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Insurance giant moves in telematics

By / 9 years ago / Latest News / No Comments

The partnership with Ingenie is the first telematics initiative announced by RSA this year and is part of the insurer's strategy to build its tracking capability. 

Richard King, Ingenie founder and chief executive officer, said: ‘We set out from the start to work with two major motor insurers and so we are delighted to be announcing our partnership with RSA, which complements the success we have already achieved working with insurer Ageas. 

‘This new partnership will clearly help to extend our reach and 'quotability' and satisfy the rapidly increasing demand for telematics insurance in the UK.’ 

Ingenie, which was launched at the end of last year, uses telematics technology from backer Williams F1 to build a picture of a driver's individual style and reward those who drive well with cheaper insurance premiums. To incentivise better driving, individual insurance premiums will be reviewed by RSA every three months, with the best and most improved drivers rewarded with discounts. 

The in-car device, which is fitted for free, includes a high frequency motion sensor which captures driving data at 10 times per second. Customers receive regular updates on their driving via Twitter-style messages. 

The telematics-based insurance market is growing, with the AA the latest company to launch black box technology through its Drivesafe product.

It follows offerings from Cobra UK, TomTom Fair Pay Insurance, Insurethebox, MyDrive Solutions and Co-Operative Smartbox.

All offer insurance premiums based on driver performance, generally through a points-based system whereby speeding and hard cornering lose points whereas safe, economical driving gains points.

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