Insurance Technology Featured Article

Know Your Money Website Witnesses Huge Increase in Telematics Car Insurance Traffic

September 05, 2012

Know Your Money - a financial comparison and advice website that helps users make informed decisions when purchasing or applying for financial products, has announced that it is experiencing 70 percent month-on-month increase in traffic for telematics car insurance policies.

The company officials said that the search numbers for the telematics car insurance product have been sustained at a steady rate of growth between March and August 2012, with 70 percent representing the average monthly increase during that period.

Telematics car insurance is also known as 'black box' insurance, in which a device is installed into a customer's car which monitors the way that they drive. Those that drive safely are rewarded with cheaper policies.

Know Your Money joint founder, Jason Tassie said he was pleased to witness the upwards trends. He said that, "The growth in interest for telematics insurance products has been explosive so far this year. It's something that we're delighted to see here at Know Your Money.”

Adding, "Rising car insurance policies have priced many young people out of the market in recent years and it is unfair to punish the majority because of the actions of the few. Telematics car insurance policies have been proven to reduce car insurance costs significantly for young people and the early evidence suggests that road safety will improve too. We therefore see telematics as very much a product that is in line with our values as a consumer champion in the finance market."

Car drivers, and especially telematics policy holders, are trying their luck to get cheaper rates on their car insurance by sticking to number of driving standards. Their average speed, how much they drive and where, their breaking habits and how fast they go round corners will all be transmitted back to the insurer by the device. The company will then analyze the data to decide how much the customer pays.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO West 2012, taking place Oct. 2-5, in Austin, TX.  Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.




Edited by Brooke Neuman

Article comments powered by Disqus

Related Insurance Technology Articles

Auto Insurance Telematics Poised for Explosive Growth

Smart cars are getting smarter and have become foundational elements of our increasingly connected world. The data they generate pertaining to things like driver habits, the car condition and adherence to maintenance best practices, where the car is driven, where it calls home, etc. are all critical in determining insurance premiums. In fact, they are what will enable insurers the ability to reward customers who are good drivers and good owners while charging higher rates for those who are less … [ Read More ]
10/23/2014

Allscripts and ScriptSave Partner on Prescription Savings Program

While much attention in the insurance world is centered on using technology to improve the customer care of people with insurance, there are also efforts underway in the U.S. to help those without insurance get timely access to affordable medications. These efforts ultimately have the impact of bending the cost curve for medicines for everyone. [ Read More ]
10/23/2014

Leveraging M2M and IoT Services can Help Conventional Insurers Face Competition, says SAP Study

SAP SE stated that a recent study sponsored by it, revealed that long-standing insurance providers need to leverage and experiment with machine-to-machine and the Internet of Things and also invest more in customer-related technologies in order to gain a competitive advantage over non-insurance companies. [ Read More ]
10/21/2014

Vlocity Introduces Two New Cloud Apps Built on Salesforce1 Platform

Vlocity designs and creates industry-specific applications on the Salesforce1 platform to provide organizations with functional cloud in mobile software solutions that embed industry best practices and business processes. These applications take away all the hard work of integrating the latest technology and the processes an organization needs in one single app that can be deployed across different devices. With Vlocity, organizations are able to improve customer experience interactions across t… [ Read More ]
10/21/2014
FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!