General Insurance Article - Allianz to underwrite pay-how-you-drive insurance product

• Allianz to be exclusive underwriter of new "pay-how-you-drive" insurance product from Coverbox DriveStyle.

 Insurance broker DriveStyle Insure Limited is to launch Coverbox DriveStyle, a new proposition that recognises individuals’ driving behaviour to give customers a more personalised price. Allianz will be the exclusive underwriter for this product.
 In the first year, the insurance premium will be based on the annual mileage the customer believes they will drive. For the duration of the policy, customers can visit a website where they can view their driving history, and see tips to help them drive more safely. They will be able to see their own personalised insurance cost-per-mile calculation and see what actions they can take to reduce their risk and future premiums.
 The proposition was developed based on feedback from consumers who felt that their premiums were being adversely affected by the mistakes of other drivers. Customers told us that they wanted flexibility and did not want to be constrained by curfews or limited miles. With Coverbox DriveStyle there are no restrictions on driving times and customers are able to increase the number of miles they are covered for during the term of the policy should their needs change.
 Johan van der Merwe of Coverbox DriveStyle said: “No one wants to have an accident, and Coverbox DriveStyle is unique because it allows customers to work collaboratively with their insurer to reduce risk. It’s better for their safety and better for their pocket. The benefit for the insurer will be the ability to reduce claims costs and assist customers more quickly if an accident does occur.”
 Simon Brimicombe, Director Retail Broker and Corporate Partner in Allianz, said: “We are delighted to work with DriveStyle Insure Limited to support this initiative which encourages safer driving. We believe pay-per-use policies are a fair and transparent way of calculating premiums. Our aim is to ensure that we are making the best use of the technology that is available in the market to ensure that we are in a position to provide solutions which meet our customer needs.”

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