Social Fleet Insurance?

huckster

mikey72 wrote: »

Already young drivers are being penalised if the mechanic is speeding when he's servicing the car, so you need to sort that before using the data to assess risk.
Anyone from the fleet could be driving.

That is the major flaw. Perhaps the telematics would be linked to the ignition. You would have to identify yourself using a finger print, before driving away. But then someone who is cheaper to drive, would apply their fingerprint and then let the more expensive person to hop into the drivers seat. Not sure how this work in the event of an accident, where there has been some manipulation of the telematics.

They obviously won't do it this way. The premium would be calculated based on the group risk, with may be some individual terms applying based on the driver e.g excess level.

mikey72

I think you'll just have to put this in the market research as "hated the idea, hopefully will never see the light of day"

mikey72

huckster wrote: »

That is the major flaw. Perhaps the telematics would be linked to the ignition. You would have to identify yourself using a finger print, before driving away. But then someone who is cheaper to drive, would apply their fingerprint and then let the more expensive person to hop into the drivers seat. Not sure how this work in the event of an accident, where there has been some manipulation of the telematics.

They obviously won't do it this way. The premium would be calculated based on the group risk, with may be some individual terms applying based on the driver e.g excess level.

Silicone rubber.

You could have a keyring with a collection of fingers on, but that could be really upsetting in a crash.

JohanStrydom

If you look at the data logging, each trip segment is easily displayed in web portals - for the insurer and insured. Ultimately the owner of the car is responsible for any miles on the car. He can easily allocate the trip segments of others to the correct driver online - but really this is again simply technology issues already sorted in the fleet market. Many already have driver ID systems. It just depends how complicated you want to make your product. I usually start simple and then evolve/fine tune.

JohanStrydom

mikey72 wrote: »

I think you'll just have to put this in the market research as "hated the idea, hopefully will never see the light of day"

:j On this forum you obviously hate the idea. Not yet a credible sample of opinions yet I'm not expecting it to be targeting 100% of the market

huckster

JohanStrydom wrote: »

:j On this forum you obviously hate the idea. Not yet a credible sample of opinions yet I'm not expecting it to be targeting 100% of the market

I think it could work for 'family policies', but the Insurers would need to convince people the option would work out cheaper than having separate policies.

This sort of initiative would be done as a pilot exercise with say 10 test families, after which a comparison would be made with alternative separate policies.

Without going into details, I have seen some major c*ock ups by Insurers. In one case an initiative to launch a different type of product failed and it was worked out that for each policy sold, the cost to Insurers including IT costs worked out at £100k per policy.

JohanStrydom

huckster wrote: »

I think it could work for 'family policies', but the Insurers would need to convince people the option would work out cheaper than having separate policies.

This sort of initiative would be done as a pilot exercise with say 10 test families, after which a comparison would be made with alternative separate policies.

Without going into details, I have seen some major c*ock ups by Insurers. In one case an initiative to launch a different type of product failed and it was worked out that for each policy sold, the cost to Insurers including IT costs worked out at £100k per policy.

What about female member fleets when the ECJ gender ruling means insurers need to charge them the same as males?

mikey72

I don't like "family" policies.
I barely like the thought of my wife messing up my ncd, let alone my kids messing it up.
Every quote we have had for a multicar policy has been dearer than the sum of the individual polices.
Even my daughter has cheaper insurance individually at 17 than being part of a multi car. (And she won't mess mine up) The only disadvantage is she can't drive my car, she has to take me to the pub in hers.

Also if her car has a box, how do I drive it at night, without paying. I won't have any need of a box on mine, the premium is so low already they would have to have a discount that finished up paying me.

So I can't see any fleet policy being discounted enough to work.

I've even looked at family fleets and trade policies, still dearer.

huckster

JohanStrydom wrote: »

What about female member fleets when the ECJ gender ruling means insurers need to charge them the same as males?

They could do that, but would they have to offer male member fleets and transgender member fleets ? If they had telematics fitted to all cars, then I suppose Insurers could make the argument that the premiums were based on actual driving behaviour and not the sex of the driver.

But I suppose lawyers could argue that 'female member fleets' and the others above excluded other sexes from joining them.

huckster

mikey72 wrote: »

I don't like "family" policies.

I think the Insurers would have to make some concession to the more experienced drivers that they would not be penalised in terms of no claims, if a younger driver had a fault claim.

This is where it gets very complicated to market such policies, with terms and conditions that are likely to be attractive to people.