IMS, a global leader in telematics data and connected motor insurance solutions, and specialist motor MGA KinetiQ Underwriting have entered into a partnership to provide brokers with a cutting-edge insurance product for taxi drivers.
KinetiQ has launched a new brand, KinetiQ.Drive, to drive growth in its taxi book. The initial launch is on 1 May and the product will be distributed through selected brokers including CoverMy.
The tech consists of a smartphone app with a small windscreen-mounted device, called the IMS Wedge, to record driving behaviour. Taxi drivers pair their mobile phone with the device in their car and the app starts to monitor driving behaviour from the outset.
Steve Kerrigan, IMS VP Growth (EMEA) said KinetiQ are “well ahead of the rest of the market with the new brand, giving taxi drivers access to fairer pricing in an under-served yet fast-growing segment. The value of telematics data is well-proven in personal lines motor underwriting, and we’re delighted to support the roll-out of this approach into a growing commercial motor segment.”
He explained: “The number of public and private hire taxis has grown by 41% in the last decade, primarily in the major cities, but government estimates a further 25% growth in the next three years, as taxi tech companies move into secondary urban areas across the UK.”
Steve said that the average taxi policy is high, at up to £2.5k annually, and the sector has a challenging history, especially on claims costs, which has led to a reduction in the number of underwriters catering to this market, but he said things were now changing, and added:
“We’re confident that, in partnership with KinetiQ, marrying our IMS One App and Wedge technology to their underwriting and distribution expertise technology will give a significant boost to the taxi sector.”
Commenting on the news, Richard Cross, COO at KinetiQ, said: “We foresee a major opportunity for this type of technology in taxi underwriting, especially with such a big increase in the overall number of public and private hire vehicles in our towns and cities.”
“Our new Brand, KinetiQ.Drive, brings market-leading technology and high quality, data and analytics-driven underwriting, to the sector at a moment of great opportunity for growth.”
“The taxi market is wholly intermediated, and I am confident our brokers will find a ready market among their taxi clients for this new product, and we have high expectations for profitable growth, both in taxi, and potentially in other product areas too.”
About IMS
IMS is a world-leading connected insurance solution provider using telematics data to help customers improve their pricing, customer engagement, risk management and claims handling, whilst simultaneously making our roads safer. The company, with offices across the UK, Europe, and North America, has analyzed over 15 billion driving miles and its algorithms are fed by trillions of data points each day. For more information, visit: https://ims.tech/
