Insurtech firm ThingCo has launched a new solar powered, self-installed telematics device called Little Theo.
Incorporating intelligent voice, a sim card and crash detection, Little Theo is designed to enable the UK motor insurance market to deliver the next generation of telematics services.
Launched this month, the device attaches wirelessly to the windscreen of the vehicle and can run for 50,000 km per year before being charged.
ThingCo has designed the device to remove the complexity and cost of offering telematics insurance through fitted black boxes.
Features include intelligent voice to support the customer immediately after a collision and collecting data to better support the customer and insurer in pricing, risk reduction and at claim.
Mike Brockman, chief executive officer of ThingCo, said: “Little Theo is little brother to Big Theo, which is our direct to consumer proposition. It’s our solution to the costs associated with black boxes and the data quality, battery and safety issues associated with smartphone telematics apps.”
“To keep costs down for insurers, the device is self-installed and we have focused on the services that will make a fundamental difference to customers and to their insurers. Little Theo will detect when a collision occurs and will speak to the driver to check they are OK and if necessary contact emergency services. Our smart FNOL service will then use the telematics data to establish the circumstances of the accident and guide the customer through the claims process.
He continued: “Insurers are simply not geared up to offer this level of service. We will use delegated claims authority to support the customer and speed the claim to its conclusion, working for both the customer and the insurer.”
“Our serverless telematics platform is world class, ensuring we can deal with the peaks and troughs in demand with driver scoring part and parcel of the package we are offering insurers. We’re also in discussions with insurers to join our panel for ‘Big’ Theo.”