DriveFactor has partnered with Admiral Group plc to expand usage-based insurance (UBI) offerings throughout the U.K. Through this partnership, DriveFactor will power a version of Admiral’s Bell Safe Driver policy, which offers discounted auto insurance to U.K.-based drivers who apply. The benefit of UBI is that it matches insurance premiums to real-world driving behavior and promotes better driving practices.
DriveFactor supports and manages hardware, data services, and predictive risk and analytics, as well as hosts a secure, online user portal that gives drivers access to their data, including feedback and insight into how they can improve their driving and thus lower their insurance premiums. DriveFactor’s telematics product offers a data-based approach to determining fair insurance rates.
“UBI is experiencing rapid acceptance throughout the U.K., which represents one of the most competitive marketplaces for auto insurance in the world,” said Steve McKay, CEO at DriveFactor.
Admiral Group plc, through its subsidiary company EUI Limited, principally sells private motor insurance and associated products, such as cover for breakdown, car hire and personal injury cover. EUI Limited markets directly to the public in the U.K. through its four core brands: Admiral, elephant.co.uk, Diamond, and Bell. The Group also has brands around the world, and in total insures over 3.6 million vehicles and has 6,500 members of staff worldwide.