Co-op not targeting market share with young driver product
The Co-operative is not aiming for more than one-tenth of the 17-25 driver market with its recently launched Young Drivers product, the mutual’s director of general insurance David Neave told Insurance Times.
The Young Drivers product, launched earlier this year, uses telematics technology to monitor the performance of the young drivers that it is aimed at.
Nearly nine in ten of the customers who have taken out the product have received a rebate after data collected by the telematics black boxes showed that they had been driving safely.
In an exclusive interview, Neave said: “We’re not looking to seize 25% of the market. We’re looking to grow a book of business over time and learn as we grow.
“We are not looking to write more than single digit market share in this (young driver) segment . Our overall market share for motor is 4% and if we did more, we would be more than happy with that, but it’s a question of writing the right calibre of business.”
He also said that the Co-op had cancelled the policies of a “handful” of customers for speeding.
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