"How to keep car insurance premiums under control"
Earlier this month the Association of British Insurers (ABI) reported a steep rise in the cost of motor insurance. Now with premiums at a record high, consumers are starting to feel the pinch as the 11% price hike comes their way.
With the average cost of annual insurance now topping £484, almost all drivers are paying more for their cover according to the ABI's statistics.
This unprecedented rise is largely due to the government's decision to cut the personal injury Discount Rate and combined with last month's 2% rise in Insurance Premium Tax, policy pricing has been directly affected. There are also calls that mounting repair costs are to blame, as insurers pay the price for replacing damaged cameras, sensors and other hi-tech components.
But while it's been widely reported that those with the most expensive policies such as younger drivers will bear the brunt of these increases, according to analysis by consumer group Which?, older drivers are also being hit hard as it warned that failing to shop around could cost motorists aged over 65 almost £500 a year.
At Insure Telematics Solutions (ITS) we have been working closely with insurers / brokers to help them deliver, maintain and develop their telematics offering, putting them in a position whereby they are able to actively manage their risks, whilst aiding their efforts in tackling the rising cost of insurance.
Utilising our five 'pillars' of active risk management, insurers / brokers are able to take full advantage of the data provided by our telematics devices (either our own or those already fitted to a vehicle), again to help counter rising premiums. With the increase in claims costs driving up premiums to record levels, we can help manage insurers' books by providing greater insight into driving behaviours, thereby reducing risk.
So while you might be thinking that telematics is all about checking driving speeds and vehicle locations (which of course is true, but there's so much more to it), at ITS it's also about creating bespoke reports from a host of meaningful management information to enable insurers to improve their loss ratio.
How do we do this? Well, we've turned telematics on its head by asking what information insurers / brokers really want from the devices installed in their policyholders' cars. By doing this, we're able to provide detailed / relevant information during the life of a policy and in the event of claim, which serves to ultimately to save insurers / brokers money.
Based in Peterborough, our team of telematics specialists provide the levels of knowledge and expertise that can only be gained from time spent working within the insurance industry, and armed with this, we are able to provide a unique approach when it comes to delivering outstanding telematics propositions.
Want to know more about how ITS could assist your organisation? Please contact us by telephone on 01780 769317, or alternatively by email at firstname.lastname@example.org