- FCA publishes final report of its Wholesale Insurance Brokers market study-no evidence of significant levels of harm that merit the introduction of intrusive remedies but some areas of concern with scope for improvement
- EIOPA issues Recommendations for the insurance sector in light of the UK withdrawing from the European Union without a withdrawal agreement
- Insurance Europe responds strongly to recently-published US Treasury/Internal Revenue Service’s proposed Base Erosion and Anti-abuse Tax (BEAT) regulations
- SCOR "delivers robust growth and solid recurring profitability" in 2018 says CEO Kessler
- KPMG report indicates UK InsurTechs saw over $1bn of investment activity through 2018, up from $792m in 2017
- Allianz increases fund size of digital investment unit to E1bn
- DeadHappy, the UK’s first fully digital life insurance brand, launched expired
- The Floow involved in UK Government’s UPLIFT project to enhance technologies in improved risk understanding for motor insurance products making mobility smarter and safer for all expired
- Unions and insurers issue joint warning about burden of significant increase in EU regulation on insurance workers expired
- FCA announces Goldwag as new Chair of the independent Financial Services Consumer Panel expired
- Antares appoints Battle as CEO expired
- Arig has tough 2018-has taken certain measures to reorganize its Lloyd’s book of business expired
11th July 2018
Admiral launches a new telematics van policy-Littlebox for Van
Admiral has launched a new telematics van policy to help ‘drive down’ costs for customers and reduce the number of vans that are stolen every year.
Admiral says it is first major insurer to introduce telematics for van drivers with the launch of Littlebox for Van.
It aims to meet the growing demand for ‘black box’ insurance policies and help to dispel the myths about ‘white van drivers’.
Last year, just 1% of all Admiral van related claims involved the vehicle changing lanes into another driver.
Around 7% were for vans crashing into parked vehicles and 8% involved vans hitting the rear of another motorist.
Telematics policies allow drivers to influence their own premium by rewarding good driving behaviour throughout the year and at renewal.
The small telematics device is fitted by a professional engineer behind the van’s dashboard to monitor how the vehicle is driven. This includes the location, speed of the vehicle, braking and miles covered–something to consider for van drivers who spend a lot of time out on the road every day.
A driving score is then calculated for the customer, which determines the discount they can get on their insurance premium at renewal.
Admiral’s Littlebox device also includes a built-in theft tracker to help Admiral locate any stolen vehicles.
Telematics are particularly popular with younger, less experienced drivers looking for ways to reduce their insurance costs but they can help any good driver get cheaper insurance.
Gunnar Peters, Admiral’s head of Telematics, comments “Telematics motor insurance policies work differently to traditional insurance policies where we look at a range of factors such as age, occupation, location and vehicle type to calculate a premium based on claims data. While these factors do play a part in telematics, we also use electronically-gathered data to calculate, and recalculate, your quote based on how good a driver you are. This helps motorists to get a price for their insurance based on how they drive, and 80% of Littlebox customers get a discounted price at renewal.
“In the past van drivers have had a bad reputation for their driving behaviour, but our data shows that a very small number are actually involved in accidents compared to all vehicles on the road. Littlebox for Van will help us dispel this myth even further, and make van insurance more affordable for drivers of all ages.”
Admiral Trends(131 articles)