Quindell has provided an update for the market on telematics rollout in Canada following a press release made by the Insurance Brokers Association of Ontario (IBAO).
In 2013, the Independent Broker Resources(IBRI), a wholly owned subsidiary of the IBAO announced plans to introduce a ground-breaking, broker-owned telematics technology to the Canadian marketplace. IBAO CEO Randy Carroll issued a formal update to the industry on the current implementation plan which outlined the introduction of two telematics offerings to the industry. The following offerings were detailed:
-ingenie, a UK telematics broker who is expanding into the Canadian marketplace, will provide a niche telematics product for 16-24 year olds, distributed exclusively through member brokers of our association; and
-The IBRI/Quindell solution, which is a general telematics offering that provides the option for our insurers to provide a broker-branded telematics solution into the marketplace.
For ingenie: Four broker friendly insurance companies have been secured to underwrite the ingenie product. The product is set to launch as a pilot programme in August, with a full broker launch in Ontario set to occur in October, all subject to regulatory approval.
For the IBRI/Quindell Solution: Two pilot programs for the IBRI/Quindell solution have launched with two insurers. IBRI is regularly speaking with regulators and the discussions are developing. Seventeen Non-Disclosure Agreements have been signed with insurers across Canada, and progress continues to be positive. The IBRI offering has the ability to accommodate all insurance company offerings, thereby presenting a single source solution to the broker channel while meeting the key principle of providing portability of data to the policyholder.
Carroll comments "We want our brokers to be diligent about supporting a broker-owned telematics solution because we are at a critical juncture in our industry. Brokers are committed to protecting their clients' best interest by offering them choice to a variety of products available. If the industry shifts to another telematics solutions, brokers will lose that direct connection to their client and the option of choice will be lost as well as the opportunity for their clients to be provided with the best overall solution for their needs.
Unlike other traditional telematics solutions, both IBRI solutions allows broker access to interpret their clients risk profile and adequately advise them on the most appropriate insurance product available that will match their needs. A broker branded solution, IBRI will ensure brokers are given every opportunity to leverage and build value for their customers.
IBRI will continue to work closely with regulators and will fully support the broker network through the implementation of this new technology. In a world where technology is rapidly evolving, IBRI has developed a product that protects consumers while providing them with the technology they desire."
Rob Terry, founder and executive chairman, Quindell, added "This announcement, prompted by the IBAO's press release, is the first of a series of announcements associated with ingenie's launch in Canada and new telematics contracts being signed with both brokers and insurers in Canada, and previously announced contracts going live into pilot programmes, soft launches and full implementations over the next few months.
The take up of our telematics solutions in Canada continues to exceed all our expectations and this is demonstrated by the seventeen insurers who have now signed NDA agreements and are working on the potential launches of telematics programmes with IBRI and Quindell in 2014."
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