Tuesday, 12 September 2017

Double headed presentation

On Tuesday 26 April around 40 Yorkshire Region members and guests attended the Holiday Inn Brighouse for a double headed presentation featuring Nick Street from Trak Global and IAEA President Adam Murray on two linked but very different topics.

Following complementary refreshments provided from regional funds, the first speaker was IAEA President Adam Murray who talked about the changing landscape of vehicle technology, with a fascinating whistle-stop tour through the ever expanding range of technology fitted to modern vehicles and what is to come in the next few years. Covering Automated Driver Assistance Systems (ADAS), new materials and construction techniques and connected vehicles, looking at the benefits they offer and what they mean for the insurer and for Institute members. This fascinating insight underlined how vital it is to keep up to date – underlining the need for CPD now more than ever before.

Adam was followed by Nick Street who gave a detailed overview of Trak Global and their Carrot Insurance product.

Trak Global are a telematics solutions provider and Carrot Insurance is a product designed to encourage safer driving behaviour through the provision of incentives and proactive intervention, helping customers (predominantly young/new drivers) to become safer drivers with a lower propensity to crash and is something that the company is immensely proud of. Using high-end telematics, Carrot's Driving Style feedback is critical to the high level of trust that the brand has earnt amongst policyholders since launch. Accessible via a desktop, tablet or mobile app (both iOS and Android), every customer can access clear, detailed feedback on how they're driving.

Feedback is presented clearly, transparently and - crucially - is translated into a meaningful, powerful currency: the direct correlation between their Driving Style score, the amount of cash rewards they're set to earn, and the additional discount they can achieve against their premium for the following year. These cash rewards are worth up to 15% of their annual premium across the course of the policy year. 72% of Carrot's policyholders earn quarterly cash rewards, and the average amount earnt per customer is £154. Any rewards earned are paid onto their Carrot Card - a unique prepaid debit card - so the funds can be redeemed online, on the high street or withdrawn from an ATM to spend on whatever they like.

Helping customers to become safer drivers with a lower propensity to crash is something they are immensely proud of. Carrot have a dedicated Risk Management Team that they have continued to develop since launch, and the team now makes up 25% of the Carrot Operations team. Through in-house Risk Management process the team identify drivers who are at more risk of an accident, and make proactive interventions to reduce the risk through phone calls, text messages and emails.

This has resulted in a claims frequency 15% lower than ABI data for the insured demographic and is a figure that continues to improve year on year. Interventions from Carrot have seen 65% of drivers modify their driving behaviour and 72% of Carrot drivers have received cash rewards for good driving.

The company receives exceptional ratings from customers, with 97% saying they would recommend the company and 88% rating customer service as good or excellent. Carrot's efforts to keep young drivers safe were recognised in December 2015 when it was presented with the prestigious Prince Michael International Road Safety Award.

After questions from the floor, Yorkshire Region Chairman Ivan Marriott led the thanks to both Nick and Adam in the traditional manner.