Mike Brockman, CEO of ThingCo explains the power of Theo, the AI and Voice enabled telematics device
Motor insurance is there to protect, wherever and whenever we need to use our vehicle. It is there to enable new drivers to get mobile in a way they can afford. More broadly, car use has changed as a consequence of the pandemic and many people are looking for more flexible motor insurance products.
At ThingCo, it is our priority to ensure drivers young or old can access fair premiums, swift support from the moment of collision and a range of services to make their journeys safer.
We have designed and manufactured a solar-powered telematics device called Theo which can be posted to the customer for them to simply stick to the inside windscreen of the car. Theo collects driving data every second of a journey, capturing information like speed, g-force, velocity, and location. This allows insurers to provide drivers with premiums based on their actual driving behaviour and the miles they drive.
Vitally, ThingCo’s Engage platform helps insurers to mitigate risk in almost real-time to encourage safer driving or even to detect when the vehicle is being used outside of the policy terms, for example in the case of delivery driving when this is not declared on the policy.
Solar power means Theo never needs to be hard wired into the vehicle allowing it to operate independently in case of an accident. It also means there is no need for an engineer to fit the device professionally, making it more convenient for the customer and saving operational expense for the insurer.
Developing a SMART process for first notification of loss (FNOL) is perhaps the most valuable aspect of telematics-based motor insurance.
A crash algorithm is triggered if the vehicle is thought to have been in an accident. As Theo incorporates AI-driven intelligent voice, it will speak to the driver to validate the potential accident. At the same time an alert goes directly to the FNOL agent, who would receive the location of the incident, the G-forces generated, a liability assessment, and the build-up to the accident. This information gives the insurer the opportunity to swiftly contact the customer therefore increasing the opportunity to capture third parties and reduce of fraud, amongst other features.
Telematics gives insurers the ability to be considerably more proactive, using second-by-second driving data to gain an edge in the fast-changing motor insurance arena, providing a solution to manage high volume, low impact claims more effectively.
Since launch to the insurance market in August 2020 we have signed up a series of brokers and insurers who are now offering Theo to their customers. Our technology is not only industry award-winning, ThingCo has become one of the top Insurtechs in the world.