“UBI is experiencing rapid acceptance throughout the U.K., which represents one of the most competitive marketplaces for auto insurance in the world with an unparalleled level of innovation and rate transparency,” said Steve McKay, CEO at DriveFactor. “Admiral, as a premier insurer and industry pioneer, is the perfect partner to leverage our telematics platform. We are pleased to provide Admiral with our turnkey support, including universal hardware, data services, and comprehensive analytics.”For more information about this new program, visit www.bell.co.uk. About Admiral Admiral Group plc, through its subsidiary company EUI Limited, principally sells private motor insurance and associated products, such as cover for breakdown, car hire and personal injury cover. EUI Limited markets directly to the public in the U.K. through its four core brands: Admiral, elephant.co.uk, Diamond, and Bell. The Group also has brands around the world, and in total insures over 3.6 million vehicles and has 6,500 members of staff worldwide. Group turnover, comprising total premiums written and other revenue rose 1% in 2012 to £2.22 billion (2011: £2.19 billion). Admiral Group’s website address is www.admiralgroup.co.uk. About DriveFactor DriveFactor is a leader in providing turnkey telematics programs. DriveFactor focuses on the end user experience to deliver on clients' value proposition and ensure smooth implementations. DriveFactor’s leadership team has been involved with the launch and development of some of the largest usage based insurance (“UBI”) programs in the U.S. and Europe. DriveFactor created an elegant UBI platform that is statistically more predictive and financially more attractive for insurance companies to implement and a privacy-sensitive, engaging offering for consumers. For more additional information, please visit our website www.drivefactor.com, blog ( www.drivefactor.com/category/blog), like us on Facebook ( www.facebook.com/DriveFactor), and follow us on Twitter ( www.twitter.com/Drive_Factor) and YouTube ( www.youtube.com/user/MyDriveFactor).
Third paragraph of release should read: “Our aim has always been to try to offer fair insurance premiums to drivers,” said Sarah Harris, Head of Telematics at Admiral. “In partnering with DriveFactor, we’ll be able to reward our drivers for safer driving. DriveFactor’s depth of analytics and ease of implementation reinforce our customer-centric strategy as we move forward in offering our customers fair insurance rates that they can influence every time they drive.” The corrected release reads: DriveFactor Partners with Admiral Group plc to Expand U.K. Usage-Based Insurance DriveFactor has partnered with Admiral Group plc to expand usage-based insurance (“UBI”) offerings throughout the U.K. Through this partnership, DriveFactor will power a version of Admiral’s Bell Safe Driver policy, which offers discounted auto insurance to U.K.-based drivers who apply. Pairing DriveFactor’s data management services and turnkey telematics programs with Admiral’s forward-thinking approach to insurance could further expand the mass-market appeal of UBI. The benefit of UBI is that it matches insurance premiums to real-world driving behavior and promotes better driving practices. DriveFactor supports and manages hardware, data services, and predictive risk and analytics, as well as hosts a secure, online user portal that gives drivers access to their data, including feedback and insight into how they can improve their driving and thus lower their insurance premiums. DriveFactor’s telematics solution offers a data-based approach to determining fair insurance rates. “Our aim has always been to try to offer fair insurance premiums to drivers,” said Sarah Harris, Head of Telematics at Admiral. “In partnering with DriveFactor, we’ll be able to reward our drivers for safer driving. DriveFactor’s depth of analytics and ease of implementation reinforce our customer-centric strategy as we move forward in offering our customers fair insurance rates that they can influence every time they drive.”