A Coventry software company kept its eye firmly on the prize to scoop a major award in Paris.
IRIS (International Research and Intelligent Systems) Global, based at the University of Warwick Science Park, offers motor insurance systems based on in-depth assessments rather than assumptions that other systems use.
And two of the company’s cutting-edge products – Pay As You Drive and Fleet Risk Management – helped the company land the Strategic Risk magazine ‘European Risk Management Product of the Year 2008’.
The event was held at the Westin in Paris. Kevin Pallett, managing director of the Coventry-based company, said he was proud to pick up the award.
He said: "It is tremendous to receive this award from the industry. This is the most prestigious prize in our sector so we are extremely pleased to have been honoured in this way."
IRIS’s in car-system measures actual driving data for both individuals and fleets, including factors such as where a car is driven and at what time of day along with distance driven. That means policies can be much more accurately priced.
Mr Pallett added: "Our intention from the outset was to offer Pay As You Drive policies through insurers to the mainstream market that would allow the average motorist to benefit from reduced premiums.
"This was only available through one UK insurance company with very few motorists being offered pay as you drive policies.
"This was due to the cost associated with in-car devices, data warehousing, communication costs and development of software, where frankly the business model did not stack up to offer mainstream Pay As You Drive policies. This is no longer the case."
The company’s product has recently undergone extensive trials with two insurers. Other major insurers and fleet management companies are now showing significant interest.
Russell Munslow, of the University of Warwick Science Park, said it was great news for the city as well as IRIS.
He said: "Coventry and Warwickshire has developed a reputation as being at the cutting-edge of innovation and its commercial exploitation. I believe the University of Warwick Science Park has played no small part in that.
"And IRIS Global is another great example of how the city is leading the way in its field and we are delighted that their innovation has been recognised in this way."