RoSPA and MyDrive Solutions, an insurance telematics specialist, have announced a deal to work together to ‘enable insurance premiums to be based on an accurate level of individual risk’.
Under the arrangement, MyDrive’s Dynamic Drive Recorder will be installed into cars driven by a group of RoSPA advanced drivers to collect second-by-second analysis information. The data will be used to develop a profile of an advanced driver, against which the driving styles of MyDrive technology users will be compared on an ongoing basis. The partners say that this will enable insurance firms to set premiums based on the accurate level of risk presented by individual drivers.
RoSPA says that the technology is different to other systems on the market because it provides second-by-second analysis of driver behaviour, rather than a ‘snapshot’ every 30 seconds.
As well as promoting safer driving, it is hoped that taking a bespoke approach to setting insurance premiums will have significant advantages for drivers, in particular some young drivers, who are currently priced out of owning a car due to the high cost of insurance.
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