London-based insurer Vitality has entered the car insurance market. Developed in partnership with Covéa Insurance, the new product enables drivers to measure and improve their driving behavior after each trip, earning rewards for driving more safely and making greener choices.
Good driving will unlock weekly rewards from Caffé Nero and Rakuten movie rental while drivers demonstrating the safest driving behaviours, as defined by the Good Driving Programme, will have the opportunity to receive £250 off their excess and a no-increase guarantee at renewal.
“Vitality was founded on the simple belief that people can be incentivised to change their behaviour and by rewarding them for doing so, it creates a virtuous circle of improvement. We are now applying our Shared Value insurance model to car insurance with a dynamic product that consistently encourages and reinforces good driving, rewarding members for driving safely and for making choices that are better for the environment. With VitalityCar, people can access insurance that better reflects their individual risk. The drivers with the safest driving behaviours will have the opportunity to reduce their excess by up to £250 and earn a no-increase guarantee at renewal.” – Andrew Webb, Managing Director of VitalityCar.
“Our partnership with Vitality is a major milestone for our business strategy and technology roadmap. It is also a really exciting development for the wider insurance market. The regulatory environment is changing as are customer needs. We have to evolve and innovate to make sure we deliver products that provide value and allow consumers the choice to live their lives in the way that they want.” – James Gearey, Managing Director of Personal Lines and Protection for Covéa Insurance.
The Good Driving Programme enables drivers to better understand their driving behavior through the use of Vitality’s Good Driving sensor. This sits on the inside of the windscreen and paired to the Vitality Member app, allows members to measure and improve their driving behavior by providing detailed feedback after each trip.
Points are earned for good driving but also ‘car-free’ days when drivers choose not to drive. As with Vitality’s Healthy Living Programme, VitalityCar members will work towards achieving a Vitality status of Platinum, Gold, Silver or Bronze, based on how many points they accrue over the plan year and will be able to earn status-linked rewards.