At the CBI Annual Conference, Vodafone outlined how Internet of Things (IoT) technology and a partnership with Admiral Insurance is helping to make driving safer, cheaper and greener.
It is known that Vodafone is the digital telematics partner for Admiral Insurance, the UK’s largest car insurance provider. It provides the underlying telematics services for the Admiral LittleBox offer, including devices, connectivity, data management and crash analysis.
It also provides instant data in the event of a crash ensuing emergency services and speeded up any claims process. These policies are known as Usage Based Insurance (UBI).
Adoption of UBI across Europe is currently low – Italy leads the way with 17% of policies and the UK follows with around 2% of policies. However, new research from Vodafone suggests widespread driver support for telematics, providing there is a benefit:
- 63% of respondents are ‘open’ or ‘could be persuaded’ to have technology in their vehicles if it resulted in rewards for safer driving.
- the biggest incentive for take-up would be a reduction in insurance premiums (68%), followed by reduced fuel costs (62%) and then reduced environmental impact (48%).