As telematics-based car insurance specialists Insure The Box celebrates an expanded North Tyneside office, we find out more about the firm which has become a major regional employer.
Mike Brockman founded Insure The Box along with Andy Haynes in 2010, after a 25 year career in the motor insurance industry. “When we started there were a lot of nay-sayers - people said that that telematics had very little chance of success, as it was too difficult a business model and too complicated a change from traditional insurance for customers to understand,” he said.
“However, we were passionate about the many benefits of telematics for customers and we believed in our products.
“Cracking telematics has been much more difficult than I thought it would be, even with my solid background in motor insurance - but since launching we’ve sold over 750,000 policies, and last year we celebrated reaching 3 billion miles of driving data.”
So what exactly is telematics, the system which sets them apart from traditional insurers? Insure The Box installs telematics (or black boxes) in the vehicles of its policyholders, and is able to offer insurance premiums that are based on the driving behaviour of the individual, meaning safer drivers can earn rewards and prove they should pay less at renewal.
“Telematics differs from the traditional insurance offerings by putting the customer back in control of their insurance costs – for young drivers in particular this can be a lifeline. There are strong benefits for road safety, claims handling and counter fraud too – as well as the life-saving Accident Alert service that detects strong impact to the vehicle and gives us real-time information to take immediate action.”
Currently employing over 300 people, its expanded and improved offices at Quorum Business Park sees Insure The Box take the majority of the space in building Q11, underlining their to the area.
“The North East became our operational home in 2010 and it’s very much the heart of the business,” Mike told BQ.
“We’ve found the workforce in North Tyneside to be incredibly friendly, enthusiastic and hardworking so it is a great place to grow an innovative business. We’ve never seen a reason to leave and our growth plans centre around this vibrant office.
“We already have plans to create another 20 jobs over the next few months. It’s a great feeling to know that you’re investing in the local community through the success of your business.”
The expansion at Quorum Business Park means Insure The Box is bringing all of its North Tyneside staff under one roof, enabling even greater communication and collaboration across teams and departments.
And their commitment to the region has a lot to do with our people. Mike added: “The abundance of talent here in North Tyneside has helped us shape Insure The Box into the successful business it is today and the expansion gave us the perfect opportunity to create a working environment that took on board the needs of our workforce as well as being truly dedicated to the Insure The Box ethos.”
Also commenting on the expansion, Fergus Trim, CEO of Quorum Business Park said: “It has been fantastic to see the growth in jobs since Insure The Box set up at Quorum in 2010. Now taking 50% more space and making a new 10 year commitment is a great milestone in the continued success of the business.”
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