Insurance Brokers making consumer choice and protection a priority as IBAO and Quindell set to enter partnership as car insurance technology evolves
TORONTO, Sept. 19, 2013 /CNW/ - Today, the Independent Broker Resources Inc. (IBRI), a wholly owned subsidiary of the Insurance Brokers Association of Ontario (IBAO) proudly announced their intent to partner 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.
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. To use telematics, consumers plug a device into their vehicle, providing them with opportunities to receive value added benefits during their driving experience. Possible benefits will include car health diagnostics, access to discounts and possible reductions on their auto insurance premiums.
IBRI and Quindell's partnership will be unique as their telematics model is focused on consumer protection and data privacy. With IBRI and Qunidell's telematics product, consumers will truly own their own data and their privacy is protected. Unlike other offerings that are in the market today the consumer is in control of how they share the data and with whom.
"The IBAO is focused on ensuring that consumers' interests are protected. The data collected is to be owned by the consumer and readily accessible by the user," said IBAO CEO Randy Carroll. "Their data is also transferable. Their digital driving history will follow them, limiting them from being "locked in" with one insurance company."
As result of this partnership, IBAO announces the appointment of Colin Simpson to the position of CEO of Independent Broker Resources Inc., which will manage the launch of telematics into the marketplace. Colin has been an active member of the insurance industry for 15 years and has been involved in a number of projects delivering leading edge technology.
"Colin is the ideal leader for the implementation of this insurance game changer as he bridges the insurance and technology worlds," added Carroll. "I am looking forward to working with Colin in his capacity as CEO of our wholly owned subsidiary".
The Insurance Brokers Association of Ontario (IBAO) 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. You can also follow IBAO on Twitter or join the IBAO Facebook Fan Page.
SOURCE: Insurance Brokers Association of Ontario (IBAO)
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For more information or for interview opportunities, please contact:
Emily Reid, IBAO Public Relations
Telephone: 613-796-4708, 613-233-8906, Email: [email protected]