VouchForMe team insurance is expanding in the Netherlands
As an award-winning insurance innovation, we are expanding our business across Europe. Therefore we interviewed 100 Dutchmen who drive a company car. To be a little more specific: we talked to company car drivers that work at companies with more than 50 employees. To find out if they would be open to our team insurance app. Because if we are going to talk to fleet managers, we want to be able to show them that their colleagues are open to the idea.
Here are some interesting findings about team insurance:
- One of our assumptions was that fleet managers love cars. But only a quarter of the people we interviewed agreed with “Our fleet manager loves cars more than I do.”
- 79 agreed that ‘some people do not handle their lease car as if it were their own.’
- Eleven disagree with “Safer driving should be rewarded”
- Seven disagree with the statement “Our fleet manager is interested in a solution that makes driving for me and my colleagues safer.’ So only one out of fourteen fleet managers isn’t interested in our benefit.
- The same amount of people agree that their fleet manager is succeeding in influencing them when it comes to safer driving.
- Only one of the 100 people we interviewed did not agree with the statement “I enjoy being part of a team.”
Our conclusion? We’re going to roll out the VouchForMe team insurance solution in the Netherlands. Our first two customers are a taxi company and a delivery company.
How do we help a taxi company?
A group of taxi drivers pays an average insurance premium of € 5.000 per year. With a team of 40 drivers, they each contribute € 2.500 to form a Team Pool of € 100.000. This Team Pool will be used for paying damages during the year. Because a lot of damages are covered by the Team Pool, the insurance company agrees to lower the premium to € 3.000. The total cost per driver in the first year are then € 5.500.
After a year the Team Pool will need to be filled up again, if there any were damages. When the drivers have no damages, there is no need to pay any money. Then the drivers will have a premium of € 3.000 (or even lower because of proven good driving).
This means a reduction of up to 40% depending on the driving behaviour of your team.
How we help a delivery company?
The owner of a delivery company has 100 vans and 200 drivers. He pays € 3.500 insurance premium per year per truck and € 2.500 deductible per accident. Over the past years, he paid an average of € 300.000 as a sum of the deductibles. His total annual insurance costs are € 650.000.
The owner forms five teams of 40 drivers. As he has no influence on the premium he builds the TeamPool only out of the deductible he pays per year: € 300.000 for five teams, makes a TeamPool of € 60.000 per team.
The owner decides to split the remaining amount at the end of the year 50/50 with the teams. So when a team has no damages they will receive a team bonus of 50% of the Team Pool is € 30.000.
The owner decreases costs and the team of drivers receives a bonus for driving safely.
Interested to learn more about team insurance?
Did you know that only 2% of all vehicle damage is caused by technology? And that only 2.5% of all vehicle damage is caused by the weather. The rest is caused by people. So if you want to save costs you have to influence behaviour. We do that effectively with our team app.