Bennett appointed DriveStyle Insure chief

Andrew Bennett (pictured) has been appointed chief executive of motor insurance telematics provider DriveStyle Insure Holdings.

Bennett, previously broker sales manager with Allianz, led the insurer’s team working with DriveStyle Insure to develop the Coverbox DriveStyle behavioural insurance products.

He has nearly 25 years’ experience of the motor insurance industry, having worked for companies including Insure the Box, where he was a member of the start-up team, RBS/Direct Line and BGL. 

Coverbox (www.coverbox.co.uk) is a simplified pay-as-you-drive (PAYD) motor insurance product, while DriveStyle (www.drivestyle.co.uk) is a more sophisticated pay-how-you-drive (PHYD) product that takes driving behaviour into account.

Pay-as-you-drive impact

Bennett, who took up the position last week, said the potential scale and impact of PAYD telematics was far deeper than much of the market appreciated.

“PAYD and PHYD insurance products are not simply a different way of delivering cheaper premiums for customers,” he said. “Some traditional car insurance products may become outdated as propositions like ours use technology to provide value for money, or, crucially, help make significant savings on defending or supporting claims.”

Bennett said there was a “big education job” to be done on telematics in relation to the insurance industry, the government and the consumer. It would bring down claims costs, cut insurance costs and premiums, and was likely to have a significant impact on crime and insurance fraud.

Change in take-up

“The market will also start to open up – telematics works not just for young drivers, but for any driver,” Bennett said.

“The challenge is provoking the consumer pendulum to swing – but the issue could well be addressing it when it happens. Many will remember how SMS and texting suddenly took off – and the telecoms networks weren’t ready for it.

“Telematics-based insurance may well take the same course  but the least prepared insurers will find their customers dropping off in droves because they don’t have a PAYD/PHYD product to offer them.”