Abbey Insurance reaps the benefits of TRACKER’s telematics expertise
Date: 09 May 2016
Six months ago, Abbey Insurance, Northern Ireland’s largest locally owned insurance broker, introduced a telematics based insurance offering with the aim of reducing premiums for younger drivers. Launched in partnership with TRACKER (part of the Tantalum Corporation), the Abbey Box is proving hugely successful with over 600 units sold and reporting a 20% better claims ratio compared to its non-telematics business.
TRACKER’s advanced telematics system comes as a compact, self-installed unit which easily 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 their Score. The Abbey Insurance Broking team review the policyholders overall Score at renewal and adjusts the premium either up or down, but drivers can see premiums reduce by as much as 50%.
John McMichael Insurer Relations & Business Development Director for Abbey Insurance, comments, “We chose TRACKER because of its outstanding telematics pedigree and proven expertise in the insurance sector. Through our partnership with TRACKER, we are now offering our customers, particularly younger drivers, a bespoke insurance solution that encourages and rewards safe driving behaviour.
“From the outset of the launch, we’ve had an extremely positive reaction to Abbey Box from both our customers and staff alike. Customers find it easy to install, with quick access to accurate and helpful driving data, and our staff benefit from TRACKER’s intuitive technology that enables them to monitor and act on reports, right down to dangerous speed alerts. All of this helps us deliver a bespoke service and offer competitive premiums, which encourages safer driving and boosts customer retention.”
David Wilson, Chief Operating Officer at TRACKER adds, “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.”