Only Young Drivers (OYD), the young driver specialist insurance broker, has partnered with Trak Global for its new telematics app.
OYD insurer relationships director Jon Kirk, said the app would be used for its Smartdriver product for 17-29 year old drivers. The business’ new customers will benefit from the technology immediately, while existing customers will switch to the technology at renewal.
Kirk said: “We reviewed the other major players in market, but Trak Global proved to be more flexible, the commercials worked for us, and we already enjoyed good working relationships, as we are both highly ambitious companies.”
Kirk explained that OYD is expecting the new technology, which complements its Digilog anti-fraud telephony, “to enhance our risk management, data collection and policing ability. This will be used to work with insurers to provide sensible and sustainable pricing levels, so building our panel.”
OYD’s current panel for all its products includes LV=, Ageas, Covea, Aviva, Markerstudy and Sabre, but Kirk said: “Strengthening our panel is our top priority, as this will enable us to increase our risk appetite and target a broader market within the young drivers sector, than is currently open to OYD under our existing arrangements.”
Kirk said that the telematics app works by bluetooth connection with the insured’s car, which means only relevant journeys by the insured are recorded. Many young drivers don't own cars that have inbuilt bluetooth connectivity, so the app also hooks up to an OYD-branded bluetooth beacon supplied to each customer and fixed inside the car.
Kirk added: “This deal is also important for our customers because we will be able to give them a hugely improved experience via the app, not just through accurate scoring, but clearer journey information and real time risk management.”
Trak Global insurance relations director Steve Cotton said: “We like to partner with ambitious businesses who are looking to do something different for their customers with our technology.
“We look forward to building the base of UK drivers who use Trak Global’s app-based ‘PhoneBox’ telematics technology, which is increasingly moving into the mass market.”