IBAO Provides Update on Broker-Owned Telematics Solution

Toronto, ON (May 6, 2014) – In 2013, Independent Broker Resources Inc. (IBRI), a wholly owned subsidiary of the Insurance Brokers Association of Ontario (IBAO), announced plans to introduce a ground-breaking, broker-owned telematics technology to the Canadian marketplace. Today, IBAO CEO Randy Carroll is issuing a formal update to the industry on the current implementation plan.

Our wholly owned subsidiary, Independent Broker Resources Inc. (IBRI), will be introducing two telematics offerings to the industry:

  • 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 member brokers of our association; and
  • The IBRI/Quindell solution, which is a general telematics offering that provides the option for our insurers to provide a broker branded telematics solution into the Marketplace.

For Ingenie:

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 2014, with a full broker launch in Ontario occurring in October 2014, all subject to regulatory approval.

For the IBRI/Quindell Solution:

This solution has two pilots live in the marketplace today. IBRI is regularly speaking with regulators, and the discussions are developing. Seventeen Non-Disclosure Agreements have been signed with insurers across Canada, and progress continues to be positive.

The IBRI offering has the ability to accommodate all insurance company offerings, thereby presenting a single source solution to the broker channel while meeting the key principle of providing portability of data to the policyholder.

“We want our brokers to be diligent about supporting a broker owned telematics solution because we are at a critical juncture in our industry,” said IBAO 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 as well as the opportunity for their clients to be provided with the best overall solution for their needs.”

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. A broker branded solution, IBRI will ensure brokers are given every opportunity to leverage and build value for their customers.

“IBRI will continue to work closely with regulators and will fully support the broker network through the implementation of this new technology,” added 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.”

About IBAO

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 to receive timely news and information updates.

Source: Insurance Brokers Association of Ontario