The British Insurance Brokers’ Association (BIBA) has renewed its member Young Driver Telematics scheme with young driver specialist Marmalade.
The scheme, launched in May 2017, allows BIBA members to grow their share in the young driver market with access to telematics and car-sharing schemes aimed at 17-34-year-old full or provisional licence holders.
The scheme renewal follows growth in the telematics market and demand for the product. BIBA’s research shows that telematics reached close to 1 million live policies in 2018 and increased from 12,000 live polices in 2009.
BIBA and Marmalade have worked closely together to support members with the scheme through educational webinars, Marmalade’s exclusive Broker Dashboard and their dedicated Broker Support Team.
Mike Hallam, BIBA’s Head of Technical Services, commented: “This is a really tough market for brokers to compete in, so we are pleased to continue with this scheme that allows members to offer the benefits of telematics to their clients. In addition to competitive premiums, telematics can offer road safety advantages to young drivers too.”
Andy Martin, Marmalade Broker & Distribution Director, added: “We’re delighted to see continued growth in the telematics sector, as we believe it is crucial to improving road safety further and helping young drivers develop safe driving habits that will stay with them for life. The stats reflect this as Marmalade drivers with a black box are 72% less likely to have an accident in their first six months of driving compared to the National Average 1.
“We’re continuing to innovate and, in May, were delighted to start using a cutting-edge smartphone and telematics tag solution for both of our black box policies, provided by Cambridge Mobile Telematics, a world leader in mobile telematics. The box is self-adhesive, so couldn’t be easier to fit, and the technology allows for more accurate measurement of driving and instant access to journey data via the smartphone app. Watch this space for more exciting innovations coming later this year thanks to this state of the art tech!”
Full details about the scheme can be found on BIBA’s website.
Notes to editors
- Based on Marmalade Black Box Insurance policies incepted 8th October 2018 – 30th November 2019. 1 in 19 Marmalade drivers has an accident during their policy term, compared with 1 in 5 young drivers who have an accident in the first 6 months after passing their test, according to National Statistics. Correct as of 9.01.2019.
- For further information please contact:
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Pam Quinn, Head of Communications
020 7397 0223
Leighann Forsyth, Deputy Head of Communications
020 7397 0224
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- About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes more than 1800 regulated firms, employing more than 100,000 staff. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 67% of all general insurance with a premium totaling £66.5bn and 81% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA receives more than 600,000 enquiries per year to its Find Insurance services, online and via the telephone which are directed to member insurance broking firms.
BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.