November 2, 2016 by Canadian Underwriter
Calgary-based brokerage InsureMy Ltd. and United Kingdom-based telematics provider Trak Global Group announced on Wednesday a partnership through an exclusive licensing agreement enabling InsureMy to “distribute products from the Trak/Carrot [Insurance] brand to maximize distribution points throughout Canada.”
Trak Global Group is the telematics provider behind the “multi-award winning” Carrot Insurance brand, launched in 2012. As the exclusive Canadian distributor of Carrot’s New Driver program, “drivers will benefit from the experience of telematics insurance markets across the globe that have seen a significant reduction in collision statistics,” InsureMy said in a press release. “Carrot in particular has been recognized for its ability to reduce road traffic collisions amongst its newly qualified policyholders by 42%, as a result of high levels of user engagement and ongoing coaching via its feedback app.”
Adding to the telematics-based insurance products that InsureMy provides, this new alliance will “open the door to new, proven products that serve to attend to the organization’s promise to look beyond the conventional and leverage technologies that work smarter for its customers,” the brokerage said in the release.
Pending regulatory approval, New Driver, an app-based rewards program, will be modelled on Carrot’s approach in the U.K. The U.K. program is available to newly qualified drivers and drivers with up to two years of driving experience. Drivers can earn up to 15% of annual premium in cash rewards for safe driving, Carrot Insurance noted on its website.
“The data is telling us how effective telematics enhanced driver coaching is when it comes to teaching new drivers good habits, and that can’t be ignored,” said Hugh McTavish, president of InsureMy, in the release. “It may take some time for infrastructure and policy to catch up, but we’re not waiting. This partnership enables InsureMy to lead the way and start giving life to the Vision Zero movement with every new driver we put on the road.”
Canadian cities such as Edmonton are joining the international crusade to achieve Vision Zero – an effort to eliminate road fatalities through a program modelled after a Swedish initiative that saw driving deaths decrease by 50% through improved infrastructure, traffic control and education. “While not quite zero, this is certainly a smart move with a significant shift in the right direction,” the release said.
InsureMy is a full service insurance brokerage, offering management and delivery of telematics-based insurance products; Trak Global Group has been creating telematics solutions for the insurance, rental, fleet and automotive industries since 2009.