LV= Broker has joined the motor telematics panel for O2 Drive by adding its Highway Telematics scheme. The partnership means that LV= Broker can create more accurate premiums for customers by considering the driving data collected from O2 Drive's on-board telematics box. The addition of Highway Telematics to the panel follows the launch of ABC Car & Highway Car to the O2 Drive motor panel at the end of 2015.
In 2015, O2 became the first mobile company in the UK to offer car insurance with the launch of its O2 Drive proposition. The business then later added its telematics product O2 Drive – Box on Board which aims to help responsible young drivers get on the road by offering more reasonable premiums and allowing brokers to showcase their expertise by providing more in-depth risk profiles.
The product gives customers the potential to secure a discount at inception by including a small telematics device alongside their car battery. Drivers can then access their scores via the O2 Drive app, along with tips that could encourage safer driving and keep or improve their no claims discount.
Michael Lawrence, LV= Broker Director of Personal Lines, said: "Telematics products are hugely important in today's market - not only do they guide drivers towards good practice, they also allow insurers to price more accurately, which is something we're always striving to do. O2 is a strong brand and isn't afraid to do things a little differently, so it's great to be part of the panel for O2 Drive."
David Plumb, Digital Director at O2, added: "We're on a mission to make customers' lives easier with O2 Drive. Through a combination of O2's award winning customer service and LV= Broker's strong heritage in the insurance market, we share a joint ambition to increase the role of telematics and ultimately reward customers for how they drive."
Methodology for consumer survey: YouGov, on behalf of LV=, conducted online interviews with 9,495 UK adults between 5th and 10th July 2017. Data has been weighted to reflect a nationally representative audience.
Methodology for recognised benchmark of financial resilience: Money Advice Service (MAS) guidelines for financial resilience state that 'people should hold an emergency fund of three months' income. LV= identified the 'least financially resilient' groups based on the combined factors of how respondents fared against the MAS definition and how confident respondents reported to feel about being able to manage a financial crisis.
Late-Millennial renters were identified as one of the least financially resilient groups using the following methodology: 25-34 year olds (Late-Millennials) were identified as the least financially resilient age group with 55% falling short of having 90 days' worth of outgoings in the bank against the national average of 37%. Within this age group, 65% of renters fall short of the MAS benchmark, and 44% lack confidence in handling a financial crisis, versus the national average of 33%. 43% of this age group are unable to save any money at all - this is 5% higher than the national average of 38%.
LV= Broker is part of the LV= group of companies, and incorporates Highway Insurance and ABC Insurance.
LV= employs over 6,000 people and serves over 5.8 million customers with a range of financial products. We are the UK’s largest friendly society and a leading financial mutual.
When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.
We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations including ASDA and Nationwide Building Society.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.