NAVTEQ Mapping Supports 'Pay As You Drive' Motor Insurance
Written by NAVTEQ
10 November 2006
Innovative Norwich Union scheme relies on NAVTEQ(R) map data
CHICAGO, Nov. 10 -- NAVTEQ (NYSE:NVT) , a leading global provider of digital maps for vehicle navigation and location-based solutions, is supplying map data to Norwich Union for its innovative "Pay As You Drive"(TM) insurance scheme which could save drivers in the United Kingdom up to one third on their premiums.
Drivers are provided with in-car GPS devices coupled with NAVTEQ(R) street level maps, enabling Norwich Union to calculate insurance premiums for each journey, depending on time of day, type of road and mileage.
"The quality and reliability of the map data is key," explained Iain Napier, Director, Pay As You Drive insurance. "NAVTEQ has full coverage of the UK down to street level and has a team of 28 geographic analysts permanently based in the UK whose job it is to continually update the map data. The fact that they are releasing the new map data every three months helps maintain its accuracy. This is important to the operation of our initiative."
Norwich Union is the only insurer in the UK to offer a usage-based motor insurance policy and has launched "Pay As You Drive" nationally following a very successful pilot scheme involving 5,000 motorists. The objective is to help drivers control insurance costs by making informed choices about when to use the car. Pricing begins from as little as a penny per mile.
Bills will look similar to mobile phone bills, with the premiums for each journey calculated and totaled. This transparent approach to motor insurance will help customers control motor insurance costs in a way that has not been possible before now.
"We're confident that 'Pay As You Drive' insurance is simply a fairer way of calculating premiums and gives customers greater control, flexibility and choice. That is why we expect this unique UK proposition to be a huge success with motorists."
"We are pleased that NAVTEQ maps are part of this great initiative from Norwich Union where geospatial technologies deliver unique value to drivers," comments Eric Fumat, Vice President and General Manager at NAVTEQ. "This is another validation of the importance of a quality map."
About Norwich Union
Norwich Union is the UK's largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
It is a leading provider of life, pensions and investment products and one of the largest Financial Adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK. Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at http://www.aviva.com/media .
About NAVTEQ
NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has approximately 2,100 employees located in 139 offices in 25 countries.
NAVTEQ is a trademark in the U.S. and other countries.
This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2005 and "Item 1A. Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended July 2, 2006, in each case as filed with the Securities and Exchange Commission.
Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. NAVTEQ does not undertake any obligation to update any forward-looking statements contained in this document.
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