Drivology drives out cancellation fees
Drivology, the innovative new car insurance provider, has promised customers they will not face cancellation fees if they purchase and later switch from its telematics based insurance policy,[1]reassuring them that they will remain true and transparent to their customers.
Many insurers charge significant fees to cancel or update policy details. Drivology realises this practice, which often dissuades customers from switching providers, is unpopular. With car insurance premiums down by more than £100 in the first quarter of 2014, drivers want to know they are getting the best deal available.[2]
Drivology offers a new option in car insurance; their smartphone app monitors driver behaviour and uses the data to recalculate individual premiums on a quarterly basis. With the ease of being able to monitor your own driving performance by having it on your own device, customers with Drivology will also be sent regular driving statements, detailing their driving score and any changes in premium.
Drivology rewards good drivers who represent a low insurance risk and want to have a direct influence over the premium they deserve to pay.
Nigel Lombard, founder and managing director of Drivology said "We want to be as flexible and transparent as possible for our customers and want to change the industry's outlook on cancellation fees. Customers should not be penalised for wanting to change their policies".
Despite the downward trend in insurance premiums, industry commentators warn that policy costs could rise again during 2014.[2]This is because legal reforms aimed at tackling insurance fraud have not significantly reduced either the number or value of personal injury claims as quickly as first thought, so costs are shouldered by every motorist. Against this backdrop, insurance premiums with Drivology are determined more by the behaviour of each individual policyholder - and less by events beyond their control.
The Drivology smartphone app uses GPS to record how, when and where users are driving. The app assesses factors such as speed, smoothness, consistency, road familiarity, road type and safe times and gives users a score from 1 to 100. Every driver starts on a baseline score, which can go up or down depending on their driving behaviour. As drivers' scores increase, so too do the discounts they receive against their insurance costs. The Autostart feature detects when the car is on the move and activates the app to record driver behaviour. This means policyholders don't need to start the app manually at the outset of every journey.
Before joining Drivology, potential policyholders can use the ‘try before you buy' feature to determine its potential benefits. Drivers receive a code based on the safety level of their driving. This is used to calculate their initial insurance premium.
Drivology uses the telematics data gathered by the app to adjust the insurance premium every three months. Drivers will receive a statement to see how their driving has affected their premium, as well as advance notice of price changes.
The Drivology app and insurance is available fromConfused.comand will also be listed onComparethemarket.comfrom July 2014. It can also be downloaded fromwww.drivology.co.uk, App Store and Google Play Store.
Watch the launch video here
Follow Drivology onTwitterand like onFacebook.
[1] Unless a claim has been made, there is also a fee
applicable if documents requested have not been returned and therefore the
policy needs to be cancelled.
[2] http://www.bbc.co.uk/news/business-27167164
ENDS
For more information contact:
Emma De Maio
Call: 07921 160134
Email:emma@redheadpr.co.uk
Launched in 2014, Drivology is an innovative car insurance provider that looks to reduce the cost of motoring through technology and data. Using a telematics smartphone app, Drivology offers lower risk drivers lower insurance premiums.
Unlike the black box-based service currently deployed by many insurers, Drivology’s technology is entirely app based, and provides a clear picture of a drivers performance and driving behaviour. Telematics data gathered by the app is analysed and users’ insurance policies are adjusted quarterly to reflect the quality of their driving - a break from the traditional one-off discount after 200 miles. Alongside this policyholders with Drivology will not have to pay cancellation administration fees and they will have ‘no surprises’ driving statements with premium estimates.
Appealing to honest drivers who no longer wish to subsidise the high risk drivers aged 25 and over, Drivology rewards good drivers who represent a low insurance risk and want to have a direct influence over the premium they deserve to pay, opposed to paying more for their postcode, age or previous claims. Drivology believes this sector of the market has been largely overlooked in recent years as telematics products have focused mainly on younger, higher risk drivers.
The Drivology app offers the Autostart feature. Autostart detects when the car is moving and immediately begins to record driver performance. Uniquely, this removes the need for policyholders to consciously start the app at the outset of every journey. The Drivology app allows policyholders to upload photographic evidence of documents such as driver’s licences and no claims bonuses. The app also gives drivers recommendations - based on their performance and behaviour - to help them reduce their vehicle insurance premiums.
Before joining Drivology, potential policyholders can use the ‘try before you buy’ feature to determine its potential benefits. If the results are positive, drivers are given a discount code to quote when setting up their policy.
Although the car insurance sector has been using telematics for some time, only now is the technology combining the accuracy of data that insurers need with the simplicity to ensure widespread user appeal. With Drivology, drivers simply download the app to their Smartphone device.
The Drivology app was developed by Wunelli, who spent five years collecting driving behaviour data and invested heavily in data enhancement and app development capabilities to support the insurance sector.
For more information on Drivology, visit www.drivology.co.uk