ingenie receives further investment for rapid growth
ingenie is set to expand and increase its consumer offering after a major investment from Quindell, provider of sector leading expertise in software, consultancy and technology enabled outsourcing, valuing the business at £50 million.
The digital black box insurance brand which has been aimed at under-25s will now expand to help more experienced drivers reduce their motor insurance premiums and become safer on the road using its advanced telematics insurance products.
Since ingenie was launched two years ago, drivers aged 17 to 25 have been able to benefit from black box insurance offering premiums that are on average 30 percent cheaper than standard policies.
ingenie also offers the opportunity to earn discounts throughout the policy year, with quarterly premium adjustments to incentivise good driving. The current community of policyholders have seen their premiums reduced by an average of 50 percent after one year. So with ingenie if you drive well, you pay less.
ingenie will now be extended with an offering that may prove particularly beneficial to more experienced drivers who are considered higher risks due to previous penalty points or crashes.
Alongside the expansion of ingenie’s UK product portfolio, the company will launch a new operation in Canada aimed at both young and more experienced drivers.
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 new investment from Quindell sees their stake in ingenie grow from circa 19 percent to circa 43 percent.
Richard King, founder and CEO of ingenie, commented: “After two years of sustainable, profitable growth, the time is right to expand our operation. ingenie for under-25s has proven the potential of black box insurance and created an attractive insurance book despite its young, traditionally high-risk, customers. We strive to translate our powerful telematics technology and complex driving data into simple feedback for our customers to help them improve. As a result of this, I’m proud not only that the business is seeing successful growth but also that we're providing a private sector solution to the social problem of deaths and serious injuries on the road. We look forward to offering this service to a new community of policyholders in Canada."
Rob Terry, founder and executive chairman of Quindell, added: "ingenie has demonstrated the potential of black box insurance done properly, so we’re delighted to further our investment to help the business expand. After just two years, ingenie is profitable while approaching a run rate of £50 million of gross written premium, which is both impressive and sustainable. Quindell is looking forward to helping the ingenie team drive growth, not least through new potential partnerships in the UK and Canada. We firmly believe that the success we have seen to date in the UK market for both our software and technology enabled outsource solutions has already been proven internationally, and these two sets of investments will help us accelerate this."