Bright Box joined to My Policy group, a leading provider of services for telematics motor insurance
Bright Box HK Limited (Bright Box) announced today that it has become a part of My Policy Group (My Policy), a leading provider of services across intermediation, data and analytics, and product design for niche telematics motor insurance in the UK. Bright Box, as a global international vendor of connecter car hardware and software solutions to the automotive industry, and part of Zurich Insurance Group, will be involved to enable rapid growth of My Policy’s recently launched usage-based insurance (“UBI”) product, JURNY.
My Policy has raised investment from Zurich Group, as part of which Zurich will become a long-term insurance capacity provider, joining an existing panel of insurers for JURNY. Zurich will become a strategic minority investor alongside existing My Policy management and Inflexion Private Equity (“Inflexion”). Inflexion is a mid-market private equity firm, investing in high-growth, entrepreneurial businesses with ambitious management teams and working in partnership with them to accelerate growth. Inflexion’s flexible approach allows it to back both majority and minority investments, investing £10m to £300m of equity in each deal. Inflexion is the majority shareholder in My Policy and will become the lead investors in Bright Box. Zurich will retain a minor investment in Bright Box and continue providing strategic advice and guidance to the combined business.
The market for UBI motor products is a high-growth international opportunity, driven by underlying changes in driving behavior. My Policy proprietary analysis reveals that even before the pandemic, consumers on the cover during 2019 drove, on average, 20.7% fewer miles than they expected to. A pay-per-mile product such as JURNY, where consumers only pay for the miles they drive, delivers tangible real-world savings for consumers. Another 2020 US survey by JD Power revealed that consumers were expecting to drive less in the foreseeable future and 40% were considering telematics owing to the cost savings they provide. This has led to a steady increase in consumer demand for UBI solutions.
Today’s announced transaction addresses this consumer issue by bringing together the strength of Zurich’s existing underwriting experience, Zurich’s telematics equipment provider, Bright Box HK Limited (“Bright Box”), incorporated into the My Policy business, and My Policy Group’s high-quality data analytics and product design capability, including innovative products such as JURNY. The transaction sees the continued support of Inflexion, a leading European private equity investor, as a shareholder in the group, as My Policy evolves to offer solutions for a new generation of motor insurance.
Patrick Quinn of My Policy, says, “Bright Box and My Policy merge enables us to significantly boost our capabilities and this, combined with My Policy’s new pay-per-mile platform, JURNY, and the ongoing support of Inflexion, will help accelerate our growth plans further and meet changing customer needs.”
Ken Belotsky, Executive Director and Co-Founder of Bright Box, says, “We are excited by the potential that the combined business will benefit from Bright Box’s global reach and extensive R&D capabilities and My Policy’s market-leading telematics insurance product design. Also, the combined business, with Zurich as a strategic investor, will create a valuable connected car and usage-based insurance value proposition.”