Drivology app introduces new car insurance model

Drivology, the innovative new car insurance provider, releases its smartphone app today, 17 March 2014. The app can be downloaded via the company’s website, www.drivology.co.uk, App Store and Google Play Store. As well as being available from the Drivology website and over the phone, the insurance policy is also exclusively available from Confused.com for the next two months.

Based on telematics technology, the Drivology app ushers in a new era in motor insurance for drivers over 25 who want to save money by monitoring their driving behaviour. Once downloaded, it uses GPS to record how, when and where a vehicle is being driven. This data is then used to calculate quarterly variations in drivers’ insurance premiums.

The app also provides feedback to motorists, helping them improve their driving behaviour and reduce their insurance premiums.

Assessing factors such as speed, smoothness, consistency, road familiarity, road type and safe times, the Drivology app gives users a score from 1 to 100. Each driver starts with a score of 70, which can go down as well as up depending on driving behaviour. As drivers’ scores increase, so too do the discounts they receive against their insurance costs.

The Drivology app offers the Autostart feature. Autostart detects when the car is on the move and activates the app to record driver behaviour. Uniquely, this removes the need for policyholders to manually start the app at the outset of every journey.

Another key feature of the app is the photo upload facility. Uploading images of driving licences, proof of no claims, car log books (V5), vehicles – including registration plates – and mileage readings helps to protect honest drivers from subsidising insurance fraudsters.

Before joining Drivology, potential policyholders can use the ‘try before you buy’ feature to determine its potential benefits. Drivers receive a code based on the safety level of their driving. This in turn is used to calculate a fair insurance premium.

Telematics data gathered by the app will be used to adjust insurance policies every three months. Drivers will receive a statement to see how their premium may have changed, based on their driving. They'll also get estimates in advance of the statement so there are no hidden surprises. Customers are made aware of any changes to their premiums well in advance.

Drivology policyholders will not face cancellation or administration fees for changes to their policy details. Many insurers charge up to £50 to terminate a policy and £20 to amend policy details. The Drivology policy also includes Legal Protection as standard, which can cost up to £30 on other policies.

Based on millions of miles of monitored driving data, information collected by the Drivology app has been tested extensively to ensure scores give a true reflection of a driver's ability to drive safely.

Drivology is the brainchild of the company’s founder and Managing Director, Nigel Lombard and Finance Director, Phil Llewellyn. Nigel is a computer science graduate who has held senior positions at Towergate, Cheltenham and Gloucester and Lloyds Banking Group. Phil, also formerly of Towergate, has held the positions of Finance Director and Company Secretary at a number of previous businesses. He is a Chartered Accountant, having trained and qualified with KPMG, and has a degree in Banking and Finance.

Nigel said: “We’re convinced the Drivology smartphone app will change the way people choose their car insurance provider. The app will allow conscientious drivers to yield direct financial benefits through greater awareness of – and attention to – their driving behaviour.”

The Drivology app was developed by telematics specialist, Wunelli, who has collected driving behaviour data over five years and invested heavily in data enhancement and app development capabilities to support the insurance sector. Other partners in the Drivology project include insurance technology specialists, SSP, and BDML Connect. Drivology policies are underwritten by AXA.

For more information on Drivology, visit www.drivology.co.uk

Watch our launch video here

Follow Drivology on Twitter and like on Facebook.

ENDS

For further details, contact

Emma De Maio

Email: emma@redheadpr.co.uk

Call: 07921 160134

Drivology Editor's Notes

About Drivology

Launched in 2014, Drivology is an innovative car insurance provider that looks to reduce the cost of motoring through technology and data. Using a telematics smartphone app, Drivology offers lower risk drivers lower insurance premiums.

Key people

Nigel Lombard, founder and Managing Director at Drivology, founded the company after a distinguished career in the financial services industry, most recently as Managing Director at car, home and business insurance specialist, Motaquote.

Drivology’s Financial Director, Phil Llewellyn was Head of Finance at Motaquote. Managing a team of accounts reconciliation, financial control, and management information professionals, Phil oversaw broking account reconciliation, cash management, debt recovery, management information, and the financial aspects of corporate governance. Phil is also a Chartered Accountant.

How Drivology works

Based on telematics technology, the Drivology app ushers in a new era in motor insurance for drivers over 25 who want to save money by monitoring their driving behaviour. Once downloaded, it uses GPS to record how, when and where a vehicle is being driven. This data is then used to calculate quarterly variations in drivers’ insurance premiums.

Drivology is authorised to sell and service car insurance. Their Financial Services Register number is 606737.

Car insurance claims are handled by AXA Insurance UK plc. Claims under Drivology’s motor legal protection section of their car insurance are administered by Arc Legal Assistance Limited and Breakdown assistance claims are handled by AXA Assistance (UK) Limited.

Partners

Partners of Drivology include Wunelli, the developer of the app, SSP, the international IT company with expertise across the entire general insurance and financial services, BDML Connect, the specialists in niche motor cover and Confused.com, the UK’s original insurance comparison site.

Wunelli Ltd was established in 2008 by Sandy Dunn, Chairman, Paul Stacy, R&D Director and Penny Searles, MD as a research and data company supplying telematics hardware, software and consultancy services to the insurance industry. 

Wunelli has spent five years collecting driving behaviour data and has invested heavily in its data enhancement and app development capabilities to support the evolving usage based insurance market.

Working closely with all major software houses, today, the business provides a complete end-to-end solution to enable insurers and brokers to offer telematics-based motor insurance products, in a fast, efficient and cost effective manner.

Whether it is hard wired, OBD2 or Smartphone solution, Wunelli offers a completely outsourced solution or an integrated package that links telematics to existing internal systems.

For further media information, please contact Alison Reeson or Ally Redding at HSL on 0208 9779132 or at wunelli@harrisonsadler.com

SSP is the leading provider of general insurance technology solutions, operating in more than 50 countries across the UK, continental Europe, Asia-Pacific, Africa and USA. SSP serves over 1,000 insurance brokers as well as over 160 insurers, including 20 of the world’s largest insurers.

With more than 25 years’ experience and industry expertise, SSP develops and implements technology solutions and back office systems that enable our customers to reduce the cost of their operations, increase distribution and create a better customer experience – improving profitability and effectiveness. 

Having end-to-end visibility from consumers through to insurers, SSP is uniquely positioned to understand the challenges our customers face and provide significant industry value across the entire value chain. SSP’s broking technology processes transactions worth over £5bn gross written premiums annually and over 1.1 billion of internet insurance quotes.

SSP work with you to develop the system and solution that you want. We help you define your requirements, map the journey and build the solution for you.

For more information about SSP and how we can help please call 0800 590 705 or contact us on info@ssp-worldwide.com

Confused.com was the UK's first price comparison site for car insurance. Confused.com is one of the UK’s biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home contents insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance policies. 

Confused.com is not a supplier, insurance company or broker. It provides an objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com’s service is based on the most up-to-date information provided by UK suppliers and industry regulators.

Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the Financial Conduct Authority.

BDML Connect was acquired by Markerstudy Group in November 2013 from Capita Insurance Services and is part of the company’s Retail division. Based in Portsmouth, it offers pet, motor, telematics and home insurance, all of which offer value and choice to a wide range of customers. 

For further information, contact Lizzy Crofts, Group Communications Manager, Markerstudy Group on 0844 854 8713 or email lcrofts@markerstudy.com