Insure The Box
Using in-car telematics to record driver behaviour and reduce insurance premiums for consumers
- Founded in 2010, Insure The Box¹ have grown rapidly, selling over 320,000 new policies and becoming the UK’s leading telematics insurer.
- Insure The Box tackles the challenges of road safety and expensive premiums by using a telematics solution to record driving patterns.
- The market for usage-based insurance (UBI) is expected to grow significantly in the United States, with SMA Research suggesting that approximately 36% of all auto insurance carriers will use telematics UBI by 2020.
- By implementing telematics technology to record driving, Insure The Box is able to help drivers cut the cost of their premiums and improve safety on the roads.
- Research in the UK suggests the highest insurance expense in the average household is on motor insurance, with over 74% of households purchasing car insurance at an average of $1,112 per annum.
- Globally, crashes kill 1.24 million people a year, injure approximately 50 million, cost $518 billion and are predicted to be the fifth leading cause of death by 2030.
- Insure The Box users save an average of $675 per premium on their car insurance.
- Accenture analysis suggests that globally there could be $134.4 billion in premium savings for consumer as a result of UBI; and for society, $134.8 billion in reduced crash costs, $6.4 billion from fuel emissions avoided and 158 thousand lives saved from accidents avoided.
- Data from Insure The Box is analysed to offer premiums that are flexible for consumers based on their driving patterns.
- The technology consists of four components four components (GPS, motion sensors, SIM card, driving software) which is used to measure seven key indicators, including time of day, speed, braking/ acceleration patterns, long journeys, motorway miles, total mileage, number of journeys.
Insure The Box is one of more than 100 case studies identified as part of the World Economic Forum’s Digital Transformation of Industries initiative. An overview of the DTI program can be found here.
1. Source: Insure The Box, WEF/Accenture Analysis