Published: October 21, 2014 | London, UK
Quindell has signed a five-year agreement with a major Canadian insurer provide telematics services.The company did not provide any financial details of the contract, but said it is with a “top three” insurance provider in the Canadian market.
The insurer, which is strongly rumoured to be existing customer Aviva Canada, represents more than 3m customers, 1,700 brokers and has a “significant” market shares of the Canadian automobile insurance market. Over an initial period of five years, the Major Insurer will target to become a strong market leader in the development and delivery of telematics-based insurance solutions, and subject to the achievement of key milestones, committing to a goal of 120,000 telematics customers. Quindell expects the average revenue per customer to be $8-9 per month with high margins.
Telematics technology to be used for personal and commercial lines; includes working in conjunction with the Independent Brokers Association of Ontario (IBAO), with their Quindell broker-based telematics distribution model.
Quindell’s offering is a complete, one-stop solution which includes the provision of devices, network connectivity, product platform, systems integration, logistics, mobile applications, data analytics, and consumer-facing applications including the use of the Himex Virtual World technology. In addition, the Major Insurer will be partnering with ingenie Canada at the time of its launch as its lead underwriter. This is the first major insurer to commit to underwrite for the Insurance Brokers Association of Ontario (IBAO) in significant volume as part of its telematics proposition with Quindell.
Robert Terry, Chairman of Quindell said, “This additional new contract with an existing Major Insurer client provides us with our largest Canadian telematics client to-date. Their commitment to develop multiple telematics based products and services, offered through several distribution channels, positions them for overall market leadership.