The Independent Broker Resources Inc. announced it will partner with Quindell Portfolio to launch a broker-owned telematics solution for the insurance market.
Randy Carroll, CEO of the Independent Brokers Association of Ontario – of which the IBRI is a wholly-owned subsidiary – touts the partnership as an important step for drivers to take ownership of their own data, ensuring their privacy is protected, and allowing the broker to move the consumer from insurer to insurer.
“The IBAO is focused on ensuring that consumers' interests are protected,” said Carroll. “The data collected is to be owned by the consumer and readily accessible by the user. Their data is also transferable. Their digital driving history will follow them, limiting them from being ‘locked in’ with one insurance company.”
Carroll describes Quindell Portfolio as a leading provider of insurance technology, that through its partnership with the IBRI will launch a broker-owned telematics solution.
Telematics is a leading-edge technology that is rapidly expanding throughout the marketplace. Over the next three years, the IBAO and other industry analysts generally believe that between 10 to 30 per cent of all Canadian auto insurance policies will transition to being telematics-based. To use telematics, consumers plug a device into their vehicle, providing them with opportunities to receive value added benefits during their driving experience. Possible benefits of this technology include car health diagnostics, access to discounts and possible reductions on their auto insurance premiums. (continued.)
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As result of this partnership, the IBAO announced the appointment of Colin Simpson to the position of CEO of Independent Broker Resources Inc., which will manage the launch of telematics into the marketplace.
“Colin is the ideal leader for the implementation of this insurance game changer as he bridges the insurance and technology worlds,” said Carroll. “I am looking forward to working with Colin in his capacity as CEO of our wholly owned subsidiary.”
Simpson has been an active member of the insurance industry for 15 years and has been involved in a number of projects delivering leading edge technology, like telematics.
