NZI has today announced a new heavy motor vehicle insurance programme which rewards commercial carriers that demonstrate safe driving behaviour.
The NZI and Lumley Safe Driving Rewards Programme offers an excess waiver for commercial vehicle operators that meet certain driver safety benchmarks.
The programme is a collaboration between the insurer and transport technology company EROAD. NZI and Lumley customers that have EROAD hardware installed in their heavy commercial vehicles, and where the vehicles are on an EROAD service plan that includes vehicle tracking, may qualify to have their excesses waived if their company’s driving record is rated in the top 25 per cent of all companies using the EROAD system.
Data collected by EROAD hardware is used to produce a safety rating for individual drivers, based on factors such as the frequency and severity of speeding events, harsh braking, and acceleration. Drivers are ranked against others in their organisation, with a star rating that compares them with other EROAD customers. Companies that are placed in the overall top 25 per cent of EROAD customers for driving performance may qualify for an excess waiver.
Ian Taylor, National Manager Commercial Motor for NZI and Lumley, said, “We understand the challenges faced by operators in creating safe workplaces. We want to be able to support our heavy motor customers to reduce risk and improve their driver safety rating. By benchmarking driver behaviour and rewarding high performers, we hope to do that.”
Under the Safe Driving Rewards Programme, joint customers of NZI and EROAD who opt into the programme also agree to share their data with NZI to allow NZI to research the development of heavy motor vehicle usage-based insurance products.
Mr Taylor said that “the collaboration between NZI, EROAD and our customers presents an exciting opportunity to develop a world-leading heavy motor usage-based insurance product that will benefit both the transport and insurance industries.”
EROAD CEO Steven Newman said, “Helping transport operators improve safety outcomes is a key focus for EROAD. We’re very pleased to have the opportunity to work with NZI to support our customers in promoting safer driving.”
EROAD hardware units are now installed in 25,000 commercial vehicles throughout New Zealand.
Customers can register for the programme on the microsite.
For further information contact:
NZI
Craig Dowling
Head of Corporate Affairs
Tel: 09 9 69 3983
E:craig.dowling@iag.co.nz
EROAD
Sara Goessi
Communications Manager
Tel: 021 634 909
E: sara.goessi@eroad.com
ENDS
About NZI
NZI is one of New Zealand's largest and longest-serving general insurance brands, providing a broad range of personal, rural and business insurance products through both its broker network and financial institutions channels.
NZI, including Lumley General Insurance in New Zealand, is a business division of IAG New Zealand which in turn is part of Insurance Australia Group (IAG), Australasia’s largest general insurer.
In 2014, for the fourth year in succession, NZI was voted Intermediated Insurance Company of the Year. It has a proud reputation for delivering innovative insurance solutions, supported by a solid record of focused, responsive performance. This is reflected in a Standard & Poor’s financial strength rating of AA- ("Very Strong").
For further information including information about NZI's financial strength rating go to:
About EROAD
EROAD is a leading transport technology and services company, headquartered in Auckland, New Zealand, with offices in Portland, Oregon, and Melbourne, Australia. EROAD’s in-vehicle technology and global electronic platform provides heavy transport operators with automated solutions to manage and pay road user charges, to meet regulatory and compliance obligations, and to provide a range of commercial services.