December 03, 2010 -- Quartix, one of the UK’s top vehicle tracking providers, has signed a contract with Coverbox, which is expected to take delivery of 1200 of the company’s latest tracking devices a month – a total of approximately 15,000 units over the first 12 months.
Coverbox, one of the UK’s leading brand for telematics-based insurance, is supplying the trackers to policyholders as part of its pay-as-you-drive service – a service which offers refunds if the system detects their mileage is less than anticipated or their driving is limited to off-peak periods when fewer accidents happen.
Andy Walters, Quartix managing director, said: “Currently, Coverbox is primarily targeted at the young-driver and high-risk market. But it is virtually certain the use of telematics data in risk assessment will migrate to the fleet sector.
“Fleet managers are already using telematics systems to modify driver behaviour to reduce health and safety risks and fuel costs, and it’s a relatively small development to share that information with insurers and to reduce premiums.”
With Coverbox customers are charged a rate for their mileage, which is determined by the time of day they drive. Data, delivered by the the telematics system, is displayed on-screen as ‘dashboard’ reports. Usage, driving patterns and bills can be read quickly and easily.
Coverbox, a ‘smart’ insurance product based on both telematics and data analysis, not only monitors driving habits and behaviour but also verifies information supplied by customers on their application form.
Quartix’s new TCSV9 system - key to telematics-based insurance
With telematics-based insurance data quality and integrity are essential, and key to this is Quartix’s new TCSV9 system.
Already well advanced in design terms when the Coverbox project was being developed, the company’s fifth-generation TCSV9 is one of the most integrated tracking systems available.
It incorporates a comprehensive range of features in a unit only slightly larger than a matchbox, but weighs under 80gm. The features include GPS tracking; a crash-detection ‘black box’ to alert the insurance company or fleet owner of an accident – plus detailed storage of vehicle movements prior to a crash; and a tri-axis accelerometer to monitor acceleration, braking and cornering.
Speeding is monitored against a road speed limit database for the UK. Data can be used to assess a driver’s accident risk level through his driving behaviour.
Coverbox owner, Wunelli, aims to help its insurers reduce loss ratios and claim frequencies.
More about Quartix
Founded in 2001, Quartix (www.quartix.net) has grown to become one of the UK’s most successful vehicle tracking service providers.
Today, more than 2,500 customers across a wide range of sectors – including government organisations, housing associations, construction, hospital trusts, the emergency services, SMEs and large British brands – use the online service, with the company’s unique, own-design tracking unit currently installed in more than 25,000 vehicles.
The Quartix system provides users with a fast, efficient, 'point-and-click' source of real-time information, together with tailored e-mail reports. The highly-flexible service has scope to meet the needs of large corporations and owner-managed businesses alike.
More about Coverbox
Customers log on to www.coverbox.co.uk to apply for insurance, and receive a selection of quotes and varying features from Coverboxs insurance company partners including The Co-operative, Allianz Insurance, Equity Red Star and Groupama Insurances.
Some months customers may do a little more mileage than planned and other months they may not; over the year it may well even out, but if they cover fewer miles than estimated then they can have a refund or Coverbox credit their insurance bill for the following year.
In summary, it works very much like a monthly utility bill – the key difference, though, is that low risk drivers who use their cars little and in off-peak periods are not penalised by the actions of or accidents suffered by higher risk drivers driving at higher risk times.
For further information contact Andy Walter, managing director, Quartix, on 0870 013 6663 or email Email Contact