Two of the nation’s leading insurance companies have announced their commitment to exploring the telematics model created by the independent broker arm of the Insurance Brokers Association of Ontario.
The Independent Broker Resources Inc. (IBRI), the wholly owned subsidiary of the IBAO, have announced that Gore Mutual and RSA Insurance have declared their intent to explore the IBRI telematics model.
“RSA applauds the efforts of the IBAO to bring forward a telematics concept for its membership,” said Tony Hayes, vice president of sales & marketing with RSA Insurance. “As the pace of change accelerates and the competitive environment continues to increase for both broker and insurers alike, we see this concept as a positive step towards ensuring the broker of the future remains a strong and viable business partner for RSA.”
The announcement follows a number of positive meetings with a number of insurer stakeholders, and both Gore and RSA have confirmed that active discussions have begun.
IBRI has partnered with Quindell Portfolio Plc, a provider of insurance technology, to introduce telematics technology to the Canadian marketplace. The partnership is part of a broker-owned telematics solution for Ontario, IBRI has stated, and represents a significant investment in the broker channel. (continued.)
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“Gore Mutual applauds the IBAO for developing this new innovative program to help their members compete more effectively against direct writers,” said Jamie McDougall, vice president of personal insurance solutions at Gore Mutual Insurance. “Gore Mutual has been actively exploring telematic solutions and we recognize the benefit of the IBAO program in providing consumers with information and tools to help them improve their driving habits.”
Over the forthcoming three years, the IBAO and other industry analysts generally believe that between 10 to 30 per cent of all Canadian auto insurance policies will transition to being telematics-based, driven by initiatives such as this one.
“We look forward to future success with both Gore Mutual and RSA, as well as many other insurer stakeholders,” said the CEO of IBRI, Colin Simpson. “The positive feedback we have been receiving prove solid leadership and support of the broker channel. Collaboration between insurance companies and brokers is essential, benefiting consumers, carriers and brokers. We look forward to working with other carriers as the momentum on this groundbreaking initiative grows.”
