Innovation is at the heart of everything we do at insurethebox and the abundance of creative and passionate talent in the North East has helped shape insurethebox into the successful business it is today. Our commitment to the region has only grown since the operation set up here nine years ago. We have built strong relationships with local partners to develop a truly connected community in the North East – a community which not only supports our employees to reach their potential but also puts a strong emphasis on ‘giving back’, with regular time given to our employees to support local charities – from working in local community centres to helping the elderly use new technology.
The North East has been the operational home for insurethebox since it was founded in 2010 and remains very much at the heart of the organisation. In 2017 insurethebox signed a new 10 year lease and increased its office space at Quorum Business Park by 50% to occupy the majority of unit Q11, now housing more than 350 staff.
insurethebox is the global pioneer of telematics car insurance. It offers policies with an initial 6,000, 8,000 or 10,000 miles of cover. Through a telematics black box installed in the vehicle, insurethebox uses individual driver data to determine the risk profile of each policyholder and calculate their premiums. It holds over 4 billion miles of driving data, this extensive dataset means it can spot trends and proactively communicate with customers – before they need to make a claim.
insurethebox is improving road safety one driver at a time. For example, it uses driving data to identify how, where and when speed has influenced the frequency and severity of accidents. Its proactive communications work specifically addressing the issue of speeding – one of the biggest contributors to death and has resulted in 80,000 drivers reducing their speed, prevented nearly 1,000 serious road traffic accidents, and avoided numerous fatalities and serious injuries.
The data from its black boxes also offer vehicle theft tracking and provides life-saving support to its customers when their vehicle registers a significant impact .A black box is placed into in each customer’s car to measure their speed, braking and the distance driven each day.
Customers are provided with their own portal to monitor their driving. Plus, the insight provided by the telematics data enables insurethebox to adjust policyholders’ insurance premiums to reflect the insurance risk they represent – unlike traditional motor insurers.
In 2015, Aioi Nissay Dowa Europe (AND-E), which is the European operation of Japan’s largest insurance company, MS&AD Holdings, acquired the majority stake in the business.