RSA, Gore Mutual first insurers to show interest in broker-owned telematics offering

Gore Mutual and RSA Canada have begun “active discussions” to use the recently-announced telematics model from the Independent Broker Resources Inc. (IBRI), the Insurance Brokers Association of Ontario said Wednesday.

 “We look forward to future success with both Gore Mutual and RSA, as well as many other insurer stakeholders. The positive feedback we have been receiving prove solid leadership and support of the broker channel,” Colin Simpson, CEO of IBRI noted in a statement.

“Collaboration between insurance companies and brokers is essential, benefiting consumers, carriers and brokers.  We look forward to working with other carriers as the momentum on this groundbreaking initiative grows.  “

IBRI, a wholly-owned subsidiary of IBAO, partnered with technology provider Quindell Portfolio to introduce a broker-owned telematics solution. IBAO says that over the next three years, 10% to 30% of all Canadian auto insurance policies will transition to being telematics based.

“RSA applauds the efforts of the IBAO to bring forward a telematics concept for its membership,” Tony Hayes, vice president of sales and marketing with RSA Insurance noted in a statement from IBAO.

“As the pace of change accelerates and the competitive environment continues to increase for both broker and insurers alike, we see this concept as a positive step towards ensuring ‘the broker of the future’ remains a strong and viable business partner for RSA,” Hayes added.

“Gore Mutual applauds the IBAO for developing this new innovative program to help their members compete more effectively against direct writers,” Jamie McDougall, vice president of personal insurance solutions at Gore Mutual commented in the statement.

“Gore Mutual has been actively exploring telematic solutions and we recognize the benefit of the IBAO program in providing consumers with information and tools to help them improve their driving habits. We share the IBAO’s interest to help consumers find responsible ways to manage their insurance premiums. Gore Mutual is working closely with the IBAO to learn more about this important initiative.”