Sustainability is increasingly talked about in the consumer landscape, with 56.1% of respondents to GlobalData’s 2023 UK Insurance Consumer Survey thinking that an insurer’s record on sustainability is important or very important. In keeping with this, The Green Insurer, a newly launched, sustainability-focused motor insurance broker, has introduced a proposition that actively lowers its clients’ carbon footprint in addition to offering motor cover. With the use of telematics data and a scoring system, the company hopes to encourage policyholders to drive more eco-friendly.
In GlobalData’s 2023 UK Insurance Consumer Survey (see above), customers were asked to rank their insurer’s sustainability record on a scale of 1 (not very important) to 5 (very important). In 2023, 56.1% of respondents answered 4 or 5. In addition, 50.8% of consumers saw increases in their 2023 car insurance premiums by a range of 0–20%. Furthermore, 19.3% reported hikes in the range of 21–40%. In light of this, The Green Insurer is combating growing premiums by negotiating agreements with insurers to lower costs. Additionally, as part of its Leaves scheme, the company provides rewards averaging £20 per year for environmentally conscious driving. This supports a group effort to lessen environmental impact in addition to addressing the financial burden on drivers.
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The proposal from The Green Insurer is an attempt to help both the environment and consumers. The product uses a smartphone app to monitor driving behaviours and assign Green Driving Scores, which have an immediate impact on renewal premiums and can be used to unlock discounts. The Leaves scheme offers incentives to policyholders in the form of annual rewards. The results of its survey show that 53% of drivers are more environmentally conscious than they were a year ago and that 28% of them intend to drive fewer miles, highlighting the importance of these offerings. The strategy used by The Green Insurer meets the needs of both customers who are concerned about the environment and those who are looking for a way out of rising premiums for insurance. The company is well positioned in an evolving insurance landscape thanks to its unique combination of financial benefits and eco-friendly incentives. To stay competitive and match their products with the shifting priorities and preferences of today’s drivers, other insurers could take similar measures into account as sustainability remains popular among consumers. In addition to keeping their clientele, insurers can help create a more sustainable and responsible future by tackling both cost- and environment-related issues.
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By GlobalData
