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

Optimal Blue partners with Arch Mortgage Insurance Company

According to the terms of the agreement, Optimal Blue will now provide Arch MI's competitive pricing and Rate Quote workflow within its eligibility and pricing services. Arch MI customers using Optimal Blue's services can now request for Arch MI's mortgage insurance premium rates for up to five loan products. [ Read More ]
08/29/2014

State Farm Makes Auto Claims Submission with Mobile Devices Easier

Unfortunately, we are all too familiar with the phrase, "accidents will happen!" Whether it is a fender-bender or a serious collision we have all been there and done that when it comes to capturing all of the information we need to submit a claim that insurance companies can easily and quickly process. To use another popular phrase, "It is a real pain in the neck." [ Read More ]
08/28/2014

Insurance Industry Increases Hiring for Technology Jobs

Insurance companies have lots of job opportunities for those with thecnology skills. [ Read More ]
08/28/2014

American National Insurance Company Selects iPipeline Solution

iPipeline, a company that offers on-demand marketing, selling, and processing solutions, recently announced that its AFFIRM for Annuities solution has been selected by American National Insurance Company, a provider of life and annuities products, to automate the advisor selling process. By supporting the customized workflows and streamlining the order-entry process, the solution allows financial institutions to meet their requirements for FINRA, SEC and state compliance. [ Read More ]
08/26/2014
FREE Insurance Technology enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!