Tesco Bank Enters Usage-Based Insurance Sector
The U.K. bank has introduced a telematics-powered usage-based insurance program targeted at young drivers.
Tesco Bank, a London-based provider of what it calls "simple personal banking products, principally credit cards, personal loans, savings and general insurance," is the latest entrant into the young driver-focused usage-based insurance market with the launch of Tesco Bank Box Insurance.
The insurance product, which is "arranged and administered by Insure The Box Limited and is underwritten by Catlin Insurance Company and Great Lakes Reinsurance," requires drivers to fit a box into their car which monitors their driving habits -- adjusting premiums accordingly -- and sends regular feedback. ... Read full story on Insurance & Technology
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