The UK usage-based insurance market is slightly more mature than the U.S., with companies like Aviva and Ingenie making major inroads. With competition in the market heating up, London-based Admiral Group has joined the fray, contracting with Richmond, Va.-based DriveFactor for a version of the company's Bell Safe Driver policy usage-based insurance product.
“Our aim has always been to try to offer fair insurance premiums to drivers,” said Sarah Harris, Head of Telematics at Admiral, in a statement. “In partnering with DriveFactor, we’ll be able to reward our drivers for safer driving. DriveFactor’s depth of analytics and ease of implementation reinforce our customer-centric strategy as we move forward in offering our customers fair insurance rates that they can influence every time they drive.”
“UBI is experiencing rapid acceptance throughout the U.K., which represents one of the most competitive marketplaces for auto insurance in the world with an unparalleled level of innovation and rate transparency,” added Steve McKay, CEO at DriveFactor and veteran of Progressive and Capital One, in a statement. “We are pleased to provide Admiral with our turnkey support, including universal hardware, data services, and comprehensive analytics.”
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio