Young driver insurer considers working with brokers

Insurethebox founder Mike Brockman has not ruled out opening up his firm’s young driver insurance services to brokers.

Insurethebox uses a device inside the car to record driving habits, such as mileage and hours driven. The data is then relayed to Netezza, an analytics and technology firm.

The company targets young motorists, offering cheaper premiums if they abide by rules such as restricted driving times.

Drivers pay for a fixed number of miles – typically 6,000 – and when the mileage is close to expiring, they receive an email reminder that a top-up is needed.

The Gibraltar-based firm is non-broker, only accessible direct or through aggregators.

But Brockman said: “If a broker can convince me the way they handle their customer at the point of claim does not damage or increase the claims factor potential, I am happy to talk to them.”

The firm started business in June and has so far pulled in nearly 8,000 customers. Brockman aims to have signed up 25,000 by the end of the first year in business.

Catlin is the capacity provider.