British telematics insurer Insure the Box is poised to make major business moves this year amid the rising number of telematics-based policies in the UK.
Responding to a new study by the British Insurance Brokers’ Association (BIBA), Insure the Box group CEO Mike Brockman revealed the company’s plans for 2017.
“It’s been a real labour of love launching a complex business in a complex market,” he said. “But 2017 looks like it is 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 an insurance intermediary.”
The latest report from BIBA shows that the number of live telematics-based insurance policies in the UK has reached more than 750,000 for the first time.
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According to the research, the number of live telematics policies increased by nearly 65% from 2015 to 2016.
“BIBA’s research really vindicates everything we have done to make telematics-based insurance work in the UK,” said Brockman.
“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,” he also said.
Brockman believes that his company has the largest volume of driving data for motor insurance in the UK and one of the most significant driving datasets in the world.
“The maturity of this data allows us to rely on it at every point in the customer journey – it is embedded throughout the business,” he said.
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