CORRECTING and REPLACING DriveFactor Partners with Admiral Group plc to Expand U.K. Usage-Based Insurance

  CORRECTING and REPLACING DriveFactor Partners with Admiral Group plc to
  Expand U.K. Usage-Based Insurance

CORRECTION...by DriveFactor

Business Wire

RICHMOND, Va. -- July 24, 2013

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.”

“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).

Contact:

For Admiral:
James Carnduff, +44 (0) 29 2043 4333
or
For DriveFactor:
Jennifer Linton, +1 804-316-9064
Jennifer.Linton@drivefactor.com
 
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