Telematics proves a hit
Abbey Insurance, Northern Ireland’s largest locally owned insurance broker, has reported a 20% better claims ratio having introduced telematics six months ago.
Six months ago, Abbey Insurance, introduced a telematics based insurance offering with the aim of reducing premiums for younger drivers. Launched in partnership with Tracker, Abbey Box has proved highly successful with over 600 units sold and a 20% better claims ratio when compared to its non-telematics business.
David Wilson, chief operating officer at Tracker said, ‘A 20% improvement in loss ratio is a great result this early into the launch of the Abbey Box and sales continue growing. The success of this partnership confirms how telematics technology is today assisting insurers in delivering added value to their customers by helping them to improve their driving style. This in turn, helps insurers evaluate a customer’s risk more accurately, protects customers from unnecessary insurance premium increases and enhances the customer experience, when it comes to renewal.’
Tracker’s telematics system comes as a compact, self-installed unit which fits to the windscreen. Using Tracker’s satellite technology, the Abbey Box monitors acceleration, braking, cornering and speeding, as well as other influential driver behaviour to calculate a driver score. This information is then shared with the customer, along with tips on how to improve. The Abbey Insurance Broking team review the policyholders overall score at renewal and adjust the premium either up or down.