LexisNexis Risk Solutions worked with Consumer Intelligence to conduct a survey of 3,100 UK motor insurance purchasers in an effort to better understand their attitudes, opinions and preferences for telematics-enabled, usage-based insurance (UBI) motor vehicle policies.
Overall, results revealed a tremendous amount of opportunity to move this market from looking at only the youthful driver population, which is estimated to be capped at one million drivers, 80%–90% of whom have a telematics-enabled policy in place today, to a broader segmentation across all age groups. Our findings demonstrated that:
Our survey uncovered that consumers feel cost savings is the number one feature that a telematics-enabled policy can provide, followed by the peace of mind of tracking their vehicle in case of theft and evidence that can be supplied in case of an accident or claim.
We appreciate your interest.