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18 June 2012

Coverbox working with Ctrack on behavioural insurance

Coverbox working with Ctrack on behavioural insurance

Coverbox, the insurance specialist that helped pioneer the concept of telematics-related insurance, says it is working on a new behavioural insurance product.

According to deputy chairman Johan van der Merwe, telematics-based insurance "looks set to change the way car insurance premiums are set."

The company has announced a new partnership with Ctrack, one of the UK’s leading telematics and vehicle tracking companies, and says this "looks set to drive vehicle insurance telematics forward two or three generations."

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Van der Merwe adds: "The re-insurance industry simply cannot ignore the level of information and quantities of data the Coverbox-Ctrack combination will make available through a highly-advanced interactive device and supporting monitoring and analytics.

He continues: "We’re currently piloting absolutely tamper-proof interactive devices which provide previously unheard-of levels of data, but which also monitor and record driving behaviour and vehicle movement for a significant period before any sort of harsh or severe event.

"There is also the potential – even now – of incorporating overt or covert video recording into the system."

Coverbox has worked with various telematics companies to advance the concept. A key partner has been Quartix, which has supplied large numbers of telematics units to the company in the past couple of years.

Ctrack announced its own insurance initiative a year ago, but the deal with Coverbox represent a significant step forward in terms of getting its system to market. Saleem Miyan, managing director of Ctrack Europe Holdings, comments: "We’ve been looking for a vehicle for our two-generations-on insurance telematics technology," adding that Coverbox has provided it.

Coverbox has compiled a report into telematics-related insurance, which it says it will be presenting to a select panel of leading insurance companies. "What it reveals is that there’s an overwhelming case for changing the way the insurance industry sets premiums," Van der Merwe says.

"We get factual driving information, and base rates on driving style and location rather than lifestyle and home address."

 

 

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