Specialty insurer Policywise has partnered with insurtech ThingCo to offer customers a new product geared at expediting the auto insurance claims process.
Policywise is offering policyholders ThingCo’s self-installed telematics device called Theo, which functions like a black box, collecting “highly accurate, second-by-second data” to support car accident claims.
Theo is compatible with any vehicle that has a windscreen and operates even when the vehicle’s engine is turned off. It can be connected within three days of policy creation, which is half the industry average.
During a collision, a smart FNOL solution based on the driving data and voice recordings activates, speeding up the claims process for customer and insurer.
“We have always understood the massive potential of telematics beyond young drivers and now we can really make telematics appeal to a whole new audience at a cost that is a fraction of existing device solutions and at a time when people are looking for more personalised cover,” said Simon Jackson, chief executive officer and founder of Policywise.
Martin Williams, chief operating officer of ThingCo, expressed excitement about the partnership.
“Policywise is among a growing band of brokers switching on to next generation telematics to create greater engagement, expand their market and reduce claims loss ratios for their insurer partners,” he said. “It is fantastic to see the hard work paying off as our device becomes a central component of new broker propositions.”
