Usage-based insurance's climb has been muted, but steady, this year: Allstate's DriveWise program hit one billion miles driven, about two and a half years after its launch, earlier this month. Overseas, Ingenie has found success targeting younger drivers with its product, and the company announced today that it's done so well in that realm that it's expanding to older drivers as well.
The new product is meant for more experienced drivers "who are considered higher risks due to previous penalty points or crashes," the company says in a release. In addition, both its young driver and new products will be made available in Canada.
"This will offer Canadian consumers the same benefits as their British counterparts, with the new international arm of the company staying true to Ingenie's core values of reducing car insurance premiums while creating safer drivers," the release says.
"There's huge potential to extend the benefits of telematics to a wider age range – and we're seeing a growing appetite for black box insurance amongst all drivers, not just under 25s," added Ingenie founder Richard King, in a blog post on the insurer's site. "The benefits of Ingenie can now be enjoyed by the whole family."
The new launches are aided by investment from Quindell, a provider of telematics hardware and software. Ingenie was its launch client in the insurance industry.
Quindell has increased its investment in Ingenie Ltd. the parent company, to 43% and has made a direct 40% investment in the two newly formed subsidiaries that handle the over-25 product in the UK and both products in Canada.
"The low cost of customer acquisition that Ingenie's digital model offers has always been attractive, but now provides incentive to help this business realize its full potential," Quindell founder Rob Terry said in a statement. "We are also thrilled to be increasing our stake as ingenie broadens its business beyond young drivers."
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Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio