Momentum grows as benefits of a broker owned telematics solution are recognized. Gore Mutual and RSA Insurance the first to confirm their intent to explore further
Toronto, ON (Oct. 23, 2013) – The Independent Broker Resources Inc., a wholly owned subsidiary of the Insurance Brokers Association of Ontario (IBAO), has announced that two of Canada’s leading insurance companies have declared their intent to explore the IBRI telematics model. Following positive meetings with a number of insurer stakeholders, Gore Mutual and RSA Insurance are the first to declare that active discussions have begun.
“RSA applauds the efforts of the IBAO to bring forward a telematics concept for its membership,” said Tony Hayes, Vice President, Sales & Marketing, 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”.
“Gore Mutual applauds the IBAO for developing this new innovative program to help their members compete more effectively against direct writers,” says Jamie McDougall, Vice President of Personal Insurance Solutions at Gore Mutual Insurance Company. “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. We share the IBAO’s interest to help consumers find responsible ways to manage their insurance premiums. Gore Mutual is working closely with the IBAO to learn more about this important initiative.”
As previously announced, IBRI has partnered with Quindell Portfolio Plc, a leading provider of insurance technology, to introduce ground-breaking telematics technology to the Canadian marketplace. The partnership will launch a broker owned telematics solution.
“We look forward to future success with both Gore Mutual and RSA, as well as many other insurer stakeholders. The positive feedback we have been receiving prove solid leadership and support of the broker channel.” says Colin Simpson, CEO of IBRI. “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.”
Telematics is a leading-edge technology that is rapidly expanding throughout the world. Over the forthcoming three years, the IBAO and other industry analysts generally believe that between 10% to 30% of all Canadian auto insurance policies will transition to being telematics based, driven by initiatives such as this one.
The Insurance Brokers Association of Ontario is a ‘not for profit’ association that represents and serves the interests of over 12,000 independent Property & Casualty Insurance Brokers in the Province of Ontario. For information about IBAO, visit www.ibao.org or www.ibao.org/news to receive timely news and information updates.
Source: Insurance Brokers Association of Ontario