Telecoms giant Vodafone said Tuesday that it and Towers Watson, a global professional services company, are 'moving forward' with a strategic alliance to fast-track the development and introduction of telematics usage-based insurance offerings for motor insurance companies operating outside of North America.
The company said that the combination of its Vehicle Connect service and Towers Watson's 'DriveAbility' programme will mean insurers can get new services to the market at an accelerated pace and at a "competitive" cost.
The solution enables insurers to gather detailed per-second interval data on driving performance, and to offer customers optional value-added services which could in future include automated emergency calls and the tracking of stolen vehicles, Vodafone said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Insurers will be able to choose from a range of data collection devices.
In a statement the company said: "In recent months, an increasing number of insurers have signalled their ambitions in the telematics market. Consumer interest across Europe has been boosted by the EU gender regulation and the potential for telematics to help improve driving habits and road safety. Ultimately this could lead to cheaper car insurance for a large number of people."
Vodafone's share price dipped 0.18% to 167.40p by 08:55.
NR
