Technology 'to become more important to insurance industry'

Compare tariffs and switch energy supplier in minutes

Compare energy deals and switch supplier to cut your energy bills by £447* a year - start saving money in a matter of minutes!

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jul 2018 and 31 Dec 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £447 or more.

Technology is set to become increasingly important to the insurance industry as it looks to improve its service, according to the Association of British Insurers (ABI).

Malcolm Tarling, the organisation's spokesman, has stated that buy using such systems, providers will be able to reach "the goal that they are always trying to achieve" of offering a price that reflects the actual risk.

He went on to explain how several companies are already using technology in 'pay-as-you-go' car insurance products.

"You can ask to have a black box fitted to your vehicle, and it enables your insurance to be on a pay as you drive basis," the expert outlined.

"It records your mileage and, importantly, where you're driving. It's a method of effectively ensuring your premium reflects risk."

According to research by MoneyExpert, the average car insurance premium in the UK has risen by six per cent in the past year.

The same study predicts that a ten per cent rise is to follow across 2008.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more