Dash cams an untapped market
One in five motor insurance customers were using a dash cam in 2019, benefiting from reduced premiums. However, the uptake could surge further.
This is according to research carried out by GlobalData.
Traditionally, telematics and dash cam-based policies have been targeted towards the younger demographic whose insurance premiums are considerably higher than the market average. However, GlobalData’s 2019 UK Consumer Insurance Survey found that uptake of telematics devices could be considerably higher. If telematics policies were able to save policyholders 10% on their standard premium then a further 11% of individuals who do not currently have such a device would convert.
The potential uptake increases even more dramatically if policyholders are able to save 30% on their premiums, with 43% of individuals being happy to switch to a telematics-style policy.
