Hampshire, UK (Sept. 30, 2013) – Quindell Solutions announces that ingenie Ltd will expand its operations through the formation of two new subsidiaries, ingenie (UK) Ltd, and ingenie Canada Ltd. ingenie UK will extend ingenie’s existing telematics insurance offering, which to date has been aimed solely at drivers in the UK under 25 years of age. Now, prospective customers who are over 25 in the UK, and drivers of all ages across Canada will also be able to benefit from ingenie telematics insurance.
Quindell’s insurance software solutions were developed for use by ingenie, its charter client, a brand which initially addressed a social and economic issue faced by young drivers: the frequency of crashes involving personal injury resulting in the prohibitive cost of young car driver insurance. ingenie uses telematics technology, developed in partnership with Williams F1 Team and Cranfield University, to reduce claims costs, whilst pioneering an innovative social media strategy which effectively reduces the traditional high cost of customer acquisition.
Black box insurance is already up to 30% cheaper than traditional insurance and, after one year with ingenie, customers’ renewal premiums are on average 50% cheaper than their starting price. Around 70% of customers receive a discount for good driving. ingenie’s core focus is improving driving behavior, so despite these reductions in premiums and quarterly discounts, the company is on target to achieve a loss ratio performance believed to be 30 points better than that for the young age group that ingenie insures.
Richard King, founder and Chief Executive Officer of ingenie said: “I’m delighted that we are able to take the natural next step for ingenie with our partners Quindell. Expanding the brand to over 25s and launching our first international operation in Canada allows us to rapidly grow our community of drivers, who we aim to provide with cheaper insurance while helping them become safer on the road. Since we launched in the UK two years ago, ingenie has achieved fantastic growth as consumers increasingly recognise the benefits of telematics insurance. We look forward to replicating and continuing our success through this further investment from Quindell.”
Rob Terry, Founder and Executive Chairman of Quindell said: “With ingenie significantly profitable already and approaching a run rate of �50 million of gross written premium, all within two years of start-up, it’s a natural time to increase Quindell’s shareholding. The low cost of customer acquisition that ingenie’s digital model offers has always been attractive, but now provides incentive to help this business realise its full potential. We are also thrilled to be increasing our stake as ingenie broadens its business to beyond young drivers. Quindell is looking forward to helping the ingenie team drive growth, not least through new potential partnerships in the UK and beyond.”
About Quindell Portfolio Plc
Quindell Portfolio Plc (AIM: QPP.L) is a provider of sector leading expertise in Software, Consulting and Technology Enabled Outsourcing in its key markets being Insurance, Telecommunications and their Related Sectors. Quindell enters the second half of 2013 with a run rate of gross sales of more than �350 million and with approaching �50 million of EBITDA earned in the first half of 2013. Our award winning Business Transformational, Software, Consulting and Outsourcing Solutions are recognised as delivering significant savings and additional sales to our customers every year.
For further information, please visit www.quindell.com.
Source: Quindell Portfolio Plc