Your say: No underclass from telematics
I would like to take issue with Tom Woolgrove of RBS Insurance; telematics will not create an insurance underclass, as he fears. In fact it will do the opposite.
If there is such an underclass, it is caused largely by the segmental pricing techniques that our industry has traditionally used. The practice of looking at the past to assess the future, which Mr Woolgrove admits is the basis of his pricing, is a root cause of the problem.
Telematics was born out of the inability of conventional insurers to treat young motorists as individuals. It actually allows all customers to become good or better drivers regardless of what label we might otherwise give them. Our underwriters assess behaviour from the actual driving experience of each individual in real time.
Customers can then be educated and rewarded to drive better, which is entirely within their own control. This will inevitably lead to fewer young driver deaths and safer roads for everyone.
I agree with Mr Woolgrove that the insurance industry needs to improve its reputation in the way it treats young drivers-and what better way to do so?
Mike Brockman
Group CEO, Insure The Box
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