- Newslink Global Insurance Trends-The Week
- Novidea breaking the mould
- Fitch reports Spanish insurance sector appears to have good prospects for profitable growth
- Global Federation of Insurance Associations(GFIA) publishes Annual Report for 2017-18
- GFIA elects Arias as President and announces new executive committee appointments
- CII appoints International Director
- Lloyd's appoints Maidment as independent non-executive of the Lloyd's Board from February expired
- European Supervisory Authorities(ESAs) issue a consultation paper on targeted amendments to the Delegated Regulation covering the rules for the Key Information Document(KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs) expired
- JLT shareholders overwhelmingly approve Marsh & McLennan’s agreement to acquire the broker expired
- AIR's Touchstone catastrophe modelling solution chosen by Arch Worldwide expired
- US InsurTech Pricing Platform aims to transform commercial property underwriting with its flagship app U1 expired
- Willis Towers Watson providing Ticker, a new telematics insurer launching in early 2019, with the latest version of its Radar pricing software expired
11th July 2018
Admiral launches a new telematics van policy-Littlebox for Van
Admiral has launched a new telematics van policy to help ‘drive down’ costs for customers and reduce the number of vans that are stolen every year.
Admiral says it is first major insurer to introduce telematics for van drivers with the launch of Littlebox for Van.
It aims to meet the growing demand for ‘black box’ insurance policies and help to dispel the myths about ‘white van drivers’.
Last year, just 1% of all Admiral van related claims involved the vehicle changing lanes into another driver.
Around 7% were for vans crashing into parked vehicles and 8% involved vans hitting the rear of another motorist.
Telematics policies allow drivers to influence their own premium by rewarding good driving behaviour throughout the year and at renewal.
The small telematics device is fitted by a professional engineer behind the van’s dashboard to monitor how the vehicle is driven. This includes the location, speed of the vehicle, braking and miles covered–something to consider for van drivers who spend a lot of time out on the road every day.
A driving score is then calculated for the customer, which determines the discount they can get on their insurance premium at renewal.
Admiral’s Littlebox device also includes a built-in theft tracker to help Admiral locate any stolen vehicles.
Telematics are particularly popular with younger, less experienced drivers looking for ways to reduce their insurance costs but they can help any good driver get cheaper insurance.
Gunnar Peters, Admiral’s head of Telematics, comments “Telematics motor insurance policies work differently to traditional insurance policies where we look at a range of factors such as age, occupation, location and vehicle type to calculate a premium based on claims data. While these factors do play a part in telematics, we also use electronically-gathered data to calculate, and recalculate, your quote based on how good a driver you are. This helps motorists to get a price for their insurance based on how they drive, and 80% of Littlebox customers get a discounted price at renewal.
“In the past van drivers have had a bad reputation for their driving behaviour, but our data shows that a very small number are actually involved in accidents compared to all vehicles on the road. Littlebox for Van will help us dispel this myth even further, and make van insurance more affordable for drivers of all ages.”
Admiral Trends(131 articles)