Bright Box joined to My Policy group, a leading provider of services for telematics motor insurance
03 March 2021Former LETA Capital portfolio company Bright Box HK Limited (Bright Box) announced 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 has been acquired by Zurich Insurance Group in 2017. Bright Box was founded in 2012, in 2014 Bright Box raised money from the venture fund LETA Capital. LETA Capital was the only investor in the round A.
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.
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.
Announced transaction addresses this consumer issue by bringing together the strength of Zurich’s existing underwriting experience, Zurich’s telematics equipment provider, 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.