Insure the Box analyses the driving habits of customers in real-time to decide premium and reward good customers. An effective retention model as it ensures that good customers are incentivised to stay with the company
Insure The Box is the UK’s Leading Telematics Insurer, deploying its proprietary sensors to measure speed and braking distance in order to establish how safely customers drive, and adjusting their insurance premiums accordingly.
Insure The Box was launched in May 2010, and has pioneered the use of telematics-based motor insurance in the UK. The technology, which is predominantly aimed at young drivers, has attracted more than 150,000 customers. Insure The Box is a low mileage offering with 6,000, 8,000 and 10,000 mile per annum policies available. Insure The Box’s customers agree to have a telematics box installed in the car which allows Insure the Box to analyse the driving habits of customers in real-time. If the subsequent driving performance demonstrates a lower risk profile than assumed by the Insure The Box, the consumer is rewarded with additional miles of coverage at renewal. An effective retention model as it ensures that good drivers are financially incentivised to stay with the company each year.
In 2014, Insure The Box sold a majority stake to Japanese insurer MS&D which has strong links with Toyota for approx US$150 million. Founder and group chief executive Mike Brockman said “The motor insurance space is changing very quickly, and as we see the development of technologies like driverless cars, we will probably get to a point in 30 years where insurance looks nothing like what it does now. The key for us is to keep on top of those trends by remaining close the manufacturers. This deal does just that.”
Following the implementation of the EU Gender Directive, Insure The Box responded with the creation of a regulation-driven sub-brand, “Drive Like a Girl”, which sells car insurance especially designed for young women between the ages of 17 – 25 using telematics black box technology.
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