The Co-operative Insurance Gamify Safety of Young Drivers With Mobile Apps

The Co-operative Insurance Gamify Safety of Young Drivers With Mobile Apps

The Co-operative Insurance Gamify Safety of Young Drivers With Mobile Apps

The Co-operative Insurance gamify safety of young drivers using mobile apps by scoring each journey from 1 to 5. The free Smartphone app uses GPS data to measure cornering, time of day, speed, braking acceleration.

The Co-operative Insurance Gamify Safety of Young Drivers With Mobile AppsIt is designed for drivers to try before buying the company’s insurance products.

The app is available for Android and iPhone users, and uses telematics technology to rate drivers. A good overall score indicates that a driver is likely to save with The Co-operative’s young Driver Insurance.

According to Kilmartin, Manager, the app is aimed to young drivers ages 17 to 25. A premium of £1,345 is charged which is £300 cheaper than the average shop-around premium of £1,651. Customers will earn 20% discount if they achieve a top score of 5 for their overall driving performance.

The app can be downloaded by people of any age. More than half of The Co-operative’s (@TheCooperative) Young Driver Insurance policies are shared between the young and their parents.

The average motorist thinks his driving is 20% better than other road users. When asked to rate themselves, they would award themselves of 7 but give other road users 5. Studies also show that 16% of motorists rate their driving 5 or below, while 53% give eight, nine, or ten in a scale of 1-10. While 84% rate themselves 6 and above, only 51% rate others with the same rating.

However, the results show that 49% are rated five or below, and only 10% gave other drivers 8-10.

Key Stats

  • Driving performance is measured in a scale of 1 to 5.
  • The app is aimed at young drivers aging 17 to 25.
  • The premium rate is £1,345, which is £300 cheaper than the average premium.
  •  A 20% discount is given young drivers who score 5.
  • The average motorist believes he drives 20% better than other road users.
  • Motorists would give themselves 7 out of 10, and 5 to other drivers.
  • Only 16% would rate themselves 5 or below, while 53% give 8 to 10.
  • 84% would rate themselves 6 and above, and only 51% would give the same rating to other drivers.
  • Results shows that 49% get 5 or below, while 10% of other drivers are rated 8 – 10.

Amy Kilmartin, Young Driver Insurance Manager at The Co-operative: “Once downloaded it will score any journey you go on between one and five, and if you get a good score – four or five – you could see big savings if you opt for our Young Driver insurance.”

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Covered by my Visible Banking Team
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Do you think this is a technology that most in the car insurance sector will likely follow? Are you willing to download the app and try it out before opting to buy car and driver insurance policies?

We invite you to share your thoughts about the mobile technologies and the financial industry, here, via twitter or on our Facebook page.

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