In a recent study, Netstar tracking company revealed women are safer drivers than men, according to their data. Now, it’s been revealed women are also cashing in more with insurers because they drive far less.
According to vehicle insurer MiWay Blink, their data shows that women drivers are getting more money in cashbacks because they spend less time on the roads, especially at night.
Earlier in August, Netstar said its data collected over four months calculates registered incidences of vehicle impacts, harsh braking, harsh acceleration, and harsh cornering as a percentage of total male and female customers. The results proved women performed better than men on every metric.
READ | It’s been proven: Women really are better drivers than men – Netstar tech data
Nestar says registered vehicle impacts (e.g. hitting potholes, kerbs, or other vehicles) by women customers represented 1.3% of the total number of Netstar’s female customer base during the period measured, compared to 1.4% for men. Regarding harsh braking, registered incidents represent 16.9% of female drivers and 22.8% of males. The numbers for harsh acceleration are 4.5% for women and 10% for men. For harsh cornering, the proportions are 13.2% (women) vs 18.8% (men).
Women are better drivers than men, according to new data from Netstar.
Netstar Chief Technology Officer Clifford de Wit says: “The data was gathered using Netstar telematics – a combination of vehicle sensors, GPS, and telecommunications technology, and supports emerging offerings like usage-based vehicle insurance and underwriting.”
However, technological developments continue impacting the vehicle insurance sector significantly, says Miway. The insurance company says an industry that has seen little change in its way of operating for many decades is now able to customise its insurance offering on a more individual, personal level than ever before – thanks to technology.
MiWay Blink has identified some interesting patterns regarding South African drivers through data collected by the technology used by its customers. The insurer has analysed patterns relating to women drivers.
“A significant benefit that technology allows today is for an insurer to measure how much driving a particular customer does in a certain period, and then, where applicable, to return some of the monthly insurance premium to that customer,” explains Head of MiWay Blink, Keletso Mpisane. “This is known as a cashback.”
“Our data reveals that women have received more in cashbacks than their male counterparts,” Mpisane says. “In fact, the data we collect reflects that women who qualify for the cashback option drive 15% less than their male counterparts. In terms of actual refunds, this means that women drivers are receiving an average of 22% of their premiums back in cashbacks, and many have even been rewarded to the tune of 50% of their premiums.”
The fact that this type of technology allows for the monitoring of the amount of driving being done by an individual should make it a more appealing option among women for insuring a vehicle, rather than the traditional approach, which does not provide for a way to look at what a particular person did in terms of their driving during a month.
A woman driving a truck.
Traditionally, insurance policies were based on a category of drivers rather than looking at a driver at an individual level. Many insurers still apply that approach since they have not introduced the technology that allows for measuring the driver’s individual behaviour.
Mpisane points out, “Women drive less at night than men do – our figures show that women are on the roads 18% less at night than men. This is important for the insurance industry because there is a higher risk of accidents occurring at night than during the day.”
With this insurance company, the base premium is calculated on a monthly driving distance of 2 500km, and if an insured person drives less than that amount, they will qualify for a cashback- i.e. a refund of part of the premium paid for that month. For someone who recorded less than 100km of driving during the month, a refund of 50% of the premium is made.
Mother teaching daughter to drive a car.
“Through the technology, we can record how much a customer drives during the month. If a particular person is not out on the roads much, the risk of an accident is lower, and that is why we at MiWay Blink can pay back a part of the premium,” Mpisane explains.
“Data collected through the information provided by the new technologies is clearly a positive for the individual customer. Still, it can also serve society well through the trends and behaviours it reveals.”