The British Insurance Brokers’ Association (Biba) is working with member Marmalade to provide a young driver telematics scheme which will offer two products.
According to the association the new scheme will allow members to increase their share of the growing young driver market by offering competitive average premiums of around £1,300 for 17 – 24 year olds on a full or provisional licence.
Biba stated that it has ensured that members will retain customer ownership with the benefit of all sales being finalised by Marmalade.
The scheme has two products. Firstly, there is New Driver Insurance, which offers a comprehensive telematics policy with no curfews or mileage caps.
A second product Cars for Young Drivers includes a wide range of new cars with low deposits, finance available and a year’s free New Driver Insurance or a contribution towards the premium.
Mike Hallam, Biba’s head of technical services, said: “The young driver market is notoriously tough and it can be difficult to find competitive rates. This scheme will provide a solution for members who are looking to place motor insurance for their clients and haven’t yet been able to successfully compete.
“Telematics is a growing product and we hope this will work well for both brokers looking to enter the young driver market and also those looking to place the small pieces of business for existing clients.”
Crispin Moger, CEO of Marmalade, added: “We know that telematics makes a big difference to the safety of a young driver. In fact studies show that one in five young drivers in the UK have an accident within the first six months of passing their test, but with our customers this figure significantly improves to only one in 16 – making our young drivers three times safer.
“This safety statistic is something that we are proud of but there is always more that we and the wider industry can do to ensure safety records keep getting better.”
He added: “We’re pleased to be working closely with Biba so, jointly we can promote the benefits of the black box, including the education and feedback it offers the novice driver.”
As part of the scheme, brokers will have access to Marmalade’s Broker Dashboard, their dedicated Broker Support Team and free marketing material.
Article is care of www.insuranceage.co.uk
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