CAA South Central Ontario has awarded a contract potentially worth $237 million to a telematics provider making waves in that province’s auto insurance market.
Quindell Portfolio today announced that it has been contracted to provide their auto club members and insurance customers with new telematics technology and services for a five-year period.
“Our planned telematics offering will enhance CAA auto insurance offers, bring fairness to insurance, reward better driving behaviour, and lead to safer roads,” said Matthew Turrack, vice president of insurance for CAA SCO. “We are excited to partner with Quindell, a market leader in telematics, who have a long established track record of delivering this technology.”
Based on a 10-30 per cent telematics take-up nationwide with CAA members, the revenue potential for Quindell has been estimated to be anywhere from $79 million to $237 million a year.
“The CAA South Central Ontario is the first major Automobile Association in Canada to contract with Quindell, and it represents a tremendous win for both our companies,” said Rob Terry, founder and executive chairman of Quindell. “This agreement once again validates Quindell's significant market leading model, which we believe will continue to positively disrupt the Canadian insurance market.”
According to CAA SCO, the broad offering from Quindell of devices, network connectivity, product platform, systems integration, logistics, mobile applications, data analytics, call centre services and consumer-facing interaction, will enable CAA SCO to launch their service bundle quickly, with a broad range of services, with an anticipated launch of a telematics program within eight weeks.
