solutions can reduce collisions by up to 20%, operating costs by up to 10%, and fuel consumption by up to 11%, according to the firm.

Trimble said it will offer its telematics devices to Zurich customers seeking ways to minimise fleet operating costs and reduce crashes, while keeping their vehicles up and running and their drivers safe.

Bryn Fosburgh, vice president of Trimble's Mobile Solutions division, said: "As part of the programme, Trimble will offer Zurich's risk management and driver training services to complement our telematics solutions, in order to help organisations manage risks, increase fleet driver safety and improve productivity."

Zurich will not receive any fees or commission from Trimble when a customer selects their telematics services.

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