Phil Powell, chief revenue officer at Matrix IQ, tells Insurance Times why he believes the firm deserves to win the Excellence in Technology – Customer category at the 2022 Insurance Times Awards
Explain briefly about your entry in the Excellence in Technology – Customer category
We entered the Excellence in Technology category because we’re a tech company that’s taking a different slant on things to demonstrate how existing technology can be used to deliver better insights to insurance partners.
The best example of this is our SmartLink solution, which ingests driver behaviour and GPS journey data from existing technology partners, including vehicle manufacturers (OEMs) and telematics service providers (TSPs).
Once ingested, data is normalised and processed using a single risk scoring algorithm to present a consistent driver risk score that can be benchmarked across the industry.
Different providers process data and score risks according to their own unique set of rules, making it impossible for insurers to benchmark where the risk lies in their book of motor fleet business where multiple telematics providers are in play.
We help to tackle this challenge by building relationships with TSPs and OEMs, ingesting and processing data through the Matrix IQ risk algorithm and then presenting data via an application programming interface and our risk insights platform.
What do you think makes your entry stand out or different from your competition?
SmartLink is the only solution in the market that can aggregate data from TSPs and OEMs, as well as provide hardware for non-connected fleets.
What would winning this award mean to you and your firm?
This award would further validate our ambition to become a key partner to the insurance sector. It would be seen by Matrix IQ as the most important recognition and would justify the hard work and passion that has gone into SmartLink.