13th June 2016
RSA and Trak Global extend telematics partnership
RSA has signed a two-year contract extension with Trak Global to continue to provide telematics, policy administration and business information for its MORE TH>N SM>RT WHEELS proposition for young drivers.
The contract builds on a successful three-year partnership between RSA and Trak Global, which has seen the insurer take a significant position in the UK’s young driver market.
Kenny Leitch, global telematics director at RSA, said: “MORE TH>N SM>RT WHEELS was the most sophisticated motor product RSA has launched to date and we are delighted with the results and look forward to further improving our proposition during the next phase.”
Leitch said: “Once you put on your telematics glasses, and analyse driver behaviour in real time, you never want to take them off again. The next two years will see us making more use of the data, for example via in-policy risk management, which lowers accident frequency, and at the time of an accident where we can make swifter liability decisions.”
There are roughly 3.2m drivers between the ages of 17-24 on the roads, and around 450,000 new drivers the same age enter the market each year. According to BIBA there are over 450,000 live telematics policies in the UK, a 40% growth during the last year.
Nick Corrie, chief executive of Trak Global, said the team would work with RSA during the next phase to improve sales and service, and drive more value from telematics data at claims stage, as well as sharing insights and exploring and testing the latest applications of technology.
Corrie said: “We believe telematics is poised to go mass market. We are convinced that the products and propositions Trak Global and RSA are both involved in building will become the way things are done around the world tomorrow.”
Leitch added: “The partnership has made a success of a sophisticated product and underscored the value which can be generated from a strategic partnership. We look forward to a further period of innovation-led growth in this market.”
With a 300 year heritage, RSA is a multinational insurance group. RSA has operations in the UK & Ireland, Scandinavia, Canada, Latin American, Middle East and Russia and has the capability to write business in around 140 countries. Focusing on general insurance, RSA has around 18,500 employees and, in 2014, its net written premiums were £7.5 billion.
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