New Report Discusses Product Innovation in the UK General Insurance Sector, Covering Telematics and Eco-Friendly Insurance Products.DUBLIN Dublin, city, Republic of Ireland Dublin, Irish Baile Átha Cliath, county borough (1991 pop. 915,516), Leinster, capital of the Republic of Ireland, on Dublin Bay at the mouth of the Liffey River. , Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. -- Research and Markets (http://www.researchandmarkets.com/reports/c70247) has announced the addition of "Product Innovation in General Insurance 2007" to their offering. Introduction This brief discusses product innovation in the UK, covering telematics Originally coined to mean the convergence of telecommunications and information processing, the term later evolved to refer to automation in automobiles. GPS navigation, integrated hands-free cellphones, wireless communications and automatic driving assistance systems all come under the and eco-friendly insurance products. It also discusses a number of foreign insurance products that offer features not commonly offered in the UK, and evaluates the advantages of introducing such features in UK products. Scope * Information on developments in telematics and eco insurance products in the UK * Examples of product features from abroad to introduce to the UK market Highlights Eco-friendly policies are easy to set up and add to an existing business line. The low barriers to entry are demonstrated by the speed with which others joined CISs launch of an eco product. It is therefore likely that others will also launch eco-friendly motor insurance products in the near future. Reasons to Purchase * Gain insight into the development of telematics and eco insurance products in the UK * Learn about the potential of introducing agreed value car insurance, combined products for young people, and much more to your UK product offering Report Overview Overview Catalyst Summary Product innovation in the UK Introduction - Telematics motor policies form the most innovative product development in the UK - Norwich Union Norwich Union is an insurance company in the UK. It is the biggest life-insurer in the UK, and has a strong position in motor insurance. It is part of the Aviva group, itself created by a merger of Norwich Union and CGU plc in 2000. launched Pay As You Drive motor insurance in 2006 - The product gives people control of their insurance spending - More Th>n launched a trial telematics motor product in 2006 - The product is aimed at young people and provides incentives to avoid driving at high-risk high-risk adjective Referring to an ↑ risk of suffering from a particular condition Infectious disease Referring to an ↑ risk for exposure to blood-borne pathogens, which occurs with blood bank technicians, dental professionals, dialysis unit times - Others are likely to follow suit, though the product is not currently easy to replicate rep·li·cate v. 1. To duplicate, copy, reproduce, or repeat. 2. To reproduce or make an exact copy or copies of genetic material, a cell, or an organism. n. A repetition of an experiment or a procedure. due to technological barriers - The product has a number of potential benefits which could lead other companies to develop their own telematics products - BIBA BIBA British Insurance Brokers' Association BIBA Bremen Institute of Industrial Technology (University of Bremen) BIBA Bulgarian International Business Association BIBA Bermuda International Business Association has already announced that it is looking to create a telematics system that can be used by brokers - Others may follow but there are significant barriers to entry - Several insurers and insurance providers have developed green motor insurance products - Eco-friendly motor products take two main forms, with some providers offering both features with their policies - One way of making a motor policy eco-friendly is to offer discounts for green cars - Another way of making a policy eco-friendly is to offer to offset its carbon emission - Others are likely to follow suit and launch their own green products, although low customer awareness currently limits growth - The innovation could easily be transferred to travel and household insurance policies, but low consumer awareness and low profit margins are current barriers - Potential product innovation - Lessons from abroad - Introduction - A number of features offered with motor and household policies abroad could prove useful for UK insurers - A Danish product offers transport to doctor and hospital as part of a home emergency product - Companies with extensive home emergency operations could add this extra cover to their offering - An Austrian product offers compensation if thieves List of Thieves. Famous
- Catchy extras could also help sell policies in the UK, but insurers need to identify the right ones - An optional extra on a premium content product from NZ covers matching sets of carpets and curtains - Few UK companies offer matching sets cover, but more could choose to offer this as an optional extra - A Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. offers to pay for reconstruction of photos and data files - UK insurers could also cover such expenses, although a clear limit would have to be set for the cover - In New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. the option of insuring a car to an agreed value rather than its market value is common - In the UK, agreed value policies are common for vintage or modified cars The term modified car is given to any vehicle that has been upgraded with aftermarket parts and components in order to change or enhance its properties, be it from a styling, audio or performance stand point. only - The appeal of agreed value car insurance for normal cars in the UK is likely to be limited to a certain type of consumer - Young drivers can get part of their premium back if they drive without making a claim for five years, or until the age of 25 - A similar arrangement could be introduced in the UK, which could improve retention rates - Norwegian insurer If offers a product for young starters combining contents, travel and personal accident cover A similar product might help sell extensive cover to young people in the UK APPENDIX - Methodology - Further reading - Ask the analyst - Our consulting - Disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the 14 Figures also included with this report For more information visit http://www.researchandmarkets.com/reports/c70247 Source: Datamonitor |
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