Bedford Insurance, a leading independent broker based in South-West London, has selected ThingCo, the telematics insurtech to support its first telematics propositions for personal and commercial motor insurance customers. The contract is the 8th broker partnership ThingCo has signed in just 10 months and demonstrates the growing hunger for ThingCo’s innovative telematics solutions using AI and Voice.
Bedford Insurance, under the Rightsure brand, will offer customers Theo, ThingCo’s solar powered, self-installed telematics device which collects highly accurate driving data every second of every trip. Theo will be posted to the customer, direct from ThingCo, at policy purchase. On receipt, the customer will follow a very simple installation and activation process taking a matter of minutes. This means the window between policy inception and telematics data collection is just 4 days on average.
ThingCo not only promises to reduce the friction often associated with telematics insurance by offering customers a much more convenient method of data collection, the data and the AI enabled Voice support in an accident offers greater customer engagement, helps tackle fraud and improves pricing accuracy, all at a viable cost to the broking community.
ThingCo will provide a full-service solution to Bedford to make their entry into telematics insurance as smooth as possible, from the development of terms and conditions to full customer on-boarding and claims support.
Mark Hare of Bedford Insurance Group said: “ThingCo has solved many of the cost and data accuracy issues that have previously held us back from developing telematics insurance propositions. The Theo device is truly ground-breaking for the insurance market and we were won over by the combination of technology and the hands-on approach by the ThingCo team, to ensure we and our customers fully maximise the benefits from day one.”
James Bashford, Head of Business Development for ThingCo said: “We are delighted to have secured this contract with Bedford Insurance Group, particularly as this is the broker’s first move into telematics and will therefore benefit from our years of experience in driving data for pricing and risk mitigation. The volume of broker business we are now supporting is taking Theo into the mainstream and this latest collaboration highlights the great progress ThingCo has made over the past year.”