IBAO announces plans for two upcoming telematics offerings

Independent Broker Resources Inc. (IBRI), a subsidiary of the Insurance Brokers Association of Ontario, will introduce two telematics offerings to the industry, IBAO CEO Randy Carroll said in an update issued Tuesday.

IBRI will be offering a telematics solutions from Ingenie, a United Kingdom-based telematics broker that is expanding into the Canadian marketplace. It will provide a niche telematics product for 16 to 24 year olds, distributed exclusively through IBAO members.

Related: Quindell to increase ownership in telematics insurance carrier Ingenie

IBRI is also offering the joint IBRI/Quindell solution, which provides the option for insurers to provide a broker-branded telematics solution, IBAO said.

Four insurance companies have been secured to underwrite the Ingenie product, according to IBAO. 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.

The IBRI/Quindell joint offering has two pilots currently ongoing, and is able to accommodate all insurance company offerings, IBAO said, adding that seventeen Non-Disclosure Agreements have been signed with insurers across Canada and its progress has been positive. Discussions with regulators are also ongoing, the association said.

“We want our brokers to be diligent about supporting a broker owned telematics solution because we are at a critical juncture in our industry,” Randy Carroll noted in the update statement.

“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.”