Ingenie looking for other insurers to join Ageas on panel
Gary Lineker has invested in telematics company Ingenie, waiving the initial fee he was offered to represent the firm as an ambassador.
“He totally got it, totally understood it,” Ingenie chief executive Richard King told Insurance Times. “Gary is very much part of the brand.”
Insurance Times previously reported Lineker was supporting the firm, but can now reveal his further involvement.
Ingenie is looking to add more insurers to its panel after teaming up with Ageas for its recent launch.
Telematics boxes will become the norm within five years, King said.
“Over the next 3-5 years it’s going to be a defacto thing, you’re probably going to have a box fitted,” he explained.
Ageas currently underwrite all policies Ingenie sells and provides a call centre.
Ingenie is geared around young drivers and has no plans to move away from the 17-25 age bracket it currently targets, chief executive Richard King said.
“Our whole raison d’etre to improve driver behaviour among young people,” King said.
Ingenie research found that around 80% of 17-25 year olds now find insurer motor advertising annoying and that the comparatively high cost of their cover means they feel no loyalty to any insurer.
“They are finding the advertising just a little bit annoying, and they only found the aggregators as a way of finding who was in the leading pack,” King said. “They would then, after doing their research on aggregators, would then want to speak directly to each insurer. It was quite loud and clear.”
Ingenie has designed a telematics ‘black box’ that is very sensitive and can record driving information constantly.
Policyholders are insurered from the moment they sign up to a policy. The box will then be fitted by Ingenie for free, though the firm charges to remove the box.
After three months of gathering data on how the policyholder drives, Ingenie can adjust the premium to match their driving.
The firm has designed a smartphone app that gives drivers feedback on how they drive. The app also gives advice for dealing with a crash.
Better and improved drivers get cheaper insurance and rewards such as free concert tickets and tours around Williams F1 headquarters.