Trak Global Group provides its partners with the very latest in technology to enable and support telematics insurance propositions. Usage-based insurance products can be designed around either our iBox or PhoneBox technology platforms, the choice usually determined by the market segment being targeted, and/or level of premium being collected. All of this supported with a wide range of digital, marketing and administration services enabling us to deliver complete insurance solutions for you.
In addition to launching our own, award-winning young driver insurance brokerage, Carrot, in September 2012, we’ve worked closely with major insurers, brokers and motor manufacturers to help them build their own digital insurance ecosystems. Unlike most other telematics solutions providers (TSPs), we offer far more than just technology. Trak Labs works with our partners to gather the insight which helps shape the customer-facing proposition; Trak Global Telematics provides everything from device management through to policy administration system integration and hosting; and Trak Global Insurance Services provides full customer lifecycle support as and when required, to cope with the increased frequency of customer touchpoints with effective UBI.
Whether it’s in personal lines motor, or commercial fleet insurance, the presence of telematics to enable ‘pay-how-you-drive’ or ‘pay-as-you-drive’ insurance solutions has already proven to be a game changer. The ability to identify lower and higher risk drivers, and intervene accordingly to make roads safer and prevent claims, is at the heart of the digital insurance revolution, but the benefits span the entire value chain…
By building tech-enabled, value-adding UBI propositions predicated on safer driving, you have the opportunity to cherry-pick risks – attracting a better profile of customer who is willing to embrace the exchange of their data for benefit; whilst deterring or enabling rapid identification of those with higher indicators of risk.
The onboarding process for telematics propositions uniquely provides an opportunity for early identification of customer confusion at best, fraud at worst – from visible asset checks that highlight undeclared modifications, to the ‘gaming’ of overnight postcodes, through to under-declaration of annual mileage.
Seeing how your policyholders actually drive, rather than relying on predictive profiling, permits a high degree of dynamic risk management during the policy term. Using the data, and acting on it, enables accident frequency and cost of claim to be mitigated significantly – think of it as ‘claims prevention’.
Inevitably, accidents do happen – and our i-Box unit is capable of detecting them when they do. Being able to reach out to customers at a moment of distress and guide them through the process makes not only for a superior claims experience, but helps shorten it and drive out cost, too.
Knowing when an accident has happened is extremely valuable. And being able to rely on forensic levels of detail around the actual circumstances beneath a claim, rather than sketchy post-event accounts from the parties involved, is of great benefit. Telematics makes both these things possible.
In increasingly price-sensitive, aggregator-dominated markets, the ability to fine tune renewal pricing based on explicit knowledge of an individual’s propensity to bring about a claim gives true competitive advantage. Stickier, value-adding propositions make the potential for churn less of a foregone conclusion, too.
Black Box telematics
Mobile app telematics
In October 2015, Carrot launched its Better Driver product, the UK’s first mass-market, app-based telematics motor insurance proposition, built on Trak Global’s PhoneBox platform. The product is focussed on more experienced drivers, some of whom may have graduated from a ‘black box’ policy , but many of whom will have chosen it from a wider offering of standard motor products.
Better Driver customers link their smartphone app to their insured vehicle through a unique Bluetooth ‘handshake’ process, and the app then gathers the same driving data on speeding, cornering, braking and acceleration as a black box, without any further user intervention. Safer drivers are then rewarded with a weekly ‘Treat’ through the app, which can be redeemed digitally via a series of big-brand partners. Carrot’s insurer panel members benefit from the use of this technology in a number of ways. Using an app removes around 85% of the costs associated with hardware-based telematics. And, just as critically, the driver scoring algorithm used is highly predictive of loss, enabling real-time risk management and intervention throughout the policy year for lower scoring drivers.
Better Driver has delivered sufficient proof of concept for a number of insurers, brokers and OEMs to now exploit the underpinning PhoneBox platform to launch their own app-based UBI products. Trak Global Group is currently developing propositions using this platform for launch into a number of international markets through 2017, including Spain, Italy, Canada and the US, both under the Carrot brand and the identity of its corporate partners.
For media enquiries and speaking opportunities please contact Ben Welsh via email@example.com.