ThingCo, the top 100 InsurTech has just secured authorisation from the Ministry of Justice to offer claims management services when the business launches “Theo” its ground breaking connected car service delivered via a ‘super dashcam’, in Q1 2019.
Approval by the Claims Management Regulator is significant because Theo is a completely new concept in the motor insurance claims sector. For the first time, it will put consumers in much greater control of their safety, their insurance cover and their claims experience through their driving data combined with leading edge technology.
Theo will offer immediate and on-going assistance following an accident through a unique smart First Notification of Loss (FNOL) process.
Detecting a potential collision, Theo will use Intelligent Voice powered by Amazon Lex to talk to the customer to establish if there has been an accident and if necessary, alert emergency services.
Theo will then guide customers through the claims process, assisting, where possible, with the provision of Credit Hire, Credit Repair and Legal Services for Personal Injury claims, supported by its partnership with Industry Insights. Importantly Theo works on behalf of the consumer, utilising the telematics and camera data, to establish the exact circumstances of a collision. This will put the customer in a much more powerful position when pursuing a claim, helping to ensure they are treated fairly by their insurer.
At launch Theo will act under delegated authority to manage claims from the customers’ insurer. In the future, Theo will provide direct access to a panel of insurers enabling Theo customers to share their driving score to shop for their insurance cover.
Mike Brockman, CEO of ThingCo comments: “This is a major milestone and puts us firmly on the starting blocks for the launch of Theo. Regulatory approval means we can get on with the soft launch and start spreading awareness of our revolutionary new service to better protect motorists and give them power over their driving data.”