Specialty insurance company Policywise has partnered with insurtech ThingCo to offer buyers a new merchandise geared at expediting the auto insurance coverage statements approach.
Policywise is giving policyholders ThingCo’s self-mounted telematics gadget named Theo, which capabilities like a black box, collecting “highly accurate, next-by-next data” to support car accident claims.
Theo is suitable with any car that has a windscreen and operates even when the vehicle’s engine is turned off. It can be linked within 3 days of policy development, which is 50 % the sector normal.
Through a collision, a good FNOL resolution based on the driving info and voice recordings activates, rushing up the statements procedure for shopper and insurance provider.
“We have constantly understood the enormous prospective of telematics past younger drivers and now we can seriously make telematics attraction to a entire new viewers at a cost that is a fraction of present unit answers and at a time when folks are on the lookout for much more personalised deal with,” said Simon Jackson, chief govt officer and founder of Policywise.
Martin Williams, chief functioning officer of ThingCo, expressed exhilaration about the partnership.
“Policywise is among the a growing band of brokers switching on to following generation telematics to create higher engagement, develop their market and minimize promises loss ratios for their insurance company companions,” he stated. “It is superb to see the tough get the job done spending off as our machine turns into a central part of new broker propositions.”
