Smartdriverclub, the UK’s first telematics broker to offer a complete range of connected car benefits alongside telematics insurance to safe drivers, has expanded its underwriting capacity in the young driver market with the addition of Covéa to its insurance panel.
Smartdriverclub launched in 2016 with a mission to reward good drivers by insuring only those who drive safely, enabling the broker to offer discounts at renewal of up to 60%. Policyholders also benefit from services such as ‘MyMechanic’, ‘Crash Assistance’, ‘Where’s my Car?’ and ‘Business Miles’ for expenses reporting, all managed via a smartphone app.
Penny Searles, CEO of Smartdriverclub said: “The average age of our policyholders is 35 which makes us one of the few telematics brokers serving the mainstream market. This new relationship with Covéa however, will allow us to grow our share of the young driver market as part of a clear strategy to increase GWP via aggregator sites by 200% over the next 2 years.”
“Unlike the traditional motor insurance model where dual pricing is rife, we reward rather than penalise at renewal so our churn rates are very low. We can do this because we use the connected car data we gather to reduce our loss ratios. All insurers should be looking at how they will use connected car data in this way – it will be a matter of survival as motor manufacturers learn to monetise the data from connected vehicles.”
Sue Coffey of Covéa adds: “Smartdriverclub has challenged the concept of motor insurance from day one, delivering a complete package of services that protect motorists in every sense. We are delighted to join the insurance panel.”