Exclusive: Covéa Insurance joins Smartdriverclub's panel

Smartdriverclub has welcomed Covéa Insurance to its panel in a bid to grow its share of the young driver market.

The insurer will join the likes of AXA and Admiral on the panel, both of whom already underwrite the broker’s policies.

Penny Searles, chief executive at Smartdriverclub explained that its new relationship with Covéa will allow the broker to grow its share of the younger driver market.

This will be part of Smartdriverclubs “clear strategy to increase GWP via aggregator sites by 200% over the next two years.”

It follows the broker extending its underwriting capacity to this particular market earlier this month.

Connected car data 

Searles has eleven years of experience in the motor insurance sector and founded one of UK’s very first telematics brokers.

She explained: “Unlike the traditional motor insurance model where dual pricing is rife, we reward rather than penalise at renewal, so our churn rates are very low. We can do this because we use the connected car data, we gather to reduce our loss ratios.

“All insurers should be looking at how they will use connected car data in this way – it will be a matter of survival as motor manufacturers learn to monetise the data from connected vehicles.”

Sue Coffey at Covéa Insurance added: “Smartdriverclub has challenged the concept of motor insurance from day one, delivering a complete package of services that protect motorists in every sense. We are delighted to join the insurance panel.”

Smartdriverclub launched in 2016 with a mission to reward good drivers by insuring only those who drive safely which is managed via an app.