In one of the most prestigious motor insurance contracts in the UK, ThingCo, the next generation telematics insurtech, has been selected to partner with AISL, part of the Markerstudy Group, which manages Co-op Insurance Car products. Having secured eight broker contracts, this is ThingCo’s first insurer contract since the business launched its services to the market in August 2020.
ThingCo will be the sole provider of telematics services to AISL for Co-op Insurance’s current personal motor telematics propositions. The ThingCo team will be providing a full-service solution, including full customer on-boarding and claims support, making full use of ThingCo’s smart FNOL process which can help determine liability almost from the moment of impact.
AISL is moving from professionally installed black box telematics devices to ThingCo’s solar powered, self-installed telematics device, Theo.
Theo collects highly accurate driving data, for every second of every trip and uses AI-enabled Voice to talk to the customer in a collision to expedite support. Theo will be posted to the customer, direct from ThingCo, at policy purchase and renewal.
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 four days on average, rather than up to 14 days as was the case previously. The ease of this process also reduces the friction often associated with telematics.
The contract was awarded based not just on the capabilities of ThingCo’s telematics services but the environmental benefits of ThingCo’s solar powered device which can be repurposed if a customer moves from a telematics policy in the future. It also cuts the emissions involved in black box installations.
Along with offering accurate pricing at new business and renewal, ThingCo’s next generation telematics solution will help AISL identify fraudulent claims, possible cases of fronting and non-disclosure of driving outside of the policy terms.
Giles Biggin, Head of Relationships at Markerstudy Broking said: “To move from a professionally installed black box to ThingCo’s self-installed device offers a host of benefits, from Theo’s environmental credentials which fit with our brand values, to the operational savings and the quality of data which gives us the power to do more for our customers while reducing our exposure to fraud. This move to ThingCo is a logical and exciting step in our telematics journey.”
Martin Williams, Chief Operating Officer at ThingCo said: “This partnership with AISL demonstrates just how far ThingCo has come in a relatively short time. We look forward to working with the team to really push the boundaries of what’s possible with telematics through next generation technology.”