TomTom telematics technology will power an innovative new car insurance policy for young drivers, which uses a smartphone app to provide feedback on driver performance.
woop is a usage-based telematics insurance proposition, with no mileage limits or curfews, that offers young drivers the chance to benefit from discounted premiums by adopting a safe, efficient driving style.
Drivers can then gain feedback on their performance behind the wheel, including advice on how to improve their driving style, via the woop website or smartphone app.
“Woop allows young people to unlock the benefits of cheaper car insurance without having to submit to restrictions or curfews,” added David Hayward, Managing Director, woop cover ltd.
“By joining forces with TomTom, we have selected a partner that not only offers a market-leading technology proposition but also top-class security standards for the protection of customer data.”
TomTom’s LINK 410 tracking device will be installed in the policy-holder’s vehicle to provide data on all aspects of driver performance, from acceleration and harsh steering or braking to accident reporting. The device also allows the vehicle to be tracked in the event of theft.
“TomTom telematics technology has a proven track record for helping businesses to reduce their premiums by improving their risk profile and the same benefits can now be realised by young drivers,” said Thomas Schmidt, Managing Director, TomTom Business Solutions.
“Woop is an innovative product which allows more accurate, tailored underwriting based on a driver’s individual risk profile, determined by their performance behind the wheel. At the same time, drivers are given access to actionable data which allows them to identify areas of risk and make adjustments to their style to adopt a safer, more efficient approach.”