Next-generation telematics insurtech ThingCo has secured what it claims to be the most prestigious motor insurance contracts in the UK by becoming the telematics partner of AISL, part of the Markerstudy Group (Markerstudy) that manages Co-op Insurance car products.
As part of the agreement, ThingCo will be the sole provider of telematics services to the company for Co-op Insurance’s personal motor telematics propositions. Moreover, its team will provide full-service solutions, including full-customer onboarding and claims support, using smart FNOL process to help determine liability almost from the moment of impact.
The simple installation and activation process will take only a few minutes, with the window between policy inception and telematics data collection only four days on average rather than up to 14 days, as was the case previously. It also reduces the friction often associated with telematics.
Having secured eight broker contracts, the partnership is ThingCo’s first insurer contract since the business launched its services to the market in August 2020.
ThingCo COO Martin Williams commented: “This partnership with AISL demonstrates just how far ThingCo has come in a relatively short time. We look forward to working with the team to really push the boundaries of what’s possible with telematics through next-generation technology.”
The partnership enables AISL to transition from professionally installed black box telematics devices to ThingCo’s solar-powered, self-installed telematics device, Theo – which collects highly accurate driving data for every second of each trip and uses AI-enabled voice to talk to the customer in a collision to expedite support. It will be posted to the customer, directly from ThingCo, at policy purchase and renewal.
AISL decided to switch to a solar-powered, self-installed telematics device to become more environmentally friendly because it can be repurposed if a customer moves from a telematics policy in the future and can cut emissions involved in black box installations. It can also identify fraudulent claims, possible cases of fronting, and non-disclosure of driving outside of the policy terms.
“To move from a professionally installed black box to ThingCo’s self-installed device offers a host of benefits, from Theo’s environmental credentials which fit with our brand values to the operational savings and the quality of data, which gives us the power to do more for our customers while reducing our exposure to fraud. This move to ThingCo is a logical and exciting step in our telematics journey,” said Giles Biggin, head of relationships at Markerstudy Broking.
