By FintechNews staff

-There are an estimated 975,000 telematics insurance policies active in the UK, according to the latest figures from TheBritish Insurance Brokers’ Association (2018) out of approximately 33 million registered cars.

-Telematics car insurance is a way to track and score someone’s driving and thus decide how much to charge you for car insurance.

-This is particularly important for young drivers who would otherwise face high or unaffordable car insurance premiums.

-Young drivers, careful drivers and low mileage drivers can save up to 60% at renewal by installing a telematics product in their car, which reports the quality of their driving back to the insurance provider via GPS.  In fact, it is predicted 88% of new cars will carry integrated telematics within five years.

– insurethebox proactively communicates with its policyholders who display risky driving behaviours, providing them with the information they need to improve their driving. Amongst its communications is their award-winning Speed Reduction Programme,  which has seen upwards of 86,000 drivers reduce their speed by 22%, leading to a 6% reduction in accident frequency amongst its customers – helping to prevent an estimated 1,191 accidents and a further 50 serious injuries in the past 5 years

-Warren Hetz, UK CEO of Aioi Nissay Dowa Europe, parent company of insurethebox comments: “Our telematics products have long-provided an opportunity for drivers to improve their driving behaviour and earn rewards by providing a level of insight unavailable with traditional insurance. As a business, we observe the benefits of safer driving by our customers on a daily basis, and through this partnership with one of the UK’s pioneers in the insurance comparison space, we endeavour to expand our reach and provide these benefits to more drivers, of all ages.”

-A recent report linked further development in connected car technologies, based on current market trends, with an estimated 72,000 jobs in the industry and £2.7bn gross value added to the economy by 2035