Ed Rochfort, product director and co-founder, Carrot, on targeting the brand-new driver segment of the auto insurance market in the United Kingdom.
In this video from Insurance Telematics Europe 2013, Ed Rochfort, product director and co-founder, Carrot, takes TU's Jan Stojaspal through the ins and outs of delivering an insurance telematics product for Britain's 17- to 20-year-old new drivers.
He discusses the importance of being perceived as encouraging safe driving (rather than penalizing bad behavior) and of providing cash incentives that are based on every single journey the drivers take.
According to Rochfort, Britain's young drivers are all aware of telematics by now, and they are increasingly open to sharing their driving behavior data as long as the process is transparent, and it's clear what they are going to get out of it.
(For our coverage of Insurance Telematics Europe 2013, see also Insurance Telematics Europe: Day One, Video: Insurance telematics and real-time driver feedback, Video: The tipping point for insurance telematics in Europe, Video: Getting insurance telematics right, Video: Learning to walk before running with insurance telematics, Video: Insurance telematics and the smartphone and Video: Insurance telematics and the customer-centric approach.)
Jan Stojaspal is the editor of Telematics Update.
For all the latest telematics trends, check out Insurance Telematics USA 2013 on Sept. 4-5 in Chicago, Telematics Brazil & LATAM 2013 on Sept. 11-12 in Sao Paulo, Brazil, Telematics Japan/China 2013 on Oct. 8-10 in Tokyo, Telematics Munich 2013 on Nov. 11-12 in Munich, Germany, Telematics for Fleet Management USA 2013 on Nov. 20-21 in Atlanta, Georgia, and Content and Apps for Automotive USA 2013 on Dec. 11-12 in San Francisco.
For exclusive telematics business analysis and insight, check out TU’s reports: Telematics Connectivity Strategies Report 2013, The Automotive HMI Report 2013, Insurance Telematics Report 2013 and Fleet & Asset Management Report 2012.