Policywise, the innovative insurance broker focused on providing truly personalised motor insurance, has selected telematics insurtech, ThingCo, to help it create a brand new, mass market telematics proposition.
Policywise will be offering customers ThingCo’s solar powered, AI and voice enabled device branded Theo. Unlike any other self-installed telematics device, or app Theo has the capability to collect highly accurate, second by second data, on a par in quality with a fixed black box, with the valuable and unique benefit of immediate voice support in an accident.
Customers can be connected within just three days from policy creation – slashing the industry average time by over half. They simply attach the wireless Theo device to the windscreen of the car. If they change cars, the device is easily removed from its cradle for placement in the next car. The Theo device is compatible with any vehicle that has a windscreen and does not rely on power from the vehicle.
Policywise will also benefit from ThingCo’s state-of-the-art, fully encrypted, serverless telematics platform to support underwriting and claims, using real-time data. A smart FNOL solution based on the driving data and voice recordings will activate following a collision speeding up the claims process for the customer and insurers.
Simon Jackson, CEO and Founder of Policywise said: “The team at ThingCo have devised a innovative and discreet device that does a whole lot more than collect high quality data. They have understood that fundamentally to make telematics work, the device needs to be super easy for the customer to install, good to look at and offers features like crash detection and voice that take customer support to a whole new level whilst protecting the insurer interests.
“We are delighted to be amongst the first to offer Theo and all the services it enables via the accompanying app to our customers. We have always understood the massive potential of telematics beyond young drivers and now we can really make telematics appeal to a whole new audience at a cost that is a fraction of existing device solutions and at a time when people are looking for more personalised cover.”
Martin Williams, COO of ThingCo adds: “Policywise is amongst a growing band of brokers switching on to next generation telematics to create greater engagement, expand their market and reduce claims loss ratios for their insurer partners. ThingCo was created with a mission to completely reinvent telematics, making customer appeal the first priority. It is fantastic to see the hard work paying off as our device becomes a central component of new broker propositions.”
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