The end of the Olympics has opened up space in the news cycle for other developments across the pond. And today, the UK arm of Aviva announced that it is inviting consumers to try out a new smartphone-based technology for pay-as-you-drive insurance.
The Guardian and other UK outlets report that by using the Aviva RateMyDrive app, drivers will have their first 200 miles monitored for information on acceleration, braking and cornering. Drivers whose risk profiles come out positive are eligible for a premium discount.
Some members of the insurer's staff have tested the technology, but Steve Treloar, Aviva's retail director, told the Guardian that the company needs "a wide range of motorists to test the proposition and help us develop the final product and customer experience before we bring it fully to market." The target test group is 5,000 drivers.
Aviva, when it was called Norwich Union, was a famous early adopter of using telematics technology to power pay-as-you-drive insurance. However, it suspended the program in 2008 due to a lack of interest.
Now, industry observers say that E.U. restrictions on using gender in insurance underwriting will lead insurers to look for new ways to evaluate policyholders' risk.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio