Telematics meets insurance = a more open, fairer market for younger drivers seeking cover
Young drivers are tough to insure. They have wildly varying rates of, ahem, prudence on the road.
For insurance companies, the answer is to gather more accurate data about young drivers. One great way is to use telematics to measure the driving performance of the driver. This allows the insurer to provide a suitable premium, rewarding careful drivers.
Ingenie helping the insurance industry to grips with telematics. It offers car insurance for 17-25 year olds. It uses telematics both to offer fairer insurance premiums and to encourage better driving.
The company story is another example of different worlds collidging. Steve Broughton, former CEO of insurance giant RSA saw the potential in founder Richard King's idea and came on board early as chairman. After a chance meeting with Sir Frank Williams of the Williams F1 Team, he agreed to become an investor and partner. Their experience in telematics technology and passion for road safety has been invaluable. The team was complete when Gary Lineker agreed to become an investor, and brand ambassador (and, interestingly, founder Richard King used to run the Chelsea FC Past Players Trust, so he should also have a few useful contacts).
Great product, great team, legendary chairman. Hello Wonga Future 50