When it comes to choosing sponsors to partner on telematics products, brokers are overwhelmingly in favour of one or two potential advertisers - and definitely against partnering with others.
A recent Insurance Business poll asked brokers which companies or organizations would be most suitable to partner on telematics to defray deployment costs for insurers.
Two-thirds of respondents said that Automobile Dealers would be the best choice, with the remaining third stating that Automobile Maintenance Shops would make for a successful partnership.
The three remaining options: Large Boxstore Retailers; Towing Companies; and Lawyers or Law Firms, came up a goose egg.
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The one knock on telematics' – or usage based insurance device – deployment has come from smaller insurers, who have expressed concern that the investment required in the devices themselves would need to be justified by a year or two of field data gathered from larger insurers (like Desjardins).
In Ontario, the Insurance Brokers Association of Ontario has already moved forward in partnering on telematics through its wholly owned subsidiary Independent Broker Resources Inc. (IBRI), and will be introducing two telematics offerings to the province: Ingenie and the IBRI/Quindell solution.
Unlike other traditional telematics solutions, both IBRI solutions allows broker access to interpret their client’s risk profile and adequately advise them on the most appropriate insurance product available that will match their needs, says Carroll.
A broker-branded solution, IBRI will ensure brokers are given every opportunity to leverage and build value for their customers.
