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Trafficmaster PLC
05 October 2005
5 October 2005
Trafficmaster signs 5 year contract to work with Norwich Union on "Pay As You
Drive"TM Insurance
Trafficmaster, the leading supplier of digital traffic information and
intelligent in-vehicle services, has signed a five year contract with Norwich
Union (NU) to deliver "Pay As You Drive"TM (PAYD) insurance services to the
motorist.
Trafficmaster will supply NU with an initial quantity of 10,000 advanced "
black-box" in-car units in the first half of 2006. The black box, which is
already being used for both Trafficmaster's navigation unit Smartnav and
tracking device RAC Trackstar, identifies the location of the vehicle to allow
the delivery of PAYD insurance.
NU customers will be offered comprehensive products that provide cost effective
insurance together with a raft of optional in-vehicle services. These will
include safety camera warnings, Smartnav navigation, emergency and breakdown
calls and stolen vehicle tracking from RAC Trackstar.
Tony Eales, Chief Executive of Trafficmaster, said "This is a major new market
for Trafficmaster as it not only provides large scale deployment of our
in-vehicle units but also provides an opportunity to sell our other compelling
services. The deal provides a new way to deliver Smartnav and it will allow us
to offer insurance products to many of our own subscribers."
Stephen Doran, Director of Business Development at Norwich Union said "Our
partnership with Trafficmaster will allow us to deliver some very compelling new
customer propositions combining "Pay As You Drive" TM Insurance from Norwich
Union with a range of added value in-vehicle services that Trafficmaster will
deliver. Norwich Union have been the pioneers of PAYD insurance in the UK, and
this partnership will allow us to take the programme to the next level."
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Trafficmaster Tel: 01234 759 300
Tony Eales, Chief Executive
Stuart Berman, Executive Director
Financial Dynamics Tel: 020 7831 3113
Ben Atwell / John Gilbert
Trafficmaster
Founded in 1988, Trafficmaster Plc is the UK's leading journey management
company providing high quality satellite navigation, traffic data and vehicle
tracking systems.
Trafficmaster's traffic information is derived from its unique state-of-the-art
network of nationwide static roadside sensors and transmitters that gather and
distribute traffic data from over 8,000 miles of motorway and trunk routes.
Traffic data is then delivered to the customer through a number of screen or
speech-based receivers. These include a variety of in-car products and services
that include its satellite navigation - Smartnav, Trafficmaster Monitor, YQ(2),
Oracle and Freeway units. Traffic information can also be obtained by phoning
the 1740 service, which is run in partnership with the RAC and the UK's main
mobile phone operators.
The traffic data provided through Trafficmaster RDS TMC is used, in conjunction
with third party satellite navigation systems, to route drivers around
congestion. The data is broadcast on licensed radio networks owned by GCap Media
Plc and Chrysalis Radio and is provided to original equipment manufacturers
(OEMs) or direct to automotive manufacturers.
For more information please visit www.tmc.co.uk or www.trafficmaster.co.uk or
contact:
Pay As You Drive (PAYD)
Pay As You Drive is the concept of insurance charging based upon usage.
About Norwich Union Insurance
Norwich Union is the UK's largest insurer with a market share of around 14 per
cent.
With a focus on insurance for individuals and small businesses, Norwich Union
insures:
- One in five households
- One in seven motor vehicles
- Around 800,000 businesses
Norwich Union products are available through a variety of distribution channels
including brokers, corporate partners such as banks and building societies and
Norwich Union Direct.
Aviva, Norwich Union's parent company, recently announced its acquisition of the
RAC. The acquisition brings together the RAC's powerful brand and customer base
with the expertise and leading position in motor insurance of Norwich Union
Insurance.
This information is provided by RNS
The company news service from the London Stock Exchange
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