ThingCo has secured a new contract to further deploy its telematics device Theo, as part of its ambitions to expand in the UK and then globally
Insurtech ThingCo has secured a contract with Freedom Brokers to provide telematics device Theo in its upcoming telematics proposition.
It will form the essence of Freedom Brokers’ telematics proposition – Freedom to Drive – which will launch this week and initially focus on commercial van drivers.
The data from Theo devices will be used on ThingCo’s telematics platform in a bid to support a SMART FNOL process. It will use data such as voice communication following a collision.
Freedom Brokers’ customers will be able to access data on their driving scores and journeys via an app.
Alex Brockman, head of operations of ThingCo said: “The deal with Freedom Brokers underlines burgeoning interest in telematics to give motorists flexible, transparent and fair insurance cover.
“Next generation telematics technology gives the insurance sector the power to change the perception of motor insurance, do things differently for customers and improve their own performance through risk mitigation and claims. We are delighted Freedom Brokers will be first to market with Theo.”
Ahead of the curve
Sam White, chief executive at Freedom Group said: “Well before the pandemic we were in discussions with ThingCo to launch a telematics proposition that was distinct from anything else on the market. Little did we know we were well ahead of the curve.
”The last few months have demonstrated the need to provide more personalised cover based on actual usage and behaviour.”
“Theo fits perfectly with our promise to provide straight-forward, uncomplicated insurance with a first class claims service. It will be easy for customers to install, the data quality is on a par with professionally installed devices and through voice we can offer a lot more than conventional telematics propositions to make customers feel safe and engaged in our brand. Equally, it gives us a fantastic level of insight to help manage risk and expedite claims from the point of impact.
“We are always proud to do things differently at Freedom and the launch of Freedom to Drive supported by Theo will really set us apart at a time when the interest in usage based insurance has perhaps never been higher.”
Theo is a solar-powered telematics device, it runs for 50,000km per year before it needs recharging which solves the issue of battery’s being drained and data being inaccurate that is common in other solutions on the market.
Martin Williams, chief operating officer at ThingCo added: “Next generation telematics offers brokers a fantastic opportunity to respond to the growing demand for more personalised insurance cover. Through customer friendly technology and state-of-the-art data processing power, ThingCo is breaking down the barriers that have prevented telematics from going mainstream.”
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