IBRI will roll out telematics product in October

Telematics offering for 16- to 24-year-olds will be underwritten by four insurers

Independent Broker Resources Inc. (IBRI) will begin the launch of their telematics products in October.

The subsidiary of the Insurance Brokers Association of Ontario announced it would bring out what’s hoped to be a groundbreaking, broker-owned technology to the marketplace.

IBRI will introduce 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- to 24-year-olds, distributed exclusively through member brokers of the IBAO. The IBRI/Quindell solution provides the option for insurers to have a broker-branded telematics solution in the marketplace.

Read: A profile of Ingenie

Four broker-friendly insurance companies will underwrite Ingenie, scheduled to start as a pilot program in August. The full broker launch will roll out in Ontario in October — all subject to regulatory approval.

The IBRI/Quindell solution, which has the ability to accommodate all insurance company offerings, has two pilots live in the marketplace today. According to a company release, IBRI is speaking regularly with regulators and discussions are developing.  Seventeen non-disclosure agreements have been signed with insurers across Canada.

Read: Telematics technology is changing the landscape for personal auto insurance in Canada–and it’s only the beginning   

“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, in a release. “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.”

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