Car insurance foryoung drivers

Business report 2013

Business summary

ingenie timeline

Founders and executive team

Richard King - Founder and CEO

Steve Broughton - Chairman

ChrisMcKee-ChiefOperatingOfficer

Evolution of telematics insurance

ingenie’s timing

The telematics hype cycle

Product research and development

Focus groups

Understanding why young drivers crash

Capturing driving data

Analysing driving data

Building a new insurance brand

Partnering with two major insurers

Ageas

RSA

Cross-sector partnerships

Vauxhall

RED Driving School

Building a new digital insurance brand

Making insurance social

Facebook

Twitter

Video

Brand ambassadors

Tyger Drew-Honey

Gary Lineker

Impact on road safety

The ingenie app

Financial incentives for good driving

Gender Ruling

Impact on claims

Net benefits

For insurers

For customers

Real customer discount case studies

Young drivers statistics

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Contents

Business summary • Groundbreaking insurance brand for 17 to 25 year-olds

• Uses a black box to provide car insurance based on individual driver behaviour

• ingenie is building a community of better drivers – providing regular feedback via a mobile app to help them improve

• British Insurance Brokers’ Association estimate that black box insurance is up to 30% cheaper than traditional car insurance

• 70% of ingenie customers have received a quarterly discount for better driving

• After a year with ingenie, customers’ renewal premiums were on average £954 (49%) cheaper than their starting price

ingeniehascompleteditsfirstyearandthebusinesshasgonefromstrengthtostrength.ThisReportsetsoutthecompany’sachievementstodateandobjectivesforthefuture. ingenieisunderwrittenbytwoofBritain’sbiggestinsurers–AgeasandRSA.Ithasestablishedpartnershipswith strong companies including Vauxhall and RED Driving School – companies that are involved, like ingenie,withhelpingyoungpeoplegetontheroadsafely. Our first year was a pilot year. We set out to write policies, understand ingenie’s customers, whiledeveloping and testing ingenie’s business model of insuring a statistically high-risk group (17-25 year old drivers).Thisbusinessmodelhasbeenprovenonallmeasures. Inparticular, ingeniehasestablishedacompetitivelossratio,thecrucialchallengeconsideringitsbookofnovicedrivers.Aswehadhoped,this inturn isworkingfor ingenie’scustomerswhoarebenefitingfromcheaper insurancebasedonafeedbacksystemdesignedtohelpthembecomebetterdrivers. As well as cheaper initial premiums, ingenie has been able to offer quarterly discounts to thousands of youngcustomerswhoaredrivingwell.Andascustomershavegonethroughtheirfirstrenewal,ingeniehas been able to offer second year premiums that are close to 50 percent cheaper than when they started.

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Perhaps most importantly of all, over 70 percent of ingenie’s young drivers have been shown to be good drivers – entitling them to receivequarterlydiscountsontheirpremium.

ingenie’s brand is now firmly established and this has beenachieved entirely by digital marketing. Social media is one ofingenie’s most important tools – not only providing a promotional function, but also serving a customer service role that supplements thetraditionalcallcentre.Fromtheverystart,thefaceofingeniehas been broadcaster and former footballer Gary Lineker, a great asset not simply because of who he is but also because he’s an investor,customerandsupporterofingenie’smission. After establishing strong foundations in its first year, ingenie willexpandin2013.ThisincludesjoiningthepricecomparisonwebsiteMoneySupermarketandinternationalexpansion.

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• Technology entrepreneur with a track record ofsuccessintheinsuranceindustry.

• Co-founder of the Innovation Group, which

developed technology systems for the insurance industry. Listed on London mainmarketandachievedavaluationof£1billion.

• Conceived the idea of transforming young

driver insurance using new technology and social media; put the team together; and raisedtheinitialroundoffunding.

Founders and executive team

Richard King – Founder and CEO

• Respected industry veteran with four decades’ experience.

• Chairman of Tesco Underwriting Limited and

non-executivedirectorofAgeasGroup. • Formerly, Managing Director of RSA, Chairman

of Swinton and theMotor Insurance Bureau(MIB).

• Closely involved in the development of

ingenie.

Steve Broughton – Chairman

• Thirty years’ experience pioneering new and disruptiveideasintheinsuranceindustry.

• Formerly, Executive Director at Direct Line

playingasignificantroleinitsgrowthtooneofEurope’sleadinginsurers.

• Subsequently, Technical Services Director of

RBSInsurance(followingmergerofDirectLineandChurchill).

• Active in the governance of the insurance

sector, including directorships of the MIB,InsuranceOmbudsmanBureauandGeneralInsuranceStandardsCouncil.

Chris McKee – Chief Operating Officer

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Evolution of telematics insuranceingenie is at the forefront of one of the most disruptive and dramatic changesthemotorinsuranceindustryhasseenforyears.Followingtheevolution of the car insurance market through the emergence of direct writers and price comparison sites, many experts see telematics-based insuranceasthenextmajordevelopment.

Even though there are relatively few black box products on the market today,researchfromtheBritishInsuranceBrokers’Association(BIBA)inJuly2012showedthatblackboxmotorinsurancesalesincreasedfive-fold from 2010 to 2012, and are set to rise to around 500,000 policies a yearby2014. BIBAalsosaysthattheblackboxtechnologycanoffersavingsonmotorinsurance of around 25 to 30 percent and that young drivers can save upto£1,000annually.

ingenie’s timingThe first telematic pilots in 2005/6, proved unsuccessful because ofdifficultiesinexecution,highhardwarecostsandexpensive,slowdatanetworks.

Advances in technology and lower costs encouraged insurers to revisit telematics in 2009/10. Early movers focused on products for youngdriversusingmileagerestrictionsorlatenightcurfewmodels.

These developments have followed a cycle commonly seen in new technologies: first, a period of inflated expectations, followed by aperiodofconsolidationbeforegainingmomentum.Asthemodelbelowshows,ingenie’slaunchtimingwasperfect.

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Glossary  UBI  -­‐  Usage  Based  Insurance    PAYD  -­‐  Pay  As  You  Drive  PHYD  -­‐    Pay  How  You  Drive  

 WUNELLI  &  

AVIVA  LAUNCH  

SMARTPHONE  APP  

EUROPEAN  COMMISSION  DECIDES  TO  MANDATE  ECALL    

PROGRESSIVE  USA  LAUNCH  

UBI  

LAUNCH  OF  COVERBOX    BY  WUNELLI  

PAYD  

IKUBE  LAUNCH  PAYD  

NORWICH  UNION  

LAUNCHES  PAYD  TRIAL    

OTCO  LAUNCH  UBI  IN  ITALY    

RSA  LAUNCH  DRIVETIME  PAYD  PILOT  

NORWICH  UNION  

LAUNCHES  PAYD  OFFER  

NORWICH  UNION  STOPS  

PAYD  PROGRAMME  

RSA  STOPS  DRIVETIME  PAYD  PILOT    

LAUNCH  OF  INSURE  THE  BOX  PAYD  

CO-­‐OP  LAUNCH  YOUNG  DRIVERS    PHYD  

HASTINGS  LAUNCH  

SMARTMILES  PHYD  

THE  AA  LAUNCH  PHYD    

PROGRESSIVE  REACHES  1  M  

UBI  CUSTOMERS  

GENDER  RULING  BECOMES  APPLICABLE  

Technology    Trigger  

Peak  of    ExpectaLons   Disillusionment   Enlightenment   Maturity  

2004   2006  2005   2007   2008   2009   2010   2011   2013  2012  

     

 PHYD  LAUNCHED  

     

PROPOSITION  DEVELOPMENT  

     

AGEAS  &  RSA  PARTNER  

DRIVE  LIKE  A  GIRL    

CARROT  ADMIRAL  

The telematics hype cycle

Our research suggested that mileage constraints and curfews were not attractive tomanyyoungdriverswhilstalsonot significantly reducingcrashesorpremiums. ingenie launched a new telematics business model, measuring driver behaviour and incentivising improvement - setting a new trend for the industry.

Using telematics-based insurance to offer more competitive prices to 17-25yearolddrivers,wealsoaim tomake themsaferon the road.Unlike other products, ingenie does not restrict when and where they drive.

Product research and developmentFocus groupsFrom the beginning, ingenie’s success was based on understanding what young drivers and their parents wanted from a car insurance brand. The first step was to carry out extensive research includinginterviews with teenagers, 20-somethings and their parents and the setting up of an independent advisory board made up of young drivers tohelptestideasandinnovations. Itbecameclearthatcarinsurancefor17-25yearsoldswasconsideredexpensive and inequitable. Young people wanted to be treated asindividuals rather than a collective high-risk group. Therewas also afeeling that insurers were not on the side of young drivers and did not wanttheirbusiness. Given the disillusionment, there was room for a brand to bridge the gap betweentheinsuranceindustryandyoungdrivers. Although they wanted a brand that focused on them, young people did not want car insurance that tried to be cool – that risked looking like‘daddancing’.Theywereopentobeingreachedviasocialmedia.Youngpeoplealso respondedwell to the ideaofcar insurance thatassessed them on their individual performance: they were willing to take responsibility for their own driving behaviours if that meant that theirinsurancewouldgetcheaperastheirdrivinggotbetter.

Understanding why young drivers crashIt’snosecretthatyoungdriversaremorelikelytobeinvolvedinacrashthanolderones.Theyaregrosslyover-representedinofficialaccidentfigures –withone in fivehavinganaccident in thefirst sixmonthsofdriving. This has led to increasingly highpremiumswithmany insurersrefusingtocoveranyoneunder25.

Step two of the research was to fully understand the science behind why young drivers have more crashes than any other risk group on the road. ingenie undertook research in association with world-leadingdriverpsychologistsatCranfieldUniversity,investigatingthetrendsandpatternsthatleadtocrashes.

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The results of this research helped ingenie to see that young drivers don’t just have more crashes because of inexperience, but that their attitudetotheroadalsoplaysaverysignificantrole.Infact,itisdriverbehaviour and not technical ability which is the cause of 19 out of 20 crashesinvolvingayoungdriver.

Attitudes to driving were found to be worse in boys (who are generally more competitive and confident on the road) than girls (who aregenerallymorecautiousandtakegreatercare.)Bothofthesefindingswere simply summarised: inexperience + wrong attitude = a crash

Changing driver behaviour While we cannot give young drivers the benefit of experience, wecanchangetheirattitudestowardsdriving.However, theareaofthebrain that deals with danger analysis and risk assessment does not fully developuntiltheageof25.It’spartofwhyyoungpeopletakerisks. Itispossibletoacceleratethislearningcurve–bygettingyoungpeoplethinking about driving from an early age, and improving their hazard perceptionandattitudetorisk.Ineffect,trainingyoungdriverstothinkinamorematurewayaboutdriving. With this inmind, ingenie sponsors a2om, a not-for-profitCommunityInterest Company (CiC) which champions road safety awareness inschoolsacrosstheUK,andtheir freeDrive iQprogramme.a2omandingenie are working together to help shape safe driving attitudes amongst young people – beginning years before they pass their test, andcontinuingtosupportthemthroughtheirlifeontheroad.

Capturing driving dataThe research also showed that if young drivers were going to crash, it waslikelytohappenwithinafewmonthsofpassingtheirtest.Sostepthree was to create technology that was able to capture an accurate pictureofdrivingtrendsandbehaviourasquicklyaspossible.ingenierefers to this as “building an accurate picture of a customer’s driving DNA, assessing their attitude to risk and hazard perception based on speed,smoothnessandanticipation.” To obtain the data necessary to define the customer’s driving DNA,ingenie needed a more advanced telematics system than had previouslybeendeveloped.ingenie’sblackboxcapturesdrivingdata(acceleration, speed, braking, cornering and location) at a rate of 10Hz –or ten timesper second. This increases to 25Hz four secondseitherside of an excessive G-force event (in most cases a crash) to help with claimsanalysisandinvestigation.

Analysing driving data The fourth step is to analyse the data as effectively and quickly as possible.DatapacketsfromtheblackboxaresentnearrealtimebacktoingenieviatheEEmobilephonenetwork.Thedataisthenrunthroughhundreds of propriety algorithms created by ingenie with support from independent specialists at Cranfield University. As a result, after only100 miles of driving, ingenie has a very accurate picture of the driver’s attitudetotheroad.

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Building a new insurance brandPartnering with two major insurersRatherthanworkingwithmultipleunderwriters,ingeniewantedtofindtwopartnerswho‘gotit’.Thesepartnershipswerecrucialgiveningenie’snew approach providing a greater insight into a driver’s individual behaviour – and the impact this could have on new methods for rating andpricing.

Ageas and RSA, two of Britain’s largest insurers, signed up to partner with ingenie. The support of these two major players demonstratedboth confidence and interest in ingenie’s innovative approaches toresearch,productdevelopmentandmarketing.

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Mark Cliff, CEO Ageas Retail & Distribution& Chairman of ABI Telematics Working Group

Ageas and ingenie share the same customer focussed values in terms of delivering service excellence, quality and value for moneyproducts.Thisisthefoundationforoursuccessfulpartnership.Weunderstandthe need to make insurance affordable for younger drivers and our experience from working with ingenie has proven that telematicsisasignificantstepforwardinhelping customers achieve lower premiums basedontheirdrivingbehaviour.

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Mark Christer, Personal Lines Managing Director, RSA

Telematics is a key area of focus for us as a business and ingenie’s refreshing approach to engaging with young drivers and focus on generating a sustainable return made them an obvious choice for us to partner with.Wewanttoofferaffordableinsuranceto young drivers but at the same time we also want to encourage safer driving and the work we do with them is a great way for ustobeabletodothis.

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Cross-sector partnershipsAs well as reaching out directly to young drivers, ingenie works to promote itsbrandandproductthroughcarefullyselectedpartnerships.ingenieispleased to have already joined forces with two major companies who eachhaveastrongpresenceintheyoungdrivermarket.

Vauxhall Vauxhall, one of the most established and biggest-selling brands in British motoring, was quick to spot the potential of ingenie’s telematics insuranceforitsyoungercustomers.ingeniehadalsonoticedapotentialsynergy, since 20 percent of the cars it was insuring were Vauxhall Corsas. As a result, Vauxhall Insurance powered by ingeniewascreated.Whena young person buys a new or used Vauxhall – usually a Corsa, Astra or thenewAdam–theproductbecomesavailabletothem.Itisexclusivelyunderwritten and administered by Ageas and the product is available inall600ofVauxhall’sdealershipsnationwide.

RED Driving SchoolFollowing acquisition and investment by private equity in recent years, REDDrivingSchoolhasbecometheUK’slargestdrivingschool.Itnowtrains 100,000 learners per year based on its policy of high quality teaching.ingenie’sextensivedatashowedthispolicywaspayingoff,since those drivers who learned with RED driving school were proving to be better drivers, having fewer incidents, than ingenie’s average customer.Thetwobrandshavesignedapartnershiptoconduct jointmarketing, and ingenie offers a product exclusively for RED drivers that will give them additional discounts and incentives on their car insurance oncetheypasstheirtest.

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Building a digital insurance brandMaking insurance socialingeniehasbeenbuiltfromthegroundupasadigitalinsurancebrand.Rather than treating social media as an add-on to its main marketing effort, the brand’s strategy centres on using social media and mobile to connectandinteractwithcustomers.

This represents a fundamental shift in the way insurers acquire and communicate with customers and works perfectly with ingenie’s targetaudienceof17-25yearolds.Fromabusinessperspective,ithassignificantlyreducedtheacquisitioncostofeachcustomercomparedwithtraditionalmethods.

FacebookFacebookisusedprimarilyasacustomerservicetool.Although‘likes’are a good indication of your ‘social proof’, they are not the ultimate measureof success. ingeniewill oftenhosta two-waydialoguewithprospectivecustomersandpolicyholdersonthesite.ingenieisresponsiveand engaged: constantly online to deal with questions, complaints and issuesimmediately,andsupportingthecustomercontactcentre. We also use highly targeted Facebook Ads to reach prospectivecustomers that often generate a far better return on investment than traditionalpaidsearch.

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twitter Twitter is used to raise awareness not to sell. So ingenie createscampaigns thatengagepotentialcustomers,drivenewtraffictothewebsiteandpromoteinterestingconversationstopics.Forexample:

#MyFirstCar MyFirstCaraskedpeopletotellthestoryoftheirfirstcar.Thecampaignwas kicked off by Gary Lineker who told the story of the blue Datsun that was given to him by his dad but eventually torched by vandals in Leicester. MomentsafterGarysentthetweet, ingenie.comreceivedover1,000visits in 90 seconds. Thecampaignhada Twitter reachof 2.1millionpeople.

#DontDriveDistractedDontDriveDistracted raised the awareness of the dangers of distraction atthewheelandincludedshortvideosfromahostofcelebrities.IthadaTwitterreachof1.95millionandachieveda54%upliftofuniquevisitorstoingenie.com.

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Video Itiscrucialthatcustomersunderstandwhatthey’regettingwhentheytakeout ingenie insurance,andspecificallyhowblackbox insuranceworks.Whenmostcustomerslandonthewebsitetheonequestiontheyhave in mind is ‘how much?’. But ingenie encourages visitors to watch a short videobeforegoing togetaquote.Gary Lineker hosts theseinstructionalvideostohelpengagetheaudience.

Videos are also used in ingenie’s road safety social media campaigns, notablywhen Sir FrankWilliams, the founder of theWilliams F1 Teamand an ingenie investor, told the story of the road crash that changed hislifeandlefthimparalysed.Thisvideohasreceivedover40,000viewsonYouTube.

Brand ambassadorsingenie’s customer research made clear the brand had two audiences: youngdriversand theirparents. Thebrand’sambassadorsappeal tobothgroups.

Tyger Drew-HoneyTyger is a young TV actor and one of the stars ofOutnumbered,thepopularBBCsitcom.ingenie is using video and social media to share Tyger’s experiences as he learns to drive and takestotheroadforthefirsttime.

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Gary LinekerEngland footballer turned sports broadcaster Gary Lineker has been supporting ingenie since the start as both an ambassador and an investor. As the father of four boys, he understood the problem forparents that ingenie is trying to solve. His exemplary record on thepitch during his playing career and weekly appearances in most British householdsfrontingBBC’sMatchoftheDaymakehimatrustedfigureforfamilies.Heisalsolikedbyyoungerpeopleandrecognisedas‘thecrispman’followinga20-yearassociationwithWalkersCrisps.

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SPOTLIGHT

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Impact on road safetyingeniehasamissiontochangeyoungdriverbehaviourontheroad.Itpositively incentivises change: giving constant feedback online and by mobile;andoffersquarterlypremiumadjustmentsasfinancialincentivesfordriverstoimprove.Italsohasateamwhowillcallcustomerstodiscusstheir driving when a potentially dangerous situation has occurred, for exampleifdrivershaveexceededthespeedlimitbymorethan30mph. The ingenie AppThis continuous and timely feedback goes beyond any traditional relationship that drivers have with their insurance company: it is essentially a formofmentoringwhichenables ingeniedirectly to influenceandimprovedriverbehaviourandperformance. The most popular method is via a smartphone app, which sends notificationstocustomerscontainingTwitter-styleshortmessageswhichupdatethemontheirdrivingperformance.Asimplegreen/amber/redsystem sends positive messages that reinforce good driving and alerts customers to any areas for improvement. Through this app, ingeniebecomesthedriver’sco-pilot. Statistics show that 97 percent of ingenie customers activate their feedback accounts and over 80 percent check their driving performanceregularly.Thisdiffersfromrivalapplicationsoftelematics,where the customer has to manually login to review a dashboard of drivingdata,oftenresultinginthemdisengagingwithinweeks. The results are clear: the majority of ingenie’s young drivers make positive improvementstotheirdriving.Bearinginmindtheover-representationof young drivers in road accidents, this will have a disproportionately beneficialimpactonmakingtheroadssaferforeveryone.

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Financial incentives for good drivingIt is well known that instant gratification tends to outweigh longer-term consequences in our thinking. To help sustain the customer’sengagement, ingenieoffers regularand frequentfinancial incentivesfor gooddriving. Every threemonths, premiumsare reviewedbasedondrivingperformance. Rather thanwaitinga year until renewal toget a discount, ingenie customers performing well receive a quarterly discount inaddition to the traditionalnoclaimsdiscountat renewal.ingeniewereoneofthefirstinsurersevertoofferquarterlyadjustments. To discourage dangerous or reckless driving, ingenie reserves the right to increase premiums for customers who have ignored warning messages and repeatedly received poor driving scores (this potential penalty is madeveryclearwhentheytakeoutthepolicy.) To date, 70 percent of ingenie customers have received a quarterly discountforgooddriving.

Gender RulingFrom the 21 December 2012, a new ruling from the European Union means men and women must be treated equally when it comes to car insurance.Thisseemsreasonableonthefaceofitbuttherealityisthatmen generally have more crashes than women – and nowhere is the differencemorestarkthanwithyoungdrivers. Inthepast,youngwomenasagrouphavetraditionallyhadcheaperpremiums due to their better track record on the road but, as a result of the new legislation, teenage female drivers who have just passed their testhaveseentheirpremiumsincreasebyabout40percent. Thishasgiveningenieanotheropportunitytohelp.Fromtheoutsetblackbox insurance is up to 30 percent cheaper than traditional insurance for 17-25 year olds, so young female drivers can potentially make instant savings. Butmore importantly,everyone insuredby ingenie is judgedon individualmerit.Asa result, ifa female isdrivingmoresafely thanhermalecounterparts,shewillseethebenefitreflectedinherquarterlydiscount.

On the EU Gender Ruling, ingenie CEO Richard King commented: “The EUGenderRulingisabonkerspieceoflegislation,butit’sheretostay.Since December we’ve seen it have the most impact on young females, particularly teenage new drivers, whose quotations suddenly rose by around40percent.OuraimatingenieistoenablethemtoearnbackwhatBrusselshastakenaway.”

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Impact on claims• After its pilot year of operation, ingenie’s model has been proven

to reduce catastrophic crash frequency compared with a traditionalbookof17-25yearolddrivers.

• Thesystemallowsforearlydetectionoffraudulentclaims.

• The system has protected customers when false claims have been madeagainstthem.

• The ingenie black box has helped recover 90 percent of stolen carswithintwohours.

•Net benefits For insurers• Reducedthenumberofseriousclaims.

• Improvedcustomerretentionratesatrenewal.

• Proved that the UK’s four million young drivers can be a viable businessrisk,openingupanewrevenuestream.

• ingenieisaimingforalossratioof70percent,whichissignificantlylower than the market average for insuring this age group.

For customers• Cheaper insurance for young drivers - black box insurance is up to

30percentcheaperthantraditionalinsurance.

• After 1 year with ingenie our customers’ renewal premiums were onaverage49percentcheaperthenwhentheyfirstpurchasedthepolicy.

• Makingnovicedriverssaferontheroad.

• Givingparentsgreaterpeaceofmind.

Real customer discount case studies Case study 1: 17 year old from York driving a Fiat Seicento. Initialpremiumwas£2,647.Afteroneyearwith ingenie,withdiscountsforgood driving and a no claims discount the renewal premium was £815.

Case study 2:20yearold fromLancashiredrivingaVWGolf. Initialpremiumwas£1,687.Afteroneyearwith ingenie,withdiscountsforgood driving and a no claims discount the renewal premium was £688.

Case study 3:22yearold fromDerbyshiredrivingaVauxhallCorsa.Initialpremiumwas£1,144.Afteroneyearwithingenie,withdiscountsfor good driving and a no claims discount the renewal premium was £436.

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BIBA forecast that sales of black box insurance will hit

500,000 by summer 2014

Over 500,000 young drivers aged 17-25 pass their test each year - DfT

A newly passed driver aged 17 is far more likely to crash than a newly passed driver aged 30 - ABI

According to confused.com The average annual cost of comprehensive car insurance premiums for 17 to

20-year-old males stood at £2,960 in q4 2012.

ingenie’s average price was £2,214

Black box insurance is up to

30% cheaper than

traditional car insurance - BIBA

Young drivers...

1 in 5 young drivers has a crash in their first

6 months of driving DSA

Young driver crash risk rises with each additional passenger

in the car - ABI

According to confused.com The

average annual cost of comprehensive

car insurance premiums for 17 to

20-year-old females

stood at £1,986 in Q4 2012.

ingenie’s average price

was £1,477

After one year with ingenie, our customers’ renewal premiums were on

average £954 (49%) cheaper than their starting price

70% of ingenie customers have received a quarterly

discount for better driving

DFT - Department for transportDSA - Driving standards agency ABI - Association of British InsurersBIBA - British Insurance Brokers’ Association

Car insurance for 17-25 year olds

www.ingenie.com