It is crucial to take the right steps on telematics and brokers need to support broker-owned telematics solutions or risk losing a direct connection to the client, says one association CEO.
“We want our brokers to be diligent about supporting a broker owned telematics solution because we are at a critical juncture in our industry,” says Insurance Brokers Association of Ontario CEO Randy Carroll. “Brokers are committed to protecting their clients’ best interests by offering them choice to a variety of products available. If the industry shifts to another telematics solution, brokers will lose that direct connection to their client, and the option of choice will be lost.”
The IBAO has embraced telematics solutions for its associated brokers through its wholly owned subsidiary Independent Broker Resources Inc. (IBRI), and will be introducing two telematics offerings to the industry: Ingenie and the IBRI/Quindell solution.
Ingenie – a U.K telematics broker that is expanding into the Canadian marketplace – will provide a niche telematics product for 16-24 year olds, distributed exclusively through IBAO member brokers.
The IBRI/Quindell solution, which is a general telematics offering that provides the option for insurers to provide a broker-branded telematics solution into the marketplace.
Unlike other traditional telematics solutions, both IBRI solutions allows broker access to interpret their client’s risk profile and adequately advise them on the most appropriate insurance product available that will match their needs, says Carroll. A broker-branded solution, IBRI will ensure brokers are given every opportunity to leverage and build value for their customers. (continued.)
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“IBRI will continue to work closely with regulators and will fully support the broker network through the implementation of this new technology,” says Carroll. “In a world where technology is rapidly evolving, IBRI has developed a product that protects consumers while providing them with the technology they desire.”
So far, four broker-friendly insurance companies have been secured to underwrite the Ingenie product. The product is set to launch as a pilot program in August, with a full broker launch in Ontario occurring in October – all subject to regulatory approval.
This IBRI/Quindell solution has two pilots live in the marketplace today. According to the IBAO, IBRI is regularly speaking with regulators, and the discussions are developing. Carroll has confirmed that 17 Non-Disclosure Agreements have been signed with insurers across Canada, and “progress continues to be positive.”
