insurethebox signs up 1 millionth customer
With recent data revealing a growing appetite for telematics insurance beyond just the young driver market[i], insurethebox, a pioneer in telematics insurance, celebrated the milestone achievement of signing up its one millionth customer this spring. And with more than 4.5 billion miles of driving data insurethebox has analysed the impact that telematics is having on road safety.
Steady on, speeders
Analysis of insurethebox driving data has revealed that young drivers who speed on country roads, some of the most high-risk highways in the UK, are nearly a third (30%) more likely to have an accident[ii]. Plus, young drivers speeding between midnight and 7am are three times more likely to have an accident[iii].
insurethebox proactively communicates with its policyholders who speed, providing them with the information they need to improve their driving. Through this award-winning[iv] campaign insurethebox has reduced speeding instances from its high risk customers by 29% and reduced accident frequency for its young drivers by 25%[v].
Accident Alerts
An insurethebox telematics policy includes Accident Alerts, which use a number of data factors to assess a driver’s possible involvement in a collision, so that a service agent can try to call the driver and check they’re OK[vi]. Nearly a quarter (23%) of Accident Alerts happen between midnight and 5am, even though only 4% of road use is between these hours[vii]. In 2018, insurethebox called the emergency services 68 times[viii].
Low-Risk = High Reward
As well as intervening with its riskiest drivers, insurethebox reward those who drive safely. Since its launch insurethebox has rewarded 370 million Bonus Miles to its drivers[ix] for their safe driving. However, this differs between the genders. On average, women earn 9% more Bonus Miles than men[x], and young women earn 11% more Bonus Miles than young men[xi].
Simon Rewell, Road Safety Manager, insurethebox, commented: “Reaching one million customers is a significant milestone for us. But what is equally important is the impact our work with our customers has had on road safety. The learnings that we’ve taken from our vast pool of driving data have enabled us to reduce speeding within our policyholders, reducing accident rates accordingly.”
insurethebox uses individual driver data to determine the risk profile of each policyholder through a black box installed in the vehicle. It shares driving data with each customer through a personalised online portal, empowering them to manage their driving habits in order to reduce their insurance risk profile – and therefore their premiums. insurethebox policies offer an initial 6,000, 8,000 or 10,000 miles of cover and Bonus Miles[xii] can be earned for good driving behaviour.
ENDS
Media enquiries to:
Parm Heer/Patrick Moorcroft/Wendy Harrison
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Email: AND-Eteam@harrisonsadler.com
insurethebox
Insure The Box Limited launched in June 2010 with its first product, insurethebox, and now holds over 4.5 billion miles of driving data and associated claims. As well as insurethebox and drive like a girl (another Insure The Box brand) it also administers other telematics offerings. Insurethebox is owned by Aioi Nissay Dowa Europe Limited, part of the major Japanese insurance group MS&AD Holdings, Inc. The group is taking a leading role in the development of technologies that will change the face of motor insurance and the way we view the car.
[i] https://risk.lexisnexis.co.uk/about-us/press-room/press-release/20190222-black-box
[ii] insurethebox defines young drivers as 17-24 year olds and speeders as drivers who break the speed limit on country roads at least 2.5% of the time.
[iii] Analysis of insurethebox Bonus Miles data Jan17-Dec18 (excl. Dec17 & Jun18).
[iv] A winner in the FirstCar Young Driver Road Safety Awards 2019; Private Sector Initiative.
[v] Analysis of insurethebox’s award-winning Speed Reduction Programme.
[vi] insurethebox Accident Alerts – if a significant G-Force impact is registered, insurethebox receives an alert and examines the time of day, whether the vehicle is still moving, and the type of road the vehicle is on. If it seems there has been an accident, the team will attempt to contact the customer to check they are alright. If insurethebox is unable to reach the policyholder, its team will review and make a decision on whether to call the emergency services with the location of the vehicle.
[vii] Analysis of insurethebox Accident Alerts Sep 2017-Feb 2018.
[viii] Analysis of insurethebox Accident Alerts Jan-Dec 2018.
[ix] Analysis of insurethebox Bonus Miles data.
[x] Analysis of insurethebox Bonus Miles data Jan 17 – Dec 18 (excl. Dec 17 & Jun 18).
[xi] Analysis of insurethebox Bonus Miles data Jan 17 – Dec 18 (excl. Dec 17 & Jun 18).
[xii] Customers can earn up to 100 Bonus Miles per month.