Howden Driving Data accelerates UK launch of ‘Howden Drive’ in bid to reduce customer premiums
Market leader Howden launches its Telematics Data Services in the UK insurance market to help lower motor insurance premiums for customers
London, 31st May 2023: Howden, the international insurance broker, today announces the UK launch of Howden Drive, its Telematics App & Data Beacon, which reduces premiums for policyholders, optimises loss ratios for brokers and insurers, and improves road safety. This follows a successful rollout in Europe, where the product has been used by over 250,000 policyholders since 2018.
Howden Drive optimises insurer loss ratios and reduces risk in insurer portfolios by harnessing over a decade of driving and claims data in Europe, and in the UK via Ingenie. Howden Drive also improves driving behaviour by sending intervention communications via a customer application connected to a beacon installed in the vehicle. The data collected provides all policyholders, not just young drivers, with a driving behaviour score that helps them reduce their premiums at renewal.
Penny Searles, Chair, Howden Driving Data said: “It’s clear that changing market dynamics are encouraging insurers to consider telematics applications to reduce insurance premiums for mainstream policyholders. With motor premiums at their highest point since 2011, driven by a lack of capacity, and with the cost of living crisis biting, customer appetite for reducing premiums has never been greater. I am excited to see where the mass adoption of collecting and applying telematics data across policies will lead, and I am confident Howden will be well placed to support brokers and insurers while improving road safety and reducing premiums for customers.”
Jon Law, Managing Director, Howden Driving Data, added: “With customers hungry for solutions that can reduce their outgoings, we are excited to launch the Howden Drive service to insurers and brokers in the UK. The data collected from our devices and apps not only provides a behaviour score to lower premiums, but it validates the data set initially provided at quote for the entire life of the policy. In a market where we often see many key risk factors provided at quote change mid-term without insurers being notified – such as business use, kept address and marital and employment status - the ongoing validation of these factors will help insurers charge the right premium for the right risk.”
For more information, visit https://www.howdengroup.com/uk-en/drivingdata