Volkswagen Financial Services (VWFS) has team up with telematics broker Carrot and its sister technology firm Trak Global on a new offering for young drivers.
Under the deal, VWFS is offering a year’s free telematics based insurance to 18 to 24 year-old drivers that buy a Volkswagen Polo from one of their dealership.
The car’s on-board telematics technology will collect the driving data. Track Global then provide scoring and data analytics. Carrot will handle the insurance side of the deal, giving VWFS access to its panel of insurers and handling the policy administration for VWFS’s insurance brand.
Nick Corrie, chief executive of Carrot and Trak Global said; “Many insurance and automotive industry commentators believe one of the key destinations of the connected car evolution is insurance capacity being combined with ‘on board’ telematics technology to deliver mass market telematics. In principle that is what we are beginning to do with VWFS today.”
VWFS insurance director Robert Cottrell added: “We researched the telematics industry throughly and concluded Trak Global/Carrot’s unique two-tiered business, from in-house technology and product design (Trak Global), to delivering appropriately branded telematics insurance via their panel (Carrot), is the best fit for our requirements.”
Full article by Insurance Times.
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