Advanced telematics and driver behaviour management specialist, Risk Technology, has partnered with Fresh Insurance for the launch of the group's new telematics car insurance product, Autosaint.
Autosaint, which holds an exclusive installation partnership with national retailer Halfords, uses telematics to help young drivers improve skills and reduce the cost of their insurance.
Car insurance premiums have shot up by a staggering 80% in the past two years, with the average car insurance policy for a young driver now stands at £1,959 for women and £3,730 for young men aged 17-25*. Telematics policies, which involve having a black box fitted in the car to monitor driving habits and base premiums on how safe policy holders are, can bring premiums down by as much as 70%. Autosaint's policies are up to £1,900 cheaper for young men and up to £600 cheaper for young women compared to average.
Autosaint's hi-tech telematics box, devised by Risk Technology, encourages careful driving by monitoring and reporting on driver behaviour and measuring speed, braking and acceleration.
Risk Technology has provided Autosaint with an end-to-end solution that has encompassed managing unit installation, commissioning, mobile communication and customer portal website development. The telematics device is fitted discreetly out of the way under the dashboard, takes less than an hour to fit and does not affect the performance of the car in any way.
Uniquely, the insights from the telematics technology, including where and at what time the car has been driven and if any high-risk actions have occurred, is available to parents 24/7 via the Autosaint online dashboard, provides parental peace of mind.
Stuart Whalley, spokesperson for Autosaint, comments: “For many young people, passing their driving test and owning a car is their ticket to freedom, yet for parents it brings concerns over safety and finances. Autosaint offers responsible young drivers a very competitive premium and peace of mind for parents. We’ve found that active parental involvement for young drives encourages responsible driving and therefore helps keep premium prices down.”
A win, win scenario for both insurer and customer alike, Risk’s analysis of driver behaviour following the installation of hardware in the vehicle has shown that at the end of eight weeks drivers significantly improve their driving skills. Good drivers becoming excellent, middling drivers become good and poor drivers improve to an acceptable standard. In addition, less speeding and sharp braking as well as better use of gears, results in large fuel savings as well as safer drivers.
Commenting, Mark Packman Managing Director of Risk Technology says: “Young drivers between 17 and 24 are statistically more likely to be involved in a car accident. However we are aware that many young drivers are financially penalised when in fact they drive carefully. Our technology allows Autosaint to reward those good drivers with realistically priced premiums as well as a means to save them hundreds of pounds per annum through better fuel economy.”
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