ITB ready for ‘real turning point’
Mike Brockman, group CEO of Insure The Box (ITB), believes its telematics business is at a ‘real turning point’ in 2017.
Responding to new research from BIBA showing a 65% increase in telematics policies in 2016 compared with 2015, Mike Brockman said, ‘BIBA’s research really vindicates everything we have done to make telematics-based insurance work in the UK. It’s been a real labour of love launching a complex business in a complex market, but 2017 looks like it’s set to be a real turning point for us as we look to broaden our distribution channels and explore new technologies in our position as a top insurance intermediary.’
Underpinning the ITB value proposition is ‘the largest volume of driving data for motor insurance in the UK, and have one of the most significant driving datasets in the world’ which allows the business rely on it at every point in the customer journey.
‘We can now calculate the individual risk of a customer having an accident which helps in the underwriting stage. We can also give feedback and incentives to our customers to improve their driving. At the claims stage, our telematics insights allow us to expedite claims more efficiently and identifying potentially fraudulent claims. This is all having a positive impact on our claims loss ratios,’ explained Mike.
‘But I am most proud of our Accident Alert service which has saved lives. This has now registered over 100,000 alerts, and on average we have called the emergency services directly 16 times a month in 2016 alerting them to the most serious accidents.
‘We’re now on a clear trajectory with all the foundations in place to innovate and keep Insure The Box at the forefront of the telematics insurance market.’