Flock is a London-based insurtech that provides fully digital fleet insurance for connected and autonomous commercial vehicles, utilizing real-time data analytics to assess driving behavior and risk. The platform offers premium rebates for safer driving, streamlined policy management, and flexible coverage options, addressing the high costs and administrative burdens associated with traditional fleet insurance.
Funding
$59.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+3Founders
Product
Problem
Traditional fleet insurance often relies on static data and infrequent assessments, leading to inaccurate risk evaluations and inflated premiums for safer fleets. Managing policies and handling claims can be time-consuming and administratively burdensome for fleet operators.
Solution
Flock provides a fully digital fleet insurance platform that leverages real-time data analytics from connected vehicles to dynamically assess driving behavior and risk. The platform offers premium rebates to incentivize and reward safer driving practices, enabling fleets to reduce their insurance costs over time. Flock streamlines policy management through a user-friendly online portal, allowing for quick vehicle adjustments and easy access to important documents. The company also offers fast and flexible claims processing with multiple reporting channels to minimize vehicle downtime and keep fleets operational.
Target Audience
Flock primarily targets commercial fleet operators across various industries, including courier services, own goods transportation, short-term and long-term rental companies, and taxi/private hire services, with a minimum of 10 vehicles.
Features
- Real-time risk assessment using telematics data to monitor driving behavior and identify high-risk drivers
- Premium rebates of up to 10% for safer driving, claims reporting, and maintaining a healthy loss ratio
- Digital policy administration for adding or removing vehicles in three clicks, with automatic updates to the Motor Insurance Database (MID)
- Centralized document portal for instant access to insurance documents from desktop or mobile
- Actionable risk management insights through real-time leaderboards and trip-by-trip analysis
- Multiple claims reporting channels, including QR code stickers, online portal, and 24/7 claims hotline
- Excess reduction incentives for prompt claims reporting
- Flexible insurance coverage levels, including fully comprehensive, third-party fire & theft, and third-party only options
- Compatibility with most UK telematics solutions; Flock can provide a telematics solution free of charge if the fleet is not connected