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Driverly achieves FCA authorisaton for dynamically priced app based insurance

Source: Driverly

Driverly has announced it has received direct authorisation from the Financial Conduct Authority (FCA) to sell car insurance after a thorough review of its processes and governance structure.

This is believed to be the first successful FCA application centred solely around a monthly, dynamically priced proposition. It marks one of the final stages for Driverly in its mission to deliver its disruptive car insurance service to the UK.

Cardiff-based Driverly, provider of a unique, app-based car insurance service, is delighted to announce it has received direct authorisation from the Financial Conduct Authority (FCA) to provide car insurance to customers. After a detailed review of its customer-centric processes and corporate governance structure, Driverly received direct authorisation to sell car insurance courtesy of the behavioural data collected from its ground-breaking app.

The Driverly app monitors and records dozens of different driving criteria for users to build an accurate picture of their driving habits, which can directly benefit them financially in the form of rewards and discounted premiums.

Armin Kia, CEO of Driverly commented: “For many startup companies, particularly in the insurtech field, authorisation comes via an Appointed Representative route by piggy backing another company’s regulatory permissions. But Driverly is directly authorised by the FCA, which is testament to not only the way we have built our tech offering, but also our processes and corporate governance.

“We knew from the start that having innovative tech was only half the challenge. We also needed to build a business that could be trusted and achieve the regulatory permissions required to sell insurance. This direct authorisation from the Financial Conduct Authority proves we were right. Doing so with a disruptive monthly subscription proposition is the icing on the cake. “

The Driverly Insurance app is free to download through iOS App Store and Google Play for users interested in understanding how improved driving behaviour can reduce premiums and secure additional rewards.

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