Heritage Insurance became the first insurance company in the country to launch a telematics motor insurance. During the launch that took place on July the 23rd 2019 at Heritage House, the firm’s executives noted that the new technology aims to improve service delivery and speed up claims payment.
“Heritage’s Auto Correct promises a blend of intelligent black-box technology, driver feedback and attractive rewards aimed at improving driver behavior, potentially reducing both accident frequency and the cost of insurance,” said Godfrey Kioi, the company’s Managing Director.
Telematics technology monitors vehicles through a GPS system with on-board diagnostics. Through telematics, it’s possible to record – and map – exactly where a car is and how fast it's traveling. It also goes beyond the recording location and speed by showing how a car is behaving internally.
The device collects and transmits driving behaviour relating to acceleration, braking and cornering, all of which are key factors in evaluating how well or poorly a vehicle is driven.
A comprehensive formula makes use of the driving data collected to calculate an appropriate driving score.
With the anticipated reduction in the overall claims to the company, the customer is expected to benefit through reduced cost of insurance achieved through premium cashback to the customer at the end of each policy year, based on the customers’ overall driving scores.
According to the company, all private motor vehicle owners are eligible for Auto Correct and may potentially get up to 15 percent cash back on annual paid premiums at the end of their policy period, if they drive safely.
They will also accumulate loyalty points, which can be redeemed from time to time at selected service providers.