Phair will be in the driver's seat as the insurance provider strives to make young Canadians safer drivers, and then reward them with affordable insurance
TORONTO, May 7, 2015 /CNW/ - Auto insurance provider ingenie has named Lorie Phair as the CEO of ingenie Canada. The company plans to repeat the success it has had in the U.K. by helping young drivers stay safer, resulting in lower insurance rates. ingenie has been available to young drivers in Ontario since March and plans to expand to other Canadian provinces in the future.
"Traditionally, young drivers have been discriminated against and treated as a high risk by the insurance industry. ingenie is specifically designed for young drivers, aged 16 to 24," says Phair. "Our approach is to help young drivers develop good driving habits, then reward them for how they actually drive, rather than treating them as a statistic."
Young drivers insured by ingenie are given a 10% up-front discount for installing a Smartbox in their car, which builds a picture of their driving style based on indicators such as speed, acceleration, braking and cornering. Customers receive feedback on their driving every 10 days through the ingenie app or online at ingenie.ca. The feedback includes a driving score out of 100, tips on how to improve their driving and the amount they are on track to save through their Good Driving Discount. Compared to traditional insurance models where drivers would have to wait until the end of the year to see a discount, with ingenie young drivers can earn up to an extra 25% Good Driving Discount over the course of the year.
"This regular feedback and financial incentive can reduce insurance costs and is proven to help young drivers develop safe driving habits. In the U.K. where ingenie has been available since 2011, the approach has reduced young drivers' risk of having an accident during the first six-months of driving by 40% and 70% of ingenie drivers earn Good Driving Discounts," says Phair.
Phair has previously held leadership and board positions both in the insurance industry and in the not-for-profit sector including organizations such as Registered Insurance Brokers of Ontario (RIBO), Insurance Brokers of Toronto Region, Toronto Crime Stoppers, Toronto's Chief of Police Annual Gala, Ontario Shores Centre for Mental Health Sciences and The Insurance Institute of Canada (IIC) where she served as a member of the Board of Governors and Chair of the Academic Council for six years. She currently holds an advisory council position with Magnet, a not-for-profit social initiative co-founded by Ryerson University and the Ontario Chamber of Commerce.
ingenie is an innovative young driver insurance brand that uses telematics technology to reward safe driving with savings. ingenie builds a picture of a driver's individual style, awareness and safety on the road, rewarding those who drive well with up to an extra 25% Good Driving Discount and helping those who need improvement become safer.
Video with caption: "Video: How ingenie auto insurance works for young drivers in Canada". Video available at: https://www.youtube.com/watch?v=yJKIGpcHZ5Y
Image with caption: "Lorie J. Phair appointed CEO of ingenie Canada. Phair will be in the driver's seat as the insurance provider strives to make young Canadians safer drivers, and then reward them with affordable insurance (CNW Group/ingenie)". Image available at: http://photos.newswire.ca/images/download/20150507_C5746_PHOTO_EN_16331.jpg
For further information: Sinead Brown, firstname.lastname@example.org, 416-413-5193