Norwich Union, Cobra, Tracker and Ecutronic Technologies Redefine the Proposition of Telematics and Insurance Partnerships

Share Article

With insurance premiums weighing heavily on commercial fleets, the burden for fleet owners is increasing. Specifically for fleets, the "Pay how you drive" scheme is being introduced by brokers and insurance companies who are keen to capture data from customers in order to calculate the risk of a fleet as well as reduce their own risk of the customers they insure.

Norwich Union, Cobra, Tracker and Ecutronic Technologies redefine the proposition of telematics and insurance partnerships.

With insurance premiums weighing heavily on commercial fleets, the burden for fleet owners is increasing. Specifically for fleets, the "Pay how you drive" scheme is being introduced by brokers and insurance companies who are keen to capture data from customers in order to calculate the risk of a fleet as well as reduce their own risk of the customers they insure.

Due to the fickle nature of the commercial vehicle insurance market, the broker industry needs to secure long-term customers, and telematics provides them with a new element to discuss when negotiating with new and existing fleet customers.

"The results from some early pilots indicate that fleets using telematics data as a risk control tool can reduce their claims by up to 11%. Given the fact that the UK fleet insurance market is worth around £4.5 billion, I would be very surprised if we didn't see considerable activity from insurers, brokers and telematics companies in this arena over the next few years," says Ian Walmsley, CEO, Eagle-i Telematics.

There are various business models being trialled by brokers, insurance companies and telematics service providers, with each member having a varied level of responsibility. In terms of after-sales service, data monitoring and analysis, and risk calculation, among other factors, there are partnerships working in different ways.

However, the communication and understanding between insurance underwriters, brokers and telematics service providers could be improved, and the market is looking at a large unfulfilled potential.

Telematics Update's LCV Management 2007 conference, which takes place on 8th - 9th November in London, has been created as a platform for visionary companies in these three areas to discuss their involvement and pursuit of success in the telematics-enabled risk management arena. With Norwich Union providing the insurers' perspective, and Towergate discussing brokers' requirements, this event provides the opportunity to gain an insight from each perspective, while insurance companies, brokers and telematics service providers will thrash out the barriers in pursuit of the best business models to make this collaboration work.

See the revised agenda which includes new insurance-focused sessions making LCV Management 2007 an un-missable event for businesses keen to access profits in the LCV segment! As well as risk management, Ecutronic Technologies will be present a case study on their insurance partnership with Linea Directa (Direct Line Spain) and will provide insight on how to profit from eCall, remote diagnostics and road side assistance applications and services. To learn more about the conference, the topics and the confirmed speakers visit: http://www.telematicsupdate.com/info/376

The confirmed speakers include senior executives from Norwich Union, The Carphone Warehouse, BP, HM Revenue & Customs, TomTom WORK, Masternaut and more.

For more information about this event, e-mail Puja Pankhania at puja(at)telematicsupdate.com or phone 44 207 375 7563, or 1 800 814 3459 ext 251 (US toll-free)

About Telematics Update Magazine:
Telematics Update provides a free print magazine, weekly e-newsletters and business information for senior executives with an interest in wireless automotive technologies: Telematics Update has been organising leading business conferences in the USA, Europe and Asia-Pacific since 2000.

Visit http://www.telematicsupdate.com for more information.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

PUJA PANKHANIA
Telematics Update
+44 (0) 207 375 7563
Email >
Visit website