2nd December 2016

Trak Global caps record year with two more awards

High-flying telematics technology company Trak Global Group has rounded off a stellar 2016 by picking up two more insurance industry awards.

At the Insurance Times annual awards dinner, in London on 1 December, the fast growing business was awarded Customer Champion of the Year and Excellence in Motor Broking, both for its Carrot young driver brand.

Carrot MD Ed Rochfort said the business had hit upon a winning combination of lower premiums and active risk management to support young drivers, who are at high risk of having an accident in their early years on the road.

“Our ethos is to reward our customers for good driving, and help them improve when they need it, said Ed, who added: “We call it a carrot, not stick approach, and we’ve handed back well over £2m of cash rewards back to our customers since Carrot launched in 2012.”

“What’s more, our risk management techniques have helped to reduce claims incidence among Carrot customers by 40%, which has in turn improved the profitability of our book of business for our insurer partners.”

“In previous years, young drivers were priced out of the car insurance market by punitive premiums. Telematics has changed all that. It’s a classic example of how the application of new technology has been responsible for changing an entire market.”

Ed said the awards were a tremendous recognition for how far the Carrot brand has travelled in the last 18 months. “We are ending 2016 on a high, and have ambitious plans to further grow our market presence next year and beyond,” he said.