Telematics
Policy Insights
Retaining customers has historically been difficult for insurance companies as many policyholders focus purely on price and will turn to price comparison sites for the best deal when their current policy is up for renewal.
Delivering a tailor-made experience that goes above and beyond the norm that builds trust, brand loyalty and that retains consumers requires the need to understand your customer on another level. This enhanced understanding helps to meet and exceed their expectations. Understanding how customers utilise their policies, when and how they drive, and the health of their vehicles offers insurance companies insight into behaviours which allow them to offer not only a tailored solution but also the knowledge to retain these customers much more efficiently in the future.
Below are some ideas on how to build an eco-system to help retain customers.
The survey also showed that the majority of drivers (57%) would choose a telematics policy such as a pay-as-you-drive (PAYD) or usage-based insurance (UBI) solution if it reduced their renewal quote compared to a standard policy. The most receptive age groups to these policies were under 25’s (65%) and over 55’s (58%) with 35 – 44-year-olds the least likely to switch but the results showed still more than half (52%) of this age group were receptive.
Trakm8 is a trusted partner for many of the UK’s top insurers offering a full end-to-end telematics solution that allows seamless management of vehicles and customers at scale. The cutting-edge platform provides instant insight into journey information, exception reporting, fraud identifiers, crash detection and driver scoring. The platform works alongside an innovative customer app that offers an easy-to-use interface with an overview of driver data and scoring.
Adam Gooch, Managing Director for Insurance at Trakm8, added, “The results of our new driver survey really highlight the benefits to insurers of being able to offer a PAYD or UBI solution to drivers at renewal and how they can help increase customer retention rates.
It is also clear to see there is a shift in perception and a greater understanding of the benefits of a telematics policy from drivers in the UK and more awareness of reduced costs and rewards for good driving. Our comprehensive end-to-end insurance telematics solutions are designed to give insurers an easy route to market to offer their customers a leading PAYD or UBI policy.”
For more information on Trakm8, please visit: www.trakm8.com
*Research carried out by Research without Barriers (RWB) – APRIL 2023
