5th January 2017
Trak Global presents Carrot’s ‘engagement story’ at Dubai World Insurance Congress
Trak Global (TGG), the leading UK telematics technology company, has briefed delegates at the Dubai World Insurance Congress on the lessons and successes of its Carrot young driver brand.
Over 500 delegates at the Jumeirah Beach Hotel, including some of the biggest names in global insurance, heard TGG chief marketing officer Andrew Brown-Allan explain how building engagement with usually ‘hard-to-reach’ customers was a critical success factor for youth-focused usage based insurance (UBI) businesses.
Brown-Allan said that Carrot, which TGG launched in 2012, has disrupted the young driver market by adopting a ‘carrot, not stick approach.’ “We reward young people when they score for driving well, as opposed to punishing them for driving badly, and we proactively step in to provide support and training for our customers on those occasions when they do register a below-average score.”
He said that Carrot customers can earn up to 15% of their annual premium in cash rewards, and the average sum earned over a year is £154. “To date we have handed back over £3m in cash, which is credited to a branded Carrot prepaid MasterCard.”
The company believes this approach has helped build a business with more engaged customers. “82% of customers check their scores weekly, and 42% daily. Our research shows that customers who check more than four times a week are nearly 40% less likely to have an accident.”
Carrot, which has won a number of industry awards for its approach, uses its own telematics black box for its ‘New Driver’ product, and an app-based ‘Better Driver’ product for customers with more driving experience. The technology for the app was also developed by TGG, which exports from the UK to Spain, North America and the Middle East, where Brown-Allan believes demand for telematics technology is likely to increase substantially.
A copy of the presentation can be accessed here: http://www.dubaiwic.com/dubaiwic/
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