The uptake in telematics is particularly high in younger drivers looking to save on expensive premiums through good driving.
And now, global telematics provider Octo Telematics has teamed up with Girls Drive Better, the flagship brand of Policywise which offers telematics-based insurance for young women – who are deemed less risky drivers.
Octo will provide a full range of telematics services and data analytics to Girls Drive Better, which was established following the EU Gender Directive of 2012, which dictated that insurance pricing could no longer take into account gender – whether or not men or women were less risky drivers.
“The female demographic, particularly those aged 17 – 25, is traditionally believed to be a safer risk for insurance companies than men of the same age group,” Martin Williams, MD Octo Telematics UK, said.
“With telematics, however, insurers are able to drill deeper and offer precise policies for individuals without relying on traditional categories.
“Girls do often drive better and more safely, and by working with Girls Drive Better and Policywise, we can make sure they receive the benefits as well,” he added.
The telematics system will allow for more accurate risk pricing and streamlined claims management, Octo said in a release, and will give female drivers a better understanding of their behaviour behind the wheel, plus a personalised policy.
Insurers that have partnered with Octo have achieved double-digit improvements in Combined Loss Ratio, the firm said.
Simon Jackson, CEO of Policywise, said: “We have seen some very encouraging business results since beginning our work with [Octo], as their expertise also helps ease the sometimes complicated process of actually installing telematics boxes—a process which can sometimes be a pain point for customers.”
“The functionality and scoring that they provide are of a very high level and fit perfectly with our brand,” Jackson added.
As part of the agreement Octo will provide sensors, Driver Behavior Scoring, a First Notification of Loss (FNOL) platform and Stolen Vehicle Recovery (SVR).
