insurethebox, a provider of insurance telematics-based car insurance, has announced that it is partnering with insurance brokers in the United Kingdom, according to Insurance Age.
“We are excited to have joined forces with our broker-partners, all of whom share our vision of bringing affordable, socially responsible car insurance to the public, especially young people,” insurethebox business development manager Simon Rewell told Insurance Age.
Younger drivers are a fertile market for insurance telematics-based policies because most other plans charge them higher premiums or disqualify them altogether from policies, based on the fact that older drivers can show that they are safer drivers through driving histories while young drivers cannot.
With telematics-based plans, the policyholder simply installs a device in his or her car that tracks speed, braking and other parameters to prove that the policyholder is a safe driver, qualifying for lower premiums later on.
insurethebox will be partnering with Cover4Students, Devon Direct, LG Insurance, d JustQuoteMe and Test Valley Insurance Service to offer both insurethebox and its sister brand Drive Like A Girl.
“insurethebox are dynamic and innovative and reach parts of the market that other companies struggle to reach, and we see great potential in our partnership," JustQuoteMe managing director Oliver Roberts told Insurance Age.
LG Insurance managing director Laurance Garrard agreed.
“We have had very positive feedback from our clients. One client actually quoted that the arrangement covered the best of both worlds - direct prices with broker advice,” Garrard said.
insurethebox was also given the Underwriting Agency of the Year award at the British Insurance Awards in July.
“I am delighted that our determination to provide the best experience for our customers is being celebrated,” said insurethebox chief executive Mike Brockman. “We pioneered the use of telematics car insurance in the UK to give safer drivers a fairer deal.”
The award is a significant milestone for the company after only launching three years ago.
Edited by Alisen Downey