Trakm8, the recognised leader in technology solutions for insurance telematics, connected car data and fleet management, has commissioned a new national driver survey to gain insights into how drivers purchase vehicles, choose insurance, and understand telematics solutions.
The survey highlighted more than a fifth of drivers (22%) are still unaware if or how their car monitors their driving data through an inbuilt connected device. In fact, only 14% of those surveyed knew that their car was connected and monitored their driving data using in-car technology.
As monitoring driver data becomes more accepted and the cost of living is still pushing up prices, it is not surprising to see that the majority of drivers (57%) would choose a telematics policy such as a pay-as-you-drive (PAYD) or usage-based insurance (UBI) solution if it reduced their renewal quote compared to a standard policy.
The most receptive age groups to these policies were under 25’s (65%) and over 55’s (58%) with 35 – 44-year-olds the least likely to switch but the results showed still more than half (52%) of this age group were receptive.
Trakm8 is a trusted partner for many of the UK’s top insurers offering a full end-to-end telematics solution that allows seamless management of vehicles and customers at scale. The cutting-edge platform provides instant insight into journey information, exception reporting, fraud identifiers, crash detection and driver scoring. The platform works alongside an innovative customer app that offers an easy-to-use interface with an overview of driver data and scoring.
Adam Gooch, Managing Director for Insurance at Trakm8, added, “The results of our new survey highlight drivers’ confusion about how modern vehicles are monitoring data. With millions unsure and unconcerned about being monitored it is not surprising that telematics policies are becoming more popular as drivers are less concerned about sharing their driving data.
It is also clear to see there is a shift in perception and a greater understanding of the benefits of a telematics policy from drivers in the UK and more awareness of reduced costs and rewards for good driving. Our comprehensive end-to-end insurance telematics solutions are designed to give insurers an easy route to market to offer their customers a leading PAYD or UBI policy.”