The award recognizes the innovative solution created for the motor fleet industry by the strategic partnership between Lockton and tech startup Taxieco.
(Hong Kong) – Lockton Hong Kong team received the Auto Insurance Initiative of the Year - Hong Kong category win at the prestigious Insurance Asia Awards on 9 July. The accolade came amid Lockton’s successful venture with TaxieCo where live telematics driving data met professional risk analytics that truly benefited usage-based insurance (UBI) cost estimations and helped reduce loss for both fleet operators and insurance companies.
Held in Marina Bay Sands Expo and Convention Centre of Singapore, the Award Dinner gathered hundreds of representatives all over the region to celebrate outstanding companies in the insurance sector that have redefined traditional boundaries through groundbreaking innovation and have left a profound impact on customers and in the industry.
Pioneering in using statistical modelling techniques to convert telematics data into underwriting relativities, Lockton and TaxieCo have brought light to taxi insurance industry through not only pinpointing specific driving behaviours leading to accidents, but also providing ongoing statistics to operators/owners on whether their drivers are acting diligently.
“Fleet operators complemented by greater transparency on their fleets, insurers satisfied by more underwriting or claims information, owners with more competitive premiums, drivers and passengers with greater efficiency and more importantly, better road safety will perhaps be the only obstinate items on the list which will remain unchanged as the UBI model is highly flexible to accommodate the needs of its respective stakeholders,” said Olive Lam, Advisor - Risk Solutions of Lockton Greater China.
Moreover, this initiative has been well-received by various government agencies which have provided subsidies and technology vouchers to taxi operations in support of the initiative and the Hong Kong Smart City Blueprint. With the ever-growing number of taxis installing the device and recognition from the insurers, this innovative project is also extending its reach to commercial fleets across jurisdiction.
In the era of machine learning, industry experts have emphasized the importance of leveraging new technologies and data to mitigate risks and enhance customer engagement for insurers and brokers alike. Lockton’s initiative plays an important role in reshaping traditional business models in Hong Kong’s taxi insurance industry. It accelerates the digital transformation for both insurance companies and taxi operators. With the subsidies from the government to these operators, the initiative has boosted public private partnerships. The initiative and its UBI products have great technical feasibility and scalability which also accentuate the importance of feedback and customer experience at the core – the principles that Lockton has always been focused on. All these merits made Lockton’s award well deserved.
About Lockton Companies (Hong Kong) Limited
Lockton Companies (Hong Kong) Limited, established in 1985 and controlling office of the Greater China’s operation of Lockton Companies LLC, is a leading provider of risk consulting, insurance broking services and employee benefits solutions to a wide range of businesses. Our operation today comprises of over 130 experienced professionals and our operating divisions cater to our clients' needs and offer them access to experts around the globe.