Insurers are missing opportunities to win new telematics motor insurance customers, according to research conducted by YouGov on behalf of Redtail Telematics.
The survey of more than 2,000 UK drivers found that 81% of the respondents have not had any form of communication from their motor insurance provider regarding telematics-based insurance policies and their benefits.
“The issue is that,” explained Redtail Telematics chief executive Dr Colin Smithers, “while the majority of insurers now have some form of telematics proposition, whether through a broker partnership or as a distinct part of their in-house capabilities, it is still seen as a niche part of their business and the benefit is limited to how telematics data is used to rate for risk, and how it can be used to better inform and incentivise safe driving.”
Smithers added: “The scope for benefiting from using telematics for motor insurance is far wider than this, including efficiency and clarity in the claims room, and the priceless opportunity to defend innocent drivers in the event of a claim extending even into the courtroom.”
The CEO believes that insurers need to continue engaging “ever more deeply” with motorists to better highlight the advantages and savings that telematics brings and to ensure buy-in.
