ThingCo, the insurtech 100 business has secured a contract with Freedom Brokers to provide Theo – the first wireless telematics device to combine simple self-installation, second by second high quality data collection and Voice for post-crash support and real-time risk mitigation. Theo will form the backbone of Freedom Brokers’ innovative telematics proposition – Freedom to Drive – launching this week, with an initial focus on light commercial van drivers.
Theo is a solar-powered telematics device that sticks discreetly to the windscreen of the vehicle and speaks to the driver to expedite support in a crash. It will run for 50,000km per year before needing to recharge. Solving issues such as battery drain, in-car distraction, and data accuracy common in other telematics solutions, Theo also means there will be no interruption in service should further lockdowns occur which would otherwise halt device installations.
Data from Theo devices will be fed into ThingCo’s state of the art serverless telematics platform which will also support a SMART FNOL process utilising all the data including voice communication, following a collision. Freedom customers will have access to an app to view in-depth information about their trips and driving scores.
Alex Brockman, Head of Operations of ThingCo said: “The deal with Freedom Brokers underlines burgeoning interest in telematics to give motorists flexible, transparent and fair insurance cover. Next generation telematics technology gives the insurance sector the power to change the perception of motor insurance, do things differently for customers and improve their own performance through risk mitigation and claims. We are delighted Freedom Brokers will be first to market with Theo.”
Sam White, CEO of Freedom Group said: “Well before the pandemic we were in discussions with ThingCo to launch a telematics proposition that was distinct from anything else on the market. Little did we know we were well ahead of the curve. The last few months have demonstrated the need to provide more personalised cover based on actual usage and behaviour.
“Theo fits perfectly with our promise to provide straight-forward, uncomplicated insurance with a first class claims service. It will be easy for customers to install, the data quality is on a par with professionally installed devices and through voice we can offer a lot more than conventional telematics propositions to make customers feel safe and engaged in our brand. Equally, it gives us a fantastic level of insight to help manage risk and expedite claims from the point of impact.
“We are always proud to do things differently at Freedom and the launch of Freedom to Drive supported by Theo will really set us apart at a time when the interest in usage based insurance has perhaps never been higher.”
Martin Williams, COO for ThingCo added: “Next generation telematics offers brokers a fantastic opportunity to respond to the growing demand for more personalised insurance cover. Through customer friendly technology and state-of-the-art data processing power, ThingCo is breaking down the barriers that have prevented telematics from going mainstream.”