Toronto, Ontario -- September 20, 2013 -- The Independent Broker Resources Inc. (IBRI), a wholly owned subsidiary of the Insurance Brokers Association of Ontario (IBAO) has announced it intends to partner with Quindell Portfolio to introduce what it calls "ground-breaking telematics technology" to the Canadian marketplace. The partnership will launch a broker owned telematics solution.
Telematics is a leading-edge technology that is rapidly expanding throughout the world. According to a statement by IBAO, between 10 percent to 30 percent of all Canadian auto insurance policies will transition to being telematics based. To use telematics, consumers plug a device into their vehicle, providing them with opportunities to receive value added benefits during their driving experience. Possible benefits will include car health diagnostics, access to discounts and possible reductions on their auto insurance premiums.
IBRI and Quindell's partnership will be unique, as their telematics model is focused on consumer protection and data privacy. With IBRI and Qunidell's telematics product, consumers will truly own their own data and their privacy is protected. The consumer is in control of how they share the data and with whom.
"The IBAO is focused on ensuring that consumers' interests are protected. The data collected is to be owned by the consumer and readily accessible by the user," said IBAO CEO Randy Carroll. "Their data is also transferable. Their digital driving history will follow them, limiting them from being 'locked in' with one insurance company."
As result of this partnership, IBAO has announced the appointment of Colin Simpson to the position of CEO of IBRI, which will manage the launch of telematics into the marketplace. Simpson has been an active member of the insurance industry for 15 years and has been involved in a number of projects delivering leading edge technology.
"Colin is the ideal leader for the implementation of this insurance game changer as he bridges the insurance and technology worlds," added Carroll. "I am looking forward to working with Colin in his capacity as CEO of our wholly owned subsidiary".
For information about IBAO, please visit ibao.org.