30th November 2016
Only Young Drivers signs supplier deal with Trak Global
Only Young Drivers (OYD), the young driver specialist insurance broker, has announced a new partnership with Trak Global to be the supplier of OYD’s telematics app.
OYD’s director of insurer relationships, Jon Kirk, said the app would be used for its Smartdriver product for 17-29 year old drivers. The business’ new customers will benefit from the technology immediately, while existing customers will switch to the technology at renewal.
Kirk said: “We reviewed the other major players in market, but Trak Global proved to be more flexible, the commercials worked for us, and we already enjoyed good working relationships, as we are both highly ambitious companies.”
Kirk explained that OYD is expecting the new technology, which complements its Digilog anti-fraud telephony, “to enhance our risk management, data collection and policing ability. This will be used to work with insurers to provide sensible and sustainable pricing levels, so building our panel.”
OYD’s current panel for all its products includes LV=, Ageas, Covea, Aviva, Markerstudy and Sabre, but Kirk said: “Strengthening our panel is our top priority, as this will enable us to increase our risk appetite and target a broader market within the young drivers sector, than is currently open to OYD under our existing arrangements.”
Kirk said that the telematics app works by bluetooth connection with the insured’s car, which means only relevant journeys by the insured are recorded. Many young drivers don’t own cars that have inbuilt bluetooth connectivity, so the app also hooks up to an OYD-branded bluetooth beacon supplied to each customer and fixed inside the car.
“This deal is also important for our customers because we will be able to give them a hugely improved experience via the app, not just through accurate scoring, but clearer journey information and real time risk management.”
Steve Cotton, insurance relations director of Trak Global, said: “We like to partner with ambitious businesses who are looking to do something different for their customers with our technology. We look forward to building the base of UK drivers who use Trak Global’s app-based ‘PhoneBox’ telematics technology, which is increasingly moving into the mass market.”
About Only Young Drivers
Only Young Drivers (OYD) is a specialist young drivers insurance provider, founded in 2009. We are an ambitious company which has a twin focus on building insurer relationships and providing high quality service and support for our new and existing customers.
We employ a fully integrated operation with end-to-end service delivery that will increase our agility and responsiveness to market changes. Our aim is to be a leading broker in the young driver market by delivering cutting edge risk management for our insurer partners.
We understand the needs of young drivers and intend to be the best insurance provider for their experience and driving level. Our intention is to grow the scope of our customer base from young drivers (17-29) to include learner drivers who will be able to benefit from products tailored to their needs, which reward them for good driving.
We are a socially responsible broker with a stake in young people beyond the simple provision of insurance. We sponsor Durham University rugby team, and this November (2016), we are sending two customers on the trip of a lifetime to South Africa, as part of a charity project to build a school.
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