Insurethebox bought out by Japanese parent

Aioi Nissay Dowa Insurance Europe (ANDIE), said it intends to buy up the 24.99% pf Box Innovation Group that it doesn’t already own.

Part of the MS&AD Group, ANDIE said it plans to fully integrate the business, which includes the brands Insurethebox and Drive Like a Girl.

As part of the deal, Insurethebox founder Mike Brockman has left the business, and set up an independent “next generation” telematics technology company which will be supported by ANDIE’s holding company in Japan.

ANDIE said that since it bought a 75.01% stake in the Box Group in 2014 for £105m, the business has continued to grow and now has an annualised Gross Written Premium of around £130m, with all customer cars fitted with telematics technology.

Michael Swanborough, ANDIE’s European chief executive, said, “I would like to thank Mike for his outstanding contribution to the development of telematics within the group as well as his pioneering work within the industry.”

Brockman said, “I am excited about this new venture which will give me the flexibility to achieve my ambitions and goals in the telematics arena by facilitating the fast development of new ideas. It is intended that ANDIE’s parent company in Japan will support the new venture financially and so it will be a win-win for all parties.”

Brockman’s new venture, ThingCo, will be leveraging data from the Internet of Things.

The first phase of development will see the launch of a retro-fitted telematics device that will effectively make vehicles smart, Brockman said.

The device will incorporate ADAS capabilities including a high definition camera with night-time vision and sensors. As well as improving driver safety, the device will have huge benefits in supporting the FNOL process when an accident does occur, positively impacting all elements of the claims supply chain, he said. 

“This is the start of an exciting new chapter after nine years at Insurethebox. ThingCo will facilitate the fast development of new ideas giving me greater flexibility to achieve my ambitions and goals in the telematics arena. We are in talks with a range of businesses from in and outside the insurance sector who understand the wider potential of telematics, the Internet of Things and AI and are keen to invest in this new business and work with us.”