Smartdriverclub expanding to meet demands
Demonstrating the increasing consumer appetite for usage-based insurance, and connected car services, Smartdriverclub Insurance is expanding its underwriting capacity to meet demand as part of a strategy to increase its GWP via aggregator sites by 200% over the next 2 years.
Since launch in 2016, with a clear policy to reward good drivers by insuring only those who drive safely, the business has experienced rapid growth whilst maintaining a better performance in both loss ratio and frequency through effective use of the connected car data. As a consequence Smartdriverclub Insurance is able to promise discounts of up to 60% at renewal.
Smartdriverclub Insurance is one of the only telematics insurance providers to be targeted to the mass market using data collected via a self-installed OBD device. The majority of customers are over 25 years and there are plans to specifically grow in the older market that is currently neglected by the mainstream. Insurance customers enjoy free membership of Smartdriverclub, with services such as ‘MyMechanic’, ‘Crash Assistance’, ‘Where’s my Car?’ and ‘Business Miles’ for expenses reporting, all managed via a smartphone app.
Penny Searles, CEO of Smartdriverclub Insurance said, ‘The volume of business we are transacting via aggregators, whilst maintaining our key strategic objective of lower than market loss ratios, has exceeded our expectations. We are therefore focusing on building up our capacity relationships to extend our presence on the PCWs and for our club members who opt to take insurance directly with us. ‘