TomTom has made a move into the insurance market by providing the technology behind a new insurance product, which bases premiums on driving behaviour.
The company has teamed up with insurance broker Motaquote for the launch of Fair Pay Insurance – a product that rewards ‘good’ drivers with lower premiums.
“Our entry in the insurance market with our proven fleet management technology puts us at the forefront of a move that could help to revolutionise the motor insurance industry,” said Thomas Schmidt (pictured), managing director TomTom Business Solutions.
“We offer a combination of navigation, traffic information and telematics which opens up great opportunities for insurance companies to promote greener, safer driving and create a ground breaking portfolio of new insurance products.
“We are delighted Motaquote have recognised this potential in the launch of such an innovative product.”
Fair Pay Insurance aims to give drivers control over their own policy by using driving ability and behaviour to allocate premiums, rather than so-called risk factors such as postcode, gender, and age or vehicle type.