Upgrade Now

Company Announcements

Major Insurer 5 Year Contract Win

Related Companies

RNS Number : 8206U
Quindell PLC
21 October 2014
 



Embargoed for release 07:00 on 21 October 2014

 

Quindell Plc

("Quindell", the "Company" or the "Group")

Major Insurer 5 Year Contract Win

 

The Board of Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, is pleased to announce that a Major Insurer, top three in Canada, ("Major Insurer"), has contracted with Quindell to provide their insurance customers with its market-leading telematics technology solution and associated services, exclusively for five years.

 

·      The Major Insurer represents over three million customers, 1,700 brokers and has a significant market share of the Canadian automobile insurance market.

·      Telematics technology to be used for personal and commercial lines; includes working in conjunction with the Independent Brokers Association of Ontario (IBAO), with their Quindell broker-based telematics distribution model.

·      Over an initial period of five years, the Major Insurer will target to become a strong market leader in the development and delivery of telematics-based insurance solutions, and subject to the achievement of key milestones, committing to a goal of 120,000 telematics customers.

 

Connected Car Contract Win

The Major Insurer has contracted with Quindell on an exclusive basis for the next five years to provide the technology for all of the Major Insurer's telematics initiatives. Quindell's offering is a complete, one-stop solution which includes the provision of devices, network connectivity, product platform, systems integration, logistics, mobile applications, data analytics, and consumer-facing applications including the use of the Himex Virtual World technology. In addition, the Major Insurer will be partnering with ingenie Canada at the time of its launch as its lead underwriter. This is the first major insurer to commit to underwrite for the Insurance Brokers Association of Ontario (IBAO) in significant volume as part of its telematics proposition with Quindell. The IBAO represents over 12,000 brokers who control circa 50% of all insurance distribution in Ontario. 

 

Robert Terry, Chairman of Quindell said:"This additional new contract with an existing Major Insurer client provides us with our largest Canadian telematics client to-date.  Their commitment to develop multiple telematics based products and services, offered through several distribution channels, positions them for overall market leadership.

 

We are extremely pleased to be able to expand our relationship to work with them in this new area.  We believe this represents a tremendous win for both parties. It once again validates Quindell's significant market leading model, which will continue to positively disrupt the Canadian insurance market where telematics take up of 20-30% plus on new business is proven for the right market proposition.  Even if we only achieve the bare minimum levels of telematics market penetration, this contract will extend our strong telematics leadership in Canada. It also provides us an opportunity to develop and deliver state-of-the-art technology to the Canadian insurance market that has been proven to lower the cost of claims by promoting safe driving practices for both young drivers and mass-market propositions."


For further information:

 

Quindell Plc
Robert Terry, Chairman

 

Laurence Moorse, Group Finance Director

 

Stephen Joseph, Head of Investor Relations

 


Tel: 01489 864201

terryr@quindell.com

Tel: 01489 864205

moorsel@quindell.com

Tel: 01489 864200

josephs@quindell.com

Cenkos Securities plc
Joint Broker and Nominated Advisor
Stephen Keys/Bobbie Hilliam

 

Canaccord Genuity Limited

Joint Broker and Financial Advisor

Simon Bridges/ Bruce Garrow

 

 

 

Tel: 020 7397 8900

 

 

Tel: 020 7523 8000

 

 

Media Enquiries
Redleaf Polhill Limited

Rebecca Sanders-Hewett / Jenny Bahr 

 

Bell Pottinger

Victoria Geoghegan / Will Powell

 


Tel: 020 7382 4730

quindell@redleafpr.com

 

Tel: 020 3772 2562

quindell@bellpottinger.com

For further information, please visit www.quindell.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
CNTBBLLLZBFZFBX

Top of Page