Around 150 jobs will be created in the region over the next three years by the birth of a new insurer that plans to become a major player in the UK motor insurance market.

insurethebox has chosen Quorum Business Park in North Tyneside as the base for its service centre.  insurethebox is targeting motorists, particularly young, newly qualified and low mileage drivers, with the prospect of lower premiums using advanced in-car technology to track their driving.

At the heart of the system is a Telematics “Clear Box”, which is installed free of charge and monitors driver performance and mileage used. The aim is to incentivise safe driving with good motorists rewarded through bonus miles. The technology also enables insurethebox to detect accidents.

Quorum Business Park was chosen as the company’s preferred base following several months of talks with Tyne and Wear Development Company, North Tyneside Council and One North East.

Mike Brockman, joint chief executive, said: “The motor insurance market is huge. It’s expected to be worth £13 billion by 2013 and we’re well placed to win a key share of that by offering a product simply not available at present.

“We’re targeting young drivers and their parents, who often pay their cover, and low mileage drivers. Our technology ensures they are charged directly for miles driven and are rewarded for good driving which is a fresh approach to insurance. The end result should be cheaper premiums.”

Tyne and Wear Development Company, North Tyneside Council and One North East helped to assist the investment, acting as a point of support for insurethebox from the beginning of the project through to its completion. This included a One North East Grant for Business Investment of £249,000 as well as assistance identifying potential premises, business planning guidance and brokering in other sources of support.

The investment team will continue to work with insurethebox to deliver aftercare support to assist the set up of operations at Quorum and the company’s long-term success.

Paul Buie, manager of Tyne and Wear Development Company, said: “insurethebox is an exciting addition to the motor insurance market and has great potential. It speaks volumes for the people, skills and facilities in this area that the company chose to be based here.

“The region is a hotbed for investment projects like this and Tyne and Wear Development Company is proud to have played pivotal role in supporting the firm’s ambitions alongside partners across the region.”

One North East Director of Business and Industry, Ian Williams, said: “There is huge market potential for insurethebox and I am pleased that our investment will help them establish themselves in the North East.

“The company’s arrival provides a welcome boost for the North Tyneside economy and provides Quorum Business Park with another exciting new tenant.”

Quorum development director Fergus Trim said: “I’m delighted to welcome insurethebox to Quorum Business Park.  They have a fresh and exciting concept which I’m sure will bring growth and further new jobs to the region.”

North Tyneside’s Elected Mayor Linda Arkley said: “I am delighted that insurethebox has chosen North Tyneside as its base for this innovative venture, which will provide much needed jobs for this region.

“As a borough we are recognised as a great place to do business in and we are receiving a lot of enquiries from potential investors.”

insurethebox is spearheaded by Mike Brockman, and business partner Andy Haynes both highly respected in the General Insurance Industry.

Andy Haynes, joint chief executive said: “We have an exciting and unique product, a first class management team and have recruited a highly skilled team on the ground at our service centre in Newcastle. Tyne and Wear is the perfect location for us and we’re looking forward to growing the business here.

“We enjoy excellent class facilities at Quorum and have access to people with great skills and experience. Add to that the advice and assistance from Tyne and Wear Development Company and its partners and it was an easy decision to locate here.”