In the U.K., young drivers face nearly oppressive auto insurance rates, which is discouraging some from taking up driving at all. Telematics is viewed as a way to mitigate that challenge, by allowing the best young drivers to affect their insurance premium positively by adopting good driving habits.

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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