ingenie, the young driver telematics insurer leading behavioural change, is pleased to announce the appointment of Selim Cavanagh as Chief Executive Officer. Selim joins from LexisNexis Risk Solutions, where he held various senior roles including VP Telematics, VP Motor Insurance and MD of its Wunelli telematics business unit.
ingenie comprises a young driver insurance specialist and an international telematics provider, both leading the market with a data-driven approach to behavioural change. ingenie will benefit from Selim’s 20 years of experience in delivering data, IT and research-based insurance solutions.
Selim is an Associate of the Chartered Insurance Institute and was previously Commercial Director of Insurance at Experian, where he focused on growth, innovation and technology developments with the UK’s largest insurers. Prior to Experian, Selim had seven years at AXA, culminating in the role of Distribution Director, Personal Lines Intermediary. He has also worked with international markets such as Australia and continental Europe.
Selim Cavanagh said: “I am excited to be joining such a renowned business in the fast-growing telematics market and I look forward to getting to know the team and leading the business to further success.”
Selim will work closely with the existing senior management team in building on the previous developments from ingenie and driving future growth.
ingenie is a young driver insurance brand that rewards good driving without discounts. Using a black box fitted out of sight in the driver’s car, ingenie builds up a picture of their driving style and sends feedback to help them improve. The driver then gets discounts each quarter based on how they’ve been doing – up to 21% off over the year.
ingenie Business recognises that insurers are demanding new ways to address the challenges of high claims frequency, low customer engagement and disappointing loss ratios. ingenie Business sees beyond the technology to deliver a transformational impact on road safety, customer engagement and loss ratios to its insurance partners
ingenie has won numerous tech, insurance and road safety awards for its approach, including the Prince Michael International Road Safety Award.
The ingenie system
ingenie fits a black box in the driver’s car, then uses a suite of 200+ proprietary algorithms to build up a picture of their individual driving style.
The driver gets a score out of 100 through the ingenie app, along with regular feedback to help them improve. Poor driving triggers more serious messages to the driver, and ingenie’s Driver Behaviour Unit may get in touch to give them extra help. Good driving is rewarded with quarterly discounts, worth up to 21% over the year.
The ingenie approach means customers save an average of £400 when taking out a policy, with 7 out of 10 receiving further discounts through safe driving. Average savings upon renewal are around £500 and 90% earn their first year’s No Claims Discount.