Road Pricing Schemes Offer Data Opportunity For Insurers

The government seems to be aware now that forcing petrol and diesel vehicles off the roads will actually punch a huge £35 billion hole in the public sector budget. Solution? A PAYG tax per journey could replace fuel duty and VED combined by 2035. Naturally that means tracking vehicles in real time, which in turn creates a huge wealth of data which could be very useful for insurers and brokers alike.

Here’s some comment from GeoTab;

David Savage, Vice President, UK & Ireland for Geotab:

“The recent Transport Select Committee report shows an innovative alternative approach to our current road tax system. Telematics is an often under-utilised tool that can reap huge cost and environmental benefits. Many UK businesses can already attest to the savings that can be realised by operating a fleet using telematics, and with its widespread introduction, its inherent environmental benefits can also be compounded.

“The key to telematics is in its simplicity. Through the installation of a small telematics device into a vehicle, a whole host of data can be accurately analysed, including location, speed, idling time, harsh braking and acceleration, fuel consumption and much more. All of this allows for optimum route planning, predictive vehicle maintenance and insights to enhance driver performance and safety.

“Geotab has 2.5 million telematics users worldwide and processes more than 40 billion data points daily. We can confidently vouch for the feasibility of applying telematics on a large scale and we eagerly await the Government’s response to the findings of the Transport Select Committee’s report in the coming weeks. We have the opportunity to introduce an ideal solution to road tax based fairly on people’s actual road usage, while at the same time greatly enhancing our national efforts in road safety and sustainability.”

About alastair walker 11366 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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