The first telematics based private motor insurance policy available to over 1,000 high street brokers has been created in a significant collaboration between insurance technology specialist SSP and telematics solutions expert Wunelli. The product, named SoteriaDrive after the goddess of safety and deliverance, will be available to SSP brokers to offer their clients from the third quarter of this year. As such, SoteriaDrive will be the first mass market telematics based insurance policy using smartphones for consumers.
Jonathan Davey, Managing Director of SSP Pure Broking and Keychoice said: “Local independent brokers are at the heart of the insurance industry and have been left out in the cold as far as telematics based private motor insurance is concerned. This has been for valid reasons including technological barriers, systems capabilities and cost of data acquisition. Because of this, existing telematics propositions are either direct from insurers or from large brokers with the development resource to launch propositions themselves with one insurer.
“We wanted to put that right and give our high street brokers the opportunity to include a telematics based insurance policy with mass market appeal within their product offering, and at the same time help insurers satisfy a need amongst their broker base. SoteriaDrive represents a best of breed approach to this challenge with SSP providing the systems know-how and distribution capability, and Wunelli providing the telematics expertise. This gives insurers the confidence to provide policies to the brokers using this innovative solution.”
Brokers will be able to obtain a quotation via their existing SSP system from a panel of SoteriaDrive insurers. Each insurer will set their own terms and conditions for the policy as usual. Once the policy is accepted, the broker will provide a link for the client to download the SoteriaDrive app to their smartphone. This will record their driving behaviour and allow feedback on driving performance and any adjustment to the premium. It will also help validate claims, thereby streamlining the claims process.
Penny Searles, Managing Director of Wunelli adds: “Through this partnership we’re opening up telematics to over 1,000 SSP brokers who account for around 50% of all private car transactions in the broker market, so this is a tremendous opportunity for independent brokers. Our apps are now 99% accurate compared to black boxes. That’s because after 200 miles we can develop a ‘driver footprint’ based on a combination of origins, destinations and driving styles, validated and verified through GPS readings and mileage analysis to ensure the data is legitimate. We will know for example if the app is being used on a train or if it’s not the policyholder driving the vehicle. We will also be able to tell if the customer has forgotten to turn the app on and will be able to prompt them to do so.
“The app for SoteriaDrive is our latest innovation and has been created from our learnings from over 50,000 downloaded Wunelli Driving Apps. As well as opening up the telematics market to smaller brokers for the first time, it helps insurers answer the needs of their broker partners, and gives consumers a wider choice of options for their motor cover. Typically this proposition lends itself to the high street broker arranging cover for several cars in the household with premiums around £450.”
Graeme Trudgill, Head of Corporate Affairs at BIBA comments: “This is a significant breakthrough for brokers, giving them access to a product that specifically addresses their needs and the needs of their clients as well as an opportunity to engage with policyholders on an on-going basis. We have been campaigning for this option to be made available for some time. There is much potential for telematics based insurance policies within high street brokers and SoteriaDrive from SSP and Wunelli will help them realise that potential.”
