Car insurance for young drivers. Press pack

Transcription

1 Car insurance for young drivers Press pack 2013

2 Highlights Groundbreaking insurance brand for 17 to 25 year-olds Uses a black box to provide car insurance based on individual driver behaviour ingenie is building a community of better drivers providing regular feedback via a mobile app to help them improve ingenie is one of the first insurers to offer quarterly premium adjustments, so customers don t have to wait a year to reduce the cost of their insurance ingenie has reduced traditional marketing costs by communicating with customers via mobile and social media Investors include England football star turned broadcaster Gary Lineker, who is ingenie s brand ambassador ingenie s policies are underwritten by two of the UK s leading insurers RSA and Ageas Established high-profile affinity partnerships including Vauxhall and RED Driving School After a year with ingenie, customers renewal premiums were on average 954 (49%) cheaper than their starting price 70% of ingenie customers have received a quarterly discount for better driving

3 INGENIE PRESS PACK ingenie is a ground-breaking young driver insurance brand that is shaking up the market. The company targets 17 to 25 year-olds, traditionally a high-risk group of inexperienced drivers who have been penalised by sky-high motor insurance premiums. Unlike traditional insurers, ingenie treats the customer as an individual. A small black box is discreetly fitted out of sight in the policyholder s car. The box provides a vast amount of real-time data on how the car s being driven - including speed, acceleration, braking and cornering. Data from the box is collected at 10Hz (10 times per second) and is run through hundreds of algorithms that have been developed and calibrated in partnership with the world-leading Driving Research Group at Cranfield University. This creates a clear picture of an individual s driving DNA including their attitude to driving. ingenie offers new customers lower insurance prices because underwriters look positively on young people who agree to have the box fitted. ingenie was one of the first to introduce quarterly premium adjustments based on how people drive. Currently discounts of up to 10% during the year are available for driving well. On the flip side, to deter poor driving, ingenie can also increase the premiums for drivers who consistently drive recklessly (by a maximum of 10%). This means that ingenie rewards better driving and deters those who take risks on the road. It s a staggering statistic, but according to the Driving Standards Agency, 1 in 5 young drivers has a crash in the first six months of driving. ingenie s research suggests that whilst skill behind the wheel is required, it is not enough on its own what is key is attitude to the road, and this is the cause of many young driver crashes. ingenie tries to help young drivers by giving feedback on their driving using a smartphone app. It gives easy to understand traffic light feedback in Twitter-style messages. For young drivers who drive dangerously, (for example, exceeding the speed limit by 30mph or more), there is a black message system which will alert ingenie to contact the customer by phone to discuss their driving. In the rare event that the driver still does not improve, ingenie reserves the right to give notice of cancellation of a policy. So ingenie s aim is to encourage better driving and discourage unsafe driving. ingenie doesn t focus on small isolated incidents (we all make mistakes) and is more interested in identifying unsafe or poor driving trends. In 2012, the company s pilot year of operation, ingenie went from strength-to-strength. Awareness of the brand and of the concept of black box insurance is being boosted in no small part by ingenie ambassador Gary Lineker: As a father of four, with two sons on the road, I understand as well as anyone the anxiety for parents and excitement for teens when they re behind the wheel for the first time. I think ingenie s great at addressing both issues. Their premiums are sensible, plus I can easily keep an eye on how my boys drive to see that they re being safe and improving their driving. Not bad at all... Gary Lineker - ingenie ambassador

4 The brand is on the side of young drivers. Their driving data is protected, although it can be shared with parents with the agreement of both parties. Unlike most other insurers ingenie has a community of drivers who they are constantly in touch with - not just when something s gone wrong or their policy is due for renewal. As a digital brand, ingenie communicates via social media rather than just call centres (although it s always possible to speak to someone, too.) In addition to providing customer service on Facebook and Twitter, ingenie has orchestrated social media campaigns including #DontDriveDistracted - which reached 1.95 million on Twitter and raised the awareness of the dangers of distraction at the wheel and #MyFirstCar (reaching 2.1 million), which saw young people telling the story of their first car. Core to ingenie s values is a commitment to improving safety and reducing crashes among young drivers. After one year, evidence suggests that ingenie is making a real difference, with 70% of young drivers receiving a discount for their driving. As a business, ingenie is backed and underwritten by two of the country s leading insurers - Ageas and RSA. Additional private investors include Sir Martin Broughton (the Chairman of British Airways and former President of the CBI) and Sir Frank Williams (the founder of Williams F1) who is passionate about road safety after a road crash left him paralysed and in a wheelchair. ingenie is the brainchild of technology expert and entrepreneur, Richard King, who is founder and CEO. Richard s standout track record includes being co-founder and executive director of the FTSE listed Innovation Group, a company that grew rapidly and went public just two years after it was founded, peaking at a market cap of over 1 billion. ingenie also benefits from other very high-profile names from the world of business and finance, including Steve Broughton, the former MD of RSA, who is Chairman of Tesco Underwriting Ltd Chairman and is co-founder and Chairman of ingenie. Also from the world of insurance, Chris McKee, former Executive Director of Direct Line, is ingenie s Chief Operating Officer. In its first year of full operation, ingenie gained significant affinity partnerships with wellestablished brands, including Vauxhall and RED Driving School. Launching Vauxhall Insurance powered by ingenie, the company is reaching out to young drivers purchasing a new or used Vauxhall from any of the brand s 600 UK dealerships to help them leave the forecourt for the first time with the best value, safest cover. RED Driving School, the UK s largest, is committed to providing their learner drivers with the highest-quality of instruction, which fits perfectly with ingenie s values, so ingenie will offer an additional discount to any new policyholders who learn with RED. The solid progress of the business has led to strong results after year one of operation, with excellent renewal rates, and is now ramping up growth including launching on its first comparison website MoneySupermarket. We are delighted that ingenie enjoyed a very successful first year of full operation and that we have made such an impression on the insurance industry. We re confident our brand will continue to grow as more young people and their parents discover our better, safer, cheaper way to get car insurance. Richard King - ingenie founder & CEO

5 Young drivers... Over 500,000 young drivers aged pass their test each year - DfT 1 in 5 young drivers has a crash in their first 6 months of driving DSA A newly passed driver aged 17 is far more likely to crash than a newly passed driver aged 30 - ABI Young driver crash risk rises with each additional passenger in the car - ABI Black box insurance is up to 30% cheaper than traditional car insurance - BIBA BIBA forecast that sales of black box insurance will hit 500,000 by summer 2014 According to confused.com The average annual cost of comprehensive car insurance premiums for 17 to 20-year-old males stood at 2,960 in q ingenie s average price was 2,214 According to confused.com The average annual cost of comprehensive car insurance premiums for 17 to 20-year-old females stood at 1,986 in Q ingenie s average price was 1,477 After one year with ingenie, our customers renewal premiums were on average 954 (49%) cheaper than their starting price 70% of ingenie customers have received a quarterly discount for better driving

6 ingenie Ambassadors Gary Lineker England football legend turned leading sports broadcaster Gary Lineker has been supporting ingenie since its inception. As a parent of four boys (two of them already on the road), he totally understood the problem that ingenie s trying to solve in car insurance. His exemplary record on the pitch during his playing career and weekly appearances in most British household s fronting BBC s Match of the Day makes him a trusted figure for families. He s also liked by younger people and recognised as the crisp man following a 15-year, over 100 adverts association with Walkers Crisps. He has 1.4 million followers on Twitter. Tyger Drew-Honey Tyger is a 17 year old TV actor and one of the stars of Outnumbered, a British sitcom that s aired on BBC One since ingenie is using video and social media to share Tyger s experiences as he learns to drive and takes to the road for the first time. He has 127,000 followers on Twitter. Press enquiries Will Powell - Director, Influence Associates e: will@influenceassociates.com m: o: