Motor Insurance - UK - March 2014
“The potential of telematics-based motor insurance is not being realised. Younger motorists who could save the most by using the technology are the least interested, while the reverse is true of older drivers. Motorists’ low estimation of their own driving ability could be behind the problem, with 36% of policyholders believing that their driving is worse than average. If motorists are to habitually use telematics they need to be nudged into doing so, by being shown the benefits – making the ambiguous concept of ‘safe driving’ more tangible.”
– Alexander Hiscox, Senior Financial Services Analyst
Some questions answered in this report include:
- What are the main factors holding back telematics?
- Are confusing policy documents damaging to brand reputation?
- How can more trusted relationships between motorists and insurers be formed?
- How can retention rates be boosted?
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