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RAC creates telematics JV with Quindell

UK motoring organization, the RAC, and insurance and telecommunications technology company, Quindell, have formed a new joint venture company, named Connected Car Solutions Limited, to create a new telematics insurance product, branded by the RAC, for its 2.5 million members. With an initial £30m (US$50.4m) investment, the two businesses have jointly developed a product based on Quindell’s Ingenie car insurance product that enables both driving behaviour tracking to enable cheaper insurance premiums for young drivers, and automatic breakdown recovery services. The JV is also promising the future release of game-based technologies that will use smartphone apps and internet services to enhance driving behaviour.

The Ingenie product uses a ‘black box’ on-board unit (OBU) that is connected to the car’s diagnostic port, in order to assess driving style, enabling user to receive a discount on insurance premiums. The self-contained OBU includes: a GPS unit that captures when and where the car is driven; a high frequency motion sensor that captures how the car is driven; and a SIM card that is used to transmit the data. The unit records speed, acceleration, braking, cornering and usage, as well as collecting data relating to the type of roads used and the car’s GPS location, which helps the police recover the vehicle if it is stolen. The joint venture will provide enhanced breakdown services to RAC members, including remote diagnostics to automatically detect the problem and send out the appropriate resource to assist, and progress updates for customers that have requested assistance.

Connected Car Solutions will trade under both the Quindell brand, which will primarily be used for existing insurance relationships, and the RAC brand that will be used primarily for fleet, and consumer relationships. The RAC version of the product will be available from July in the UK, Europe and Canada. RAC chief executive, Chris Woodhouse, said, “We have created a joint venture business which will ensure that RAC telematics is at the fore of insurance and motoring innovation, and a financial deal that will enable us to give all of our members the benefits of state-of-the-art telematics technology. In so doing, we believe that this will deliver substantial benefits to all drivers, but particularly to younger drivers, by allowing them to monitor and modify their own driving behaviours with a view to reducing their insurance premiums as a result.”

April 10, 2014

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