Broker becomes first in Ireland to offer telematics-based premiums
Using innovative technology provided by insurance telematics specialist MyDrive Solutions, drivers will for the first time, be able to choose an insurance product based on how they drive rather than postcode, gender, marital status, location and occupation. Aimed primarily at the young driver market to tackle rising insurance premiums, the product could reduce premiums by up to 50%.
The Autoline telematics insurance scheme will offer 2000 policies to young drivers on a first-come, first-served basis. By partnering with MyDrive,@[email protected] Autoline plan to expand their business, offering responsible young drivers a cost-effective option for their car insurance. Autoline will be the first broker in Northern Ireland that has a telematics based proposition included within its insurance policy offering.
MyDrive became the telematics provider of choice due to the quality of data its technology captures and the ability to assess driver profiles against data gathered from the Royal Society for the Prevention of Accidents (RoSPA). Unlike early arrivals to the UK telematics market that record data at 30 second intervals, MyDrive captures data on a second-by-second basis and contextualises the data in relation to the underlying road network – building a true picture of a driver’s behaviour, enabling insurance companies to understand and accurately calculate the risk that each driver presents.
Michael Blaney (Inset), managing director at Autoline Insurance Group, commented: 'We are an insurance broker so it is our job to try to get the best deal for our customers. We looked at a black box system to monitor driving last year but the cost of installation outweighed the benefits. Working with insurance telematics specialist MyDrive Solutions, this new software has been developed for an Android phone as research shows this is the type of phone most young people can afford. The technology should be ready later in the summer for Blackberry devices and soon after for iPhone. This is a voluntary option with immediate savings of up to 40% on current premiums and potential for up to 50% with a good driving score.'
As part of the deal, policy holders will be provided with access to a secure web-portal and guided through instructions of how to download the MyDrive app onto their Android Smartphone. The app is activated each time the smartphone is plugged into the vehicle’s power source and will begin to record data on a second by second basis once the driver travels at over 10mph for longer than 10 seconds. The secure web-portal will also provide Autoline customers with the option to access quarterly reviews of their driving profile along with advice and tips on how to improve their driving behaviour. Having a consistent safe driver profile could result in the policy holder receiving a discount on their insurance premium.
Linden Holliday, chief executive officer of MyDrive Solutions, commented: 'We are proud to be the chosen telematics provider for Autoline and look forward to working closely with them to provide their first telematics-based insurance policy. We have worked very closely with RoSPA to ensure that our driver profiling is one of the best available to the current market. The partnership with Autoline demonstrates the increased demand for an alternative to the traditional proxy-based system used to price premiums.'