Mike Brockman, CEO of Insurtech 100 firm ThingCo and the pioneer of telematics insurance in the UK has launched ‘Little Theo’, a solar powered, self-installed telematics device. Incorporating intelligent voice, sim card and crash detection, Little Theo will enable the motor insurance market to deliver next generation telematics services. Test versions are now underway with a number of leading motor insurers.
This ground breaking new service removes much of the complexity and cost of offering telematics insurance through fitted black boxes while vastly improving the quality and range of data collected via telematics smartphone apps, to better support the customer and insurer – in pricing, risk reduction and at claim.
Little Theo is compact (71mm x 117mm x 11mm), sticks securely to the windscreen of the vehicle and can run for 50,000km per year before needing to be re-charged. Along with gathering telematics data for driver scoring, Little Theo incorporates crash detection and intelligent voice to support the customer immediately post collision and during the claims process, with the customer’s permission.
Watch the Theo FNOL accident response video here;
All data, trips and scores are relayed to the Theo App which gives instant feed-back to the user. Little Theo users can still benefit from the Theo reward scheme to encourage good driving and create a fun experience. The Theo team has many other unique ideas that gives insurers even more benefit as part of their telematics strategy.
Mike Brockman said: “Little Theo is little brother to Big Theo which is our direct to consumer proposition. It’s our solution to the costs associated with black boxes and the data quality, battery and safety issues associated with smartphone telematics apps.
“To keep costs down for insurers, the device is self-installed and we have focused on the services that will make a fundamental difference to customers and to their insurers. Little Theo will detect when a collision occurs and will speak to the driver to check they are OK and if necessary contact emergency services. Our smart FNOL service will then use the telematics data to establish the circumstances of the accident and guide the customer through the claims process.
“Insurers are simply not geared up to offer this level of service. We will use delegated claims authority to support the customer and speed the claim to its conclusion, working for both the customer and the insurer.
“Our serverless telematics platform is world class, ensuring we can deal with the peaks and troughs in demand with driver scoring part and parcel of the package we are offering insurers. We’re also in discussions with insurers to join our panel for ‘Big’ Theo.”