In a new deal demonstrating the power of next generation telematics in commercial insurance, Insenture Underwriting has partnered with ThingCo, the telematics insurtech to support the launch of fayre. – a specialist insurance product developed for private hire taxis.
This is the first commercial insurance telematics product that ThingCo has supported since launch to the insurance market in August 2020.
The partnership will see ThingCo deliver Theo, the self-fit device incorporating AI driven intelligent voice to fayre. policyholders – enabling them to benefit from more accurate pricing, speed of assistance from the moment of impact in an accident as well as feedback and incentives to reduce their road risk. Theo is small, discreet and solar powered which makes it completely wireless and easy to fit to the vehicle windscreen.
Insenture Underwriting will take advantage of real-time engagement and risk reduction activities, supported by the Intelligent Voice and second-by-second driving data delivered by Theo. In a collision, ThingCo’s smart first notification of loss process will activate to create a detailed picture of the accident to manage claims costs and expedite settlement.
Lloyd Allen, Business Development Director at Insenture Underwriting said:
“We’re excited to partner with ThingCo to launch this revolutionary market-leading product, designed to drive fairer taxi insurance. Taxi driving is seen as higher risk by insurers, so our new proposition is very much focused on reducing that risk and when an accident occurs, supporting our customers by more effectively managing the claim based on a swift and comprehensive understanding of the circumstances. The real-time driving data delivered by Theo will enable us to deliver dynamic pricing, be more proactive in mitigating risk, and reducing claims spend, benefiting both our insurer partners and our customers.
James Bashford, Head of Business Development for ThingCo said:
“This partnership is another significant milestone in the growth of ThingCo and a further great example of brokers innovating for the good of their customers and insurer partners. We are looking forward to supporting the launch of fayre., working closely with the team at Insenture Underwriting. This contract is further proof of the power of next generation telematics in delivering benefits to niche motoring segments outside of the young driver market.”