BIBA partners with Marmalade
The British Insurance Brokers’ Association (BIBA) has teamed up with member Marmalade to provide a young driver telematics scheme.
The new scheme will allow BIBA members to increase their share of the growing young driver market by offering competitive average premiums for 17 – 24 year olds on a full or provisional licence.
The launch follows recent research from BIBA showing that the use of telematics policies continues to rise, with live policies increasing by nearly 25% year-on-year to exceed three quarters of a million in 2016.
Mike Hallam, BIBA’s head of technical services, said, ‘The young driver market is notoriously tough and it can be difficult to find competitive rates. This scheme will provide a solution for members who are looking to place motor insurance for their clients and haven’t yet been able to successfully compete. Telematics is a growing product and we hope this will work well for both brokers looking to enter the young driver market and also those looking to place the small pieces of business for existing clients.’
Crispin Moger, CEO of Marmalade, commented, ‘We know that telematics makes a big difference to the safety of a young driver. In fact studies show that one in five young drivers in the UK have an accident within the first six months of passing their test, but with our customers this figure significantly improves to only one in 16 – making our young drivers three times safer.’