Mark Packman, chief executive of Matrix IQ, highlights why he believes his business should win the Challenger of the Year category at the 2022 Insurance Times Awards
Explain briefly about your entry in the Challenger of the Year category.
Our SmartLink solution challenges the way telematics is used in the insurance industry. It promotes a hardware agnostic approach to insurance telematics which goes against the norm of mandating or recommending aftermarket hardware to a fleet that may already have a solution in place.
We ingest data from existing solution providers to generate a single driver score that can be used to benchmark risk across an entire book of motor business.
Fitting aftermarket equipment is costly and each provider has their own way of processing data to produce a driver score. If each provider scores risk differently, it is impossible for an insurer to measure risk accurately across their entire book if they work with multiple partners.
We have worked with key insurance and telematics partners to develop relationships and data flows that provide risk insights without burdening the insured with unnecessary costs.
What do you think makes your entry stand out or different from your competition?
No other provider in the market can aggregate data from telematic service providers and original equipment manufacturers, as well as supply a range of aftermarket hardware to connect vehicles without a pre-existing solution.
What would winning this award mean to you and your firm?
Winning this prestigious award would put Matrix IQ on the map in the insurance sector. It would represent success and validation for the hard work performed by many within the business to build a credible challenger solution for the insurance sector.
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