Telematics get more buy-in from U.K. men than women

Men seem more willing than women in the United Kingdom to have vehicles fitted with telematics devices that can monitor driving behaviour and set insurance premiums, note findings from a poll commissioned by Towers Watson.

The poll of 1,930 people – with responses weighted by gender and age group – showed a more than 60/40 split between men and women who indicated they were “very likely” to be interested in a telematics insurance product, notes a company statement. Proportionately more women also said they were “not likely” to look at the telematics option.

The lack of enthusiasm comes despite an anticipated increase in car insurance for many women in the U.K., in line with the European Court of Justice ban on insurers’ using gender to assess risk, effective December 21, 2012.

“Even allowing for the use of additional pricing factors, many insurers will have little choice but to narrow the price differential between men and women, particularly at younger ages, from next year,” says Duncan Anderson, global head of property and casualty insurance pricing and product management at Towers Watson.

Taking both sexes into account, 84% of surveyed drivers reported they would consider participating in a telematics pilot scheme to find out more, a 7% increase compared to the equivalent survey in 2011.

Other poll findings include the following:

*            insurance discounts were the most attractive potential benefits of telematics, noted by 44% of drivers;

*            discounts based on driving during daylight hours would be welcomed by 45% of all drivers, but are particularly favoured by women; and

*            58% of drivers would not want or are unsure about insurers sharing their data with third-parties in order to receive additional services and benefits.