Tesco Bank has launched the “box insurance” mainly for drivers between 17-25, to check their driving behavior and offer rewards

Tesco Bank Box
Country: UK
Year: 2013

  • Leverage on bonus offers to encourage young drivers to drive slowly
  • Use of telematics to provide innovative offer

Concept

  • Young drivers can choose a 6,000, 8,000 or 10,000 Miles policy
  • The bank installs a smart box in users’ cars that sends information about their driving behavior
  • This allows Tesco Bank to reward safe young drivers with monthly additional Bonus Miles (upgrade their initial policy)
  • Every new policyholder receives 50 points and can earn up to 100 Bonus Miles every month according to its driving behavior
  • If users still have unused Bonus or Top Up Miles at the end of the policy, they will be available on the new policy
  • Box Insurance is not only about showing how young drivers drive, it also alerts Tesco if any strong impact on the car happens, allowing the bank to provide roadside assistance, and also to track cars in case of theft.
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