ThingCo’s self-fit, solar-powered, AI and Voice enabled telematics device is now being made available to the growing number of van drivers in UK to help improve road safety and cut insurance costs. ‘Business Insurance Solutions Ltdʼ (BISL) is launching its first telematics product for van drivers under the VanCompare Direct and Van LineDirect brands using next generation telematics technology and data processing power from ThingCo, the top 100 insurtech. BISL is targeting to write £15m GWP in the first year.
BISL is one of the UK’s leading Van Insurance brokers with over 85,000 van insurance customers, offering insurance quotes from 30+ UK Commercial Vehicle Insurers. BISL distributes its products on all of the major comparison sites and has its own market leading affinity and affiliate program.
Fatal and serious road casualties involving van drivers saw a record rise in 2019, according to the latest road casualty data. ThingCo’s AI and Voice enabled self-fit telematics device branded Theo simply sticks to the inside windscreen of the van, collects highly accurate second by second data and will talk to the driver in a collision.
Aside from the ease of installation, the key benefit for both van drivers and BISL is the immediate response in an accident and the intelligence built around the circumstances of the collision which vastly improves the investigation and settlement time for a claim.
Lance Testa, Group Commercial Director, Business Insurance Solutions Ltd said: “We have always known that telematics can help reduce road traffic accidents and lower claims costs but we have been waiting for the right device solution before entering the market. ThingCo’s smart and discreet device delivers on many levels. Self-fit was a big attraction but also the output from the device which allows us to analyse at a granular level the driving behaviours and patterns of our clients and reward them accordingly. The output also gives us real-time MI which we can use to protect our insurer partners by instant intervention and taking appropriate corrective action working in conjunction with the customer.
“We are also very impressed with the people at ThingCo and have real confidence that our combined enterprising spirit, expertise and market knowledge will make this a huge success.”
Martin Williams, Chief Operating Officer of ThingCo adds: “The deal with BISL demonstrates that the market for usage based insurance opens up massively if you have the right technology and offer the right services to support the driver beyond simply offering them a cheaper insurance quote. It is great to work with an innovative and enterprising partner like BISL which is embracing leading edge technology to support their customers’ safety. In doing so they and their insurer partners also stand to gain from lower loss ratios, improved customer engagement and greater long-term loyalty.”