Verex Group, the dedicated connected services to vehicle manufacturers, has published new data showing branded car insurance renewal rates are now at 88% surging ahead of the traditional car insurance market.
These results show the loyalty and affinity consumers have with their vehicle manufacturer as nearly 9 out of 10 (88%) car owners are renewing compared to drivers who purchased ‘traditional’ car insurance which currently has a renewal rate of only 52%.
The market leader in Vehicle Manufacturer Insurance and Accident utilises the latest innovations in connected data and technology to offer and develop a range of insurance and accident management solutions to its network of 16 UK vehicle manufacturers. These services include a range of connected services that make accident claims seamless for drivers by automating the process with insurers and vehicle manufacturers.
The connected services provider recently commissioned a national driver survey to understand how drivers are currently purchasing vehicles and what they expect from their vehicle manufacturer. The results of this survey highlighted that nearly a third of drivers surveyed (29%) want their next vehicle to include a connected insurance solution as part of the purchase. The survey also showed a real shift in drivers’ willingness to share their driving data with only 19% of drivers not happy to even if it was going to ‘save them money or help in an accident.
Mark Aryaeenia, CEO at Verex Group, said, “With the evolution of digital capabilities and access to increased data and insights, customers are seeking more from their new vehicle purchases and are starting to realise the true benefits of connected services.
These latest renewal rates illustrate that our cutting-edge solutions at Verex Group allow our vehicle manufacturer partners to continue building on their customer's brand loyalty and maximise retention.”