In response to today’s Queen’s Speech regarding legislation to help reduce motor insurance premiums, Mike Brockman, CEO of telematics insurance pioneer, Insure The Box said:
London, 21st June 2017 – “Whiplash reforms are welcome but long overdue. Young drivers in particular have seen disproportionate increases to their premiums due to a range of factors – not least the dramatic change to the Ogden rate – but this is at least a glimmer of hope for the vast majority of honest motorists who are subsiding the dishonesty of a small minority of others. Any changes that lower costs and increase access to insurance for young people must be welcomed – the ability to drive opens up many opportunities, not least employment and education for those in more rural areas.
“We have always taken a hard line on fraud at Insure The Box to protect our law-abiding customers, using telematics data to support claims investigations where we suspect accidents have been staged and claims exaggerated. Insurance Fraud is far from a victimless crime and we see the real damage that can be done by these incidents.”
“We welcome the Government’s appetite for change and would like to see detailed consultation on the nature of fraud and exaggerated claims in the motor insurance industry.”
Notes to Editors
Insure The Box
Insure The Box Limited launched in June 2010 with its first product; insurethebox, and is the UK’s largest telematics (or black box) insurance provider, now holding over 3 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. Aioi Nissay Dowa Insurance Company of Europe Limited (ANDIE), subsidiary of Aioi Nissay Dowa Insurance Company Limited and part of the major Japanese insurance group MS&AD Holdings, Inc., acquired the majority stake in Box Innovation Group Limited (which is the 100% owner of Insure The Box) in March 2015. Together they are taking a leading role in the development of technologies that will change the face of motor insurance and the way we view the car.