London-based insurtech company Flock has formed an alliance with The Acorn Group to offer a new insurance solution to taxi fleets in the UK.
Flock said this collaboration will unveil the country’s only “connected” insurance product tailored for medium and large taxi fleets.
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With the integration of vehicle telemetry data, the companies aim to improve driver safety, as well as incentivise safer driving by offering premium rebates.
Flock and Acorn are focusing their efforts on public hire fleets, including the black cabs, and private hire fleets.
Customers opting for this insurance product will gain complimentary access to a comprehensive fleet safety dashboard.
They will also benefit from insights at both driver and trip levels, along with regular safety reviews conducted by the Flock team, all at no additional cost.
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Flock CEO Ed Leon Klinger said: “Partnering with The Acorn Group is a hugely exciting step for us. We have been so impressed with Acorn’s swift, common-sense approach, and I particularly like that The Acorn Group shares in our mission to make the world quantifiably safer. We are thrilled to be helping taxi fleets improve driving safety whilst saving time and money.”
The Acorn Group CEO Mike Lloyd said: “Insurance is one of the largest costs for taxi fleets. Flock’s platform allows fleet owners to properly understand those costs – including which drivers and what behaviours are really costing them money. Using this platform, and acting on the data, will allow fleet owners to improve their financial returns.
“The Acorn Group, and our underwriter Haven Insurance Company Limited, are well-renowned in taxi insurance – and we hope this partnership with Flock will mark a milestone in the evolution of fleet insurance, setting a new standard for safety and how taxi fleets are managed.”
The partnership comes at a time when the UK’s financial services watchdog reported a surge in motor insurance costs, leading to a spike in customer complaints.
