What does it mean?
insurethebox has become the first UK insurer to create its own entirely in-house telematics platform as it seeks to reduce operating costs and improve customer service.
Branded “Big Telematics”, it includes a new type of box for recording and relaying motorists’ data, as well as the supporting administration system.
The company has developed Big Telematics both as a launch-pad for further increases in customer numbers and to accommodate future technology and product developments by being more flexible and ‘future-proof’. Because it does not involve any third parties, it will significantly reduce operating costs, making it easier to stay competitive and profitable.
Among the immediate customer benefits, Big Telematics will improve the tracking and alert functions that tell the control centre when a motorist may have had an accident. It will enable insurethebox to provide each customer with better information on their individual customer portals. And the data will be held in-house, enhancing customer data security.
“We have cut out the middleman and now have full control over the way we use our data, and the standards we apply to it. We will also be able to exploit more easily any future technological developments that we choose to incorporate,” said CEO Mike Brockman. “It makes us more efficient, more adaptable and better able to serve our customers as we continue to grow.”
“We have created the most advanced telematics ecosystem for insurance purpose available today in the market,” said project leader Andrea Natali.
Launched in June 2010, insurethebox accounts for most of the UK telematics market. It has sold 170,000 new policies since its formation.
The company plans to maintain its relationship with Octo, who will continue to supply some of its telematics boxes.