Auto insurance provider ingenie Canada, operating in Ontario since March and soon to expand to other provinces, has announced that Lorie J. Phair will now serve as its CEO.
She has previously held leadership positions at such organizations as the Registered Insurance Brokers of Ontario (RIBO), Insurance Brokers of Toronto Region, and The Insurance Institute of Canada (IIC).
Phair is tasked with helping drivers between the ages of 16 to 24 adopt prudent driving behavior, and hopes to replicate the success it has had accomplishing this with young motorists in the United Kingdom.
“Traditionally, young drivers have been discriminated against and treated as a high risk by the insurance industry. ingenie is specifically designed for young drivers, aged 16 to 24,” Phair said in a statement. “Our approach is to help young drivers develop good driving habits, then reward them for how they actually drive, rather than treating them as a statistic.”
The ingenie model allows this demographic to install a UBI “Smartbox” in their car for an automatic 10% discount. The devices captures information on speed, acceleration, braking and cornering, then relays the information to drivers every 10 days through a mobile app or website.
The Smartbox also recommends tips for safer navigation, and if followed, allows for young drivers to receive up to 25% in a “Good Driving Discount” throughout the course of the year.
“This regular feedback and financial incentive can reduce insurance costs and is proven to help young drivers develop safe driving habits,” Phair said. “In the UK where ingenie has been available since 2011, the approach has reduced young drivers’ risks of having an accident during the first six months of driving by 40% to 70% of ingenie drivers earn Good Driving Discounts.”
