Insurer Coverbox teams with tech firm Ctrack to provide pay-as-you-drive insurance
A partnership between pay-how-you-drive insurer Coverbox and vehicle tracking and movement monitoring technology company, Ctrack looks set to drive vehicle insurance telematics forward.
Ctrack's interactive devices will soon be establishing new levels of data provision from vehicles they are fitted to, as part of pay-how-you-drive insurance products developed by Coverbox.
Coverbox pay-how-you-drive insurance allows drivers to take out comprehensive cover paid for by the mile, with the price per mile varying according to the time of the day or night: off peak; peak; or super-peak times; and how the driver drives.
All Coverbox policyholders have a personal website enabling them to see precisely how many miles they are driving, and what the cost is. The technology behind Coverbox is based on proven equipment and technology.
'We're developing and progressing our soon-to-be-launched behavioural insurance product at an exciting rate,' said Johan van der Merwe, deputy chairman of Coverbox, at Insurance Telematics 2012 in London. 'This moves vehicle insurance telematics two or three generations beyond current equipment capabilities.
'The Holy Grail of the vehicle insurance industry is analysing and concluding the cause, process and effect of a vehicle accident or event. Without giving the game away, we're currently piloting absolutely tamper-proof interactive devices which provide previously unheard of levels of data, but which also monitor and record driving behaviour and vehicle movement for a significant period before any sort of harsh or severe event. There is also the potential – even now – of incorporating overt or covert video recording into the system,' continued Merwe.
Saleem Miyan, managing director at Ctrack Europe Holdings, added: 'Pardon the pun, but we've been looking for a vehicle for our two-generations-on insurance telematics technology, and it is pretty clear that Johan van der Merwe and his Coverbox team have a vision and understanding which provides that vehicle.'
Ctrack in the UK and Ireland are divisions of DigiCore Holdings, a global company listed on the Johannesburg Stock Exchange.