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SpatialNews.com Press Release
Norwich Union and Masternaut Drive Down Insurance Costs
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Norwich Union, part of the Aviva group of companies and the largest insurer in the UK, has awarded Masternaut Approved Supplier status for its web based vehicle telematics service. As part of Norwich Union's 'Fleet Telematics' Insurance Product, fleet managers who share information from Masternaut's web-based satellite tracking system with Norwich Union may be able to earn an annual rebate on their policy premium and benefit from a range of additional services and support.
Mark Keavney, Development Manager, Norwich Union said "Norwich Union is at the centre of many innovative initiatives, for example 'Pay as You Drive' insurance. Masternaut enables fleet owners and operators to benefit from our forward thinking and gain a return on their investment. By actively managing vehicle and driver activities with the Masternaut service we can work together to reduce both the risk of claims and also claim costs."
The Norwich Union 'Fleet Telematics' Insurance Product rewards fleet owners and operators who have invested in an approved telematics device. As part of the agreement between the insurer and the insured a monthly activity report is presented by Masternaut directly to the insurance company. This report provides Norwich Union with a range of vehicle and driver data including number of journeys, mileage and duration as well as details of the type of road used and the speed of travel.
Norwich Union analyse the Masternaut reports to calculate annual 'Risk Recognition Rebates' that are offered to the insured and can be up to 16% of their annual policy premium. Norwich Union also use the information to provide personalised risk management support, help to reduce claim costs, advice to improve efficiencies and assistance to the fleet manager in meeting their risk management responsibilities.
"It is important that we support our clients in every way possible, from providing the best product to the best customer service," said Martin Port, Managing Director of Masternaut UK. "This relationship with Norwich Union is another way we can provide benefit to our clients increasing their return on the investment they have made."
Masternaut is the UK and Europe's leading provider of vehicle telematics; their easy to use web based service provides minute-by-minute vehicle tracking using advanced satellite positioning, high-speed mobile communications and online street mapping.
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