ingenie to Extend its Telematics Insurance Offering to Experienced Drivers and
Launch in Canada
LONDON, September 19, 2013
LONDON, September 19, 2013 /PRNewswire/ --
*ingenie to launch new telematics insurance product for more experienced
*A newly-formed international operation, ingenie Canada, will reach out to
a whole new market
*Expansion comes after major investment from Quindell, provider of sector
leading expertise in software, consultancy and technology enabled
outsourcing, following two years of rapid, profitable growth for ingenie
*New partnerships in discussion with major brands that will further advance
ingenie is set to expand and increase its consumer offering after a major
investment from Quindell, provider of sector leading expertise in software,
consultancy and technology enabled outsourcing, valuing the business at £50
The digital black box insurance brand which has been aimed at under-25s will
now expand to help more experienced drivers reduce their motor insurance
premiums and become safer on the road using its advanced telematics insurance
Since ingenie was launched two years ago, drivers aged 17 to 25 have been able
to benefit from black box insurance offering premiums that are on average 30
percent cheaper than standard policies.
ingenie also offers the opportunity to earn discounts throughout the policy
year, with quarterly premium adjustments to incentivise good driving. The
current community of policyholders have seen their premiums reduced by an
average of 50 percent after one year. So with ingenie if you drive well, you
ingenie will now be extended with an offering that may prove particularly
beneficial to more experienced drivers who are considered higher risks due to
previous penalty points or crashes.
Alongside the expansion of ingenie's UK product portfolio, the company will
launch a new operation in Canada aimed at both young and more experienced
This will offer Canadian consumers the same benefits as their British
counterparts, with the new international arm of the company staying true to
ingenie's core values of reducing car insurance premiums while creating safer
The new investment from Quindell sees their stake in ingenie grow from circa
19 percent to circa 43 percent.
Richard King , founder and CEO of ingenie, commented: "After two years of
sustainable, profitable growth, the time is right to expand our operation.
ingenie for under-25s has proven the potential of black box insurance and
created an attractive insurance book despite its young, traditionally
high-risk, customers. We strive to translate our powerful telematics
technology and complex driving data into simple feedback for our customers to
help them improve. As a result of this, I'm proud not only that the business
is seeing successful growth but also that we're providing a private sector
solution to the social problem of deaths and serious injuries on the road. We
look forward to offering this service to a new community of policyholders in
Rob Terry , founder and executive chairman of Quindell, added: " ingenie has
demonstrated the potential of black box insurance done properly, so we're
delighted to further our investment to help the business expand. After just
two years, ingenie is profitable while approaching a run rate of £50 million
of gross written premium, which is both impressive and sustainable. Quindell
is looking forward to helping the ingenie team drive growth, not least through
new potential partnerships in the UK and Canada. We firmly believe that the
success we have seen to date in the UK market for both our software and
technology enabled outsource solutions has already been proven
internationally, and these two sets of investments will help us accelerate
Notes to Editors:
ingenie is an innovative way of providing car insurance using telematics. We
currently insure 17 to 25 year olds who often struggle to find affordable
premiums elsewhere. Our policyholders join a community of young drivers who
benefit from ingenie black box telematics technology that constantly assesses
their driving performance.
We build a picture of a driver's individual style, awareness and safety on the
road, rewarding those who drive well with cheaper insurance premiums and
helping those who need improvement become safer.
Established in late 2011, ingenie offers a disruptive, fresh way of providing
car insurance to young people and has quickly become a powerful digital brand
in its own right.
The company counts footballer turned broadcaster Gary Lineker among its
high-profile investors and ambassadors. Williams F1 is a key partner assisting
in the development of telematics, high-profile brand promotion and road
safety. The company is also backed by leading figures from UK business,
including Sir Martin Broughton, Chairman of British Airways.
About Quindell Portfolio Plc
Quindell Portfolio Plc is a provider of sector leading expertise in Software,
Consulting and Technology Enabled Outsourcing in its key markets being
Insurance, Telecommunications and their Related Sectors. Quindell enters the
second half of 2013 with a run rate of gross sales of more than £350 million
and with approaching £50 million of EBITDA earned in the first half of 2013.
Our award winning Business Transformational, Software, Consulting and
Outsourcing Solutions are recognised as delivering significant savings and
additional sales to our customers every year.
Will Powell email@example.com t: +44(0)207-287-9610 m:
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