RSA Partners With ingenie to Offer Black Box Car Insurance
LONDON, May 31, 2012 /PRNewswire/ --
Leading global insurer, RSA, today announced it will provide underwriting capacity to ingenie, the car insurance brand for drivers aged 17 to 25, to meet the increasing demand for their young driver telematics insurance cover.
The partnership with ingenie (http://www.ingenie.com) is the first telematics initiative announced by RSA this year and is part of the insurer's strategy to build its telematics capability.
ingenie uses advanced telematics technology to build a picture of a driver's individual style and reward those who drive well with cheaper insurance premiums. To incentivise better driving, individual insurance premiums will be reviewed by RSA every three months, with the best and most improved drivers rewarded with discounts. This means young drivers can take control of the cost of their car insurance.
Mark Christer, Personal Lines Managing Director, RSA, commented: "It's important to us and ingenie that young drivers can afford insurance and are safe on the roads. Their track record of a strong management team, the extensive research that went into developing the technology and their refreshing approach to engaging with young drivers and parents made them an obvious choice to team up with."
Richard King, ingenie founder and CEO, said: "We set out from the start to work with two major motor insurers and so we are delighted to be announcing our partnership with RSA, which complements the success we have already achieved working with Ageas. This new partnership will clearly help to extend our reach and 'quotability' and satisfy the rapidly increasing demand for telematics insurance in the UK."
The in-car device (http://www.ingenie.com/telematics) includes a high frequency motion sensor which captures driving data at ten times per second - making it possible to build a very clear picture of a young driver's attitude to the road.
After extensive research with leading driving behaviour experts, ingenie also developed a suite of algorithms to interpret driving data and build an understanding of a driver's 'DNA'. As a result, ingenie is able to provide young people with feedback on how they have been driving.
Customers receive regular updates on their driving via Twitter-style messages. To promote regular engagement, ingenie's mobile app makes individual driver feedback available at the touch of a button, encouraging young drivers to improve their skill and precision and become better, safer drivers.
With a 300-year heritage, RSA is one of the world's leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe and has the capability to write business in around 140 countries. Focusing on general insurance, RSA has around 23,000 employees and, in 2011, its net written premiums were £8.1 billion.
Within the UK, RSA is the largest commercial lines insurer, covering the insurance and risk management needs of a significant number of FTSE 100 companies. It has a full multi-distribution capability, writing business through brokers and corporate partners, direct and online. RSA is also one of the UK's top four personal motor and household insurers.
RSA was the first UK carbon neutral insurer. The company has cut its carbon footprint by half since 2000 and has offset the remainder by purchasing voluntary carbon reductions.
ingenie, launched at the end of 2011, is a digital car insurance brand for young drivers aged 17-25 that uses the latest telematics technology to build a picture of a driver's individual style and reward those who drive well with cheaper insurance premiums.
ingenie executive team - Richard King, ingenie founder and CEO, had previous start-up success in the technology/insurance sector as co-founder and executive director of Innovation Group plc, which he helped grow from a start-up to a listing on the London Stock Exchange in 2000 reaching a peak valuation of £1bn. Chief Underwriter Chris McKee was formerly on the board of Direct Line and has more than 30 years' experience in direct insurance. Steve Broughton, a highly respected insurance industry veteran of more than 30 years, is the chairman of ingenie. In addition to his executive career at RSA Insurance Group, Broughton is also a former chairman of the Motor Insurers' Bureau and is the Chairman of TESCO Underwriting Limited.
ingenie investors - ingenie was launched at the end of 2011 with investment from footballer turned broadcaster Gary Lineker, Williams F1 Team (who provide expertise in telematics and assist in promoting the brand and road safety) and leading figures from UK business including Sir Martin Broughton, Chairman of British Airways and Gavin Patterson, Chief Executive of BT Retail (BT Group PLC).
For more information please contact:
RSA External Communications
ING MEDIA for ingenie
M: +44(0)7534 970-722