Thursday April 13, 2017
Markerstudy Retail has announced that it is launching a new product that combines dash cam footage with telematics to offer policy holders a competitive rate and protect drivers against fraudulent claims utilising an award winning Internet of things (IoT) platform. The product, Masterquote Vision, is aimed at inexperienced lower mileage drivers living in cities, who are looking for cover that may provide peace of mind against crash for cash claims. The move is supported by recent industry reports released by BIBA that telematics policies can deliver savings of up to 25 per cent to careful drivers.*
The policy, underwritten by Zenith Insurance, provides a combined camera and telematics device supplied by VisionTrack. The device is fitted behind the rear view mirror by a qualified engineer, who visits the customer within 7 days of buying cover. The proposition also benefits from the award winning IoT platform from VisionTrack, which recently won two Gartner awards for innovation and the Celent Model Insurer Award for Innovation & Emerging Technologies: Reducing Fraud.
Ross Barrington, Managing Director of Retail comments: “In today’s market the use of telematics and camera footage is becoming more and more vital in confirming liability. We believe that this new product will be extremely helpful to drivers in higher risk built up areas, such as London or Manchester, who might otherwise struggle to find affordable cover.”
VisionTrack has already saved Markerstudy significant money this year alone, in cases where its footage has successfully proved liability in the insurer’s favour.
Simon Marsh, Managing Director of VisionTrack added: “I firmly believe that the combination of telematics and visual footage are key to encouraging better driver behaviour. This product is perfect for younger, less experienced drivers who are likely to be at greater risk of incidents, living in built up areas. The benefits that video telematics can offer the insurer and clients are huge against fraudulent and exaggerated claims, whilst also improving road safety. Video helps insurers and brokers engage with the customer, showing them how they drive in the real world. This insight and feedback is invaluable to all but especially the less experienced. I believe that this is the future of vehicle telematics, particularly when considering the recent challenges being faced by the industry.”