London-based insurtech ThingCo has secured a contract with Freedom Brokers to provide Theo for the new telematics product Freedom to Drive.
Theo, a solar-powered telematics device that sticks discreetly to the windscreen of the vehicle and speaks to the driver to expedite support in a crash, will underpin the Freedom to Drive product, which launches this week with an initial focus on light commercial van drivers.
Freedom to Drive customers will have access to an app to view in-depth information—supplied by Theo devices that feed into ThingCo’s telematics platform—about their trips and driving scores.
ThingCo‘s deal with Freedom Brokers “underlines burgeoning interest in telematics to give motorists flexible, transparent and fair insurance cover”, according to Alex Brockman, head of operations at the insurtech.
He continued: “Next generation telematics technology gives the insurance sector the power to change the perception of motor insurance, do things differently for customers and improve their own performance through risk mitigation and claims. We are delighted Freedom Brokers will be first to market with Theo.”
The outbreak of Covid-19 has underlined the need for insurers “to do” motor insurance differently, according to Sam White, chief executive officer of Freedom Group, which was already in discussions with ThingCo to launch a telematics proposition before the pandemic hit.
“Little did we know we were well ahead of the curve. The last few months have demonstrated the need to provide more personalised cover based on actual usage and behaviour.”
White continued: “Theo fits perfectly with our promise to provide straight-forward, uncomplicated insurance with a first class claims service. It will be easy for customers to install, the data quality is on a par with professionally installed devices and through voice we can offer a lot more than conventional telematics propositions to make customers feel safe and engaged in our brand.”
“Equally, it gives us a fantastic level of insight to help manage risk and expedite claims from the point of impact.”