He has almost two decades of experience working in the general insurance industry and is one of the founding members of insurethebox
Insurtech Inzura has appointed Andrew Bennett as its new business development director for the UK and Europe.
Bennett spent nearly six years at Coverbox as its director from August 2013 to May this year before the firm fell into administration in August.
He was also director and co-founder at ITS Telematics Solutions as well as being a founding member of the startup team for telematics broker insurethebox. He has also worked for the likes of Allianz, BGL Group and Direct Line Group in senior postions.
Overall, he has almost 20 years of experience in the general insurance industry.
App disruption
Bennett told Insurance Times that his overall goal in his new role is to get Inzura’s work distributed throughout the UK market and across to Europe. Inzura uses a smartphone app which costs a fraction of the price of a black box.
Speaking of the product, he said: “I think it is very much a product for ‘now,’ I think insurers are looking to [cut] administration costs.
”It is to become the friend of the insurer and help them through their digitisation process with technology that isn’t too invasive, which can [fit into] legacy systems [as well as] manage the challenges coming.”
He predicts that those using black box technology might start to struggle in the future as smartphone technology permeates through the market.
“I think the whole market is moving more towards smartphones, and what we have been able to do is to make it more than just telematics. We are using it to collect vehicle condition pictures, but also to collect documents that all insurers want,” Bennett said.
This includes proof of no claim bonuses, driving licences, and certificates of ownership.
It also uses vehicle recognition software to validate the licence plate stated on the proposal form. It includes links to the DVLA so users can obtain a licence code as well as being able to access information on their own convictions history.
Users can also claim through the app, which also guides them through the entire process.
Inzura works with brokers and insurers to deliver digital versions of its insurance products through smartphone apps, leveraging telematics, integrated dashcams and artificial intelligence (AI).
Richard Jelbert chief executive said: “Digital transformation is underway across the insurance industry and we make this process as rapid and simple as possible. Our products engage policyholders and monetise data.”
30% improvements in loss ratio
On his new appointment, Bennett said: “Working with Inzura was an opportunity too good to miss. There’s nothing more professionally rewarding than using your experience to see new businesses with exciting propositions grow and flourish.
“With some solutions deliverable in just six weeks and customers already achieving over 30% improvements in loss ratio, together with a 100% growth target in two years set for the company, Inzura is the new insurtech on everyone’s lips. I’m excited to be a part of the success story.”
Jelbert added that the firm is “privileged to have [Bennett] on board” as he is “one of the industry’s leading names in telematics and his experience in the motor market particularly reads like a ‘who’s who’ of insurance”.
“We’ve known [Bennett] for years and have wanted to work together for a while, so we’re excited now to have that opportunity and to explore his extensive experience and network in personal lines, Internet of Things [IoT] and telematics technologies,” he added.
Over the last eight years, Bennett has led teams that established two telematics/IoT insurance brands. He has pioneered the use of Artificial Intelligence and machine learning for use in risk scoring, fraud detection and crash notification, resulting in further significant loss ratio improvements.
Cutting administration costs
Speaking about how the idea for ITS Telematics came about, Bennett said: “When we set up Coverbox we were using traditional black box technology – [it was] very expensive.
”We decided that we needed to set up our own telematics provision business to cut some of costs.”
The firm built its own solution using artificial intelligence machine learning to set up algorithms.
But he added that the cost of using black boxes was always a problem.
“We are currently working with global insurance brands and brokers to cut their operating costs and improve risk by leveraging data, AI and engaging smartphone apps, and we do all this without having to replace legacy systems,” Jelbert concluded.
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