UK Telematics insurance increases 500% in last two years

The British Insurance Brokers’ Association (Biba) say that motor insurance policies which use “Black Box” technology has increased fivefold over the past two years with further predictions of 500,000 cars in the UK having a telematics device by the year 2014.
 Telematics is becoming viewed as the panacea of the insurance industry. However, it isn’t the telematics technology that provides the insightful information necessary for tailored premiums. Whilst the technology is the enabler, it is the capability to analyse the data on a granular level, and provide objective and accurate measurements of how a driver performs where the true value lies.
 Motor insurance policy holders are accustomed to premiums that have been defined by predetermined proxies, whether that be age, gender, location or marital status. Telematics simply allows those proxies to be at worst augmented, and at best radically changed, by a real understanding of exactly what level of risk a driver presents.

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