May 16, 2016 by Canadian Underwriter
Markham, Ont.-based Pembridge Insurance Company announced on Monday that they have launched My_BRIDGE, what they are calling the first telematics program offered through the broker channel in Alberta.
Pembridge said in a press release that the usage-based insurance (UBI) offering was created to help reward those drivers who exhibit safe driving behaviours with discounts on their premiums.
Using a telematics device, My_BRIDGE records data on how a vehicle is driven, including time of day, number of kilometres driven and speed and braking habits. “This product will not only reward customers that are a good risk, but will also influence the behaviours and habits of all drivers who use it,” Pembridge said in the release, adding that it is looking to attract and retain responsible drivers.
“Drivers enrolled in the My_BRIDGE program are able to monitor and adapt their driving behaviours based on results provided through an online portal,” said Bob Tisdale, president and chief operating officer at Pembridge Insurance Canada. “The outcome is that driving behaviours tend to improve, creating safer roads and providing greater discount savings to customers.”
Once drivers are enrolled in the program and the device is installed, their driving will be monitored for a six-month period, after which the data collected will determine the earned discount (up to 30%) that will be applied at renewal.
UBI programs are relatively new in Canada and gaining consumer interest across the country has been boosted by the potential for such programs to help improve driving habits and road safety while reducing insurance costs. “Customer buying habits are changing,” Tisdale added in the release. “Consumers are sophisticated and educated. They want more control of their lives, including their auto insurance premiums. Pembridge is well positioned to cater to these evolving needs with initiatives such as My_BRIDGE, by empowering drivers to directly influence their premiums.”
Pembridge offers a comprehensive range of insurance products with the support of its dedicated, independent broker network. Pembridge’s broad suite of products are designed to meet the specific needs of Canadians, including auto, home, condo, tenant and coverage for specialty products such as ATV’s, motorcycles, snowmobiles and boats.