Hylant, a large privately owned insurance brokerage in the US, has launched RoadPilot, a pay as you go insurance service for the restaurant home food delivery industry.
The insurer worked with Obsidian Insurance Company, an insurance holding company that issues policies underwritten by MGAs and others.
The program claims to implement a unique model, which leverages real-time monitoring of driver behaviour with the assessment of risk. Its program is aimed at restaurant groups with 20 or more locations.
Hylant claims traditional insurance products have gaps in coverage for businesses that use delivery drivers, because it is based on industry averages and applied universally regardless of the drivers’ liability profiles.
Roadpilot can build premiums that reflect driver behaviour and the miles travelled. Some of the factors it accounts for in its pricing are hard braking, rapid acceleration, speeding, unsafe manoeuvres and phone usage.
Obsidian Insurance Company CEO William Jewett said, “We are thrilled to partner with a highly respected program partner that has strong and proven expertise in the restaurant and food franchise industries.
“The RoadPilot program brings a much-needed product to the food delivery segment and has developed an innovative approach to more accurately price risk with the incorporation of telematics. We look forward to a long-term partnership with Hylant as well as the strong panel of reinsurers supporting the program.”
RoadPilot is an app-based technology that installs on a driver’s pone. The service also includes a dashboard and gives managers real-time data to monitor driving.
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