Feb 9, 2021

Centrepoint Alliance partners with UK insurtech Intelliflo

Insurtech
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insurtechaustralia
intelliflo
Joanna England
2 min
Centrepoint Alliance partners with UK insurtech Intelliflo
The collaboration between Australian Centrepoint Alliance and Intelliflo looks set to boost the company's financial advice services...

Centrepoint Alliance, Australia's leading community of financial advisers, has partnered up with the UK-based insurtech Intelliflo to enhance its financial advice services.

The move connects Centrepoint Alliance with the award-winning web-based business management system, making the company one of the first enterprises in Australia to access the new technology.

Intelliflo’s solutions will be joined with Enzumo's – a financial planning technology provider acquired by the Sydney head-quartered Centrepoint Alliance last year. The combination of both services will create a new financial service offering for the Australian market.

Founded in 2004, Intelliflo is one of the leading office management insurtechs in operation globally. Based in London, it provides software as a solution (SaaS) services for the financial services sector.

Enzumo has an industry-leading reputation and capability across XPLAN consulting and customisation. The company manages pension research, product comparison tools and market-leading learning framework.

According to a recent report by Insurtech Australia, collaborations between legacy companies and insurtechs are on the rise. However, only half the sector believes enough is being done to drive digital innovation across the industry through partnerships.

An Ernst & Young and Insurtech Australia annual survey found that although 80% of insurers are collaborating with an insurtech, most partnerships were focusing on specific solutions within certain areas of a business rather than a taking a wider approach.

Insurtech Intelliflo collaborations

Commenting on the new development, Centrepoint Alliance’s CEO, Angus Benbow, said the agreement was part of the company’s continued focus on providing the latest technological solutions to both authorised representatives and self-licensed businesses.

He explained, “We have been receiving a high volume of enquiries from advisers seeking a new home, and technology is high on their list of priorities.”

Benbow continued, “In addition to teaming up with Intelliflo, Centrepoint Alliance has been making significant investments in technology, including the acquisition of Enzumo, the introduction of an online adviser portal, Centrepoint Connect, and the development of the Centrepoint Practice Dashboard tool.”

Intelliflo’s chairman, Nick Eatock said the collaboration with Centrepoint Alliance and Enzumo has also helped the insurtech formulate its Australian market offering.

“Our engagement with Centrepoint Alliance has been building for some time,” Eatock said. “We greatly value the opportunity to work together and believe this marks the beginning of a new era of advice tech for Australia.” 

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Jun 18, 2021

TrueMotion insurtech acquired by Cambridge Mobile Telematics

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cmt
telematics
Insurtech
3 min
US-based TrueMotion and Cambridge Mobile Telematics provide mobile phone telematics technology

Two leading US telematics firms have joined forces as Cambridge Mobile Telematics acquired TrueMotion, another Massachusetts-based insurtech firm. 

One of the world’s leading telematics insurtechs, Cambridge Mobile Telematics, was launched in 2010 and powers 65 enterprise programmes in 28 countries.

Meanwhile, TrueMotion, which launched in 2012, has enjoyed significant success as a telematics operator, raising US$10mn in its seed funding round in 2010, and then partnering with the motor insurtech Noblr in 2019. 

TrueMotion has also entered the European market, collaborating with LB Forsikring to promote safe driving in Denmark.

Telematics expansion

The joining of the companies means TrueMotion’s 150-strong workforce will join Cambridge Mobile Telematic’s already established team, along with their client list, which includes Travelers, Farmers, and Progressive. 

The new company will focus on increased interest in using telematics for crash reconstruction in personal lines claims and more innovation in the telematics space. 

Speaking about the acquisition, William Powers, CEO, and co-founder of Cambridge Mobile Telematics, described the move as an opportunity to explore new markets, expand throughout the US and bring telematics to a much wider customer base.  

"With this acquisition, we will use our world-class talent, technology, and scale to help our partners overcome the complex challenges of global road safety,” he added.

Ryan McMahon, VP of insurance and customer affairs for Cambridge Mobile Telematics, explained that expanding the company with additional talent and customers would help meet the demands of a growing telematics market. He also quoted data from a study by J.D. Power which revealed that personal auto telematics users have doubled in five years to 16% of policyholders.

McMahon told the press, “This market is rapidly expanding, and building more capabilities is more important than ever,” McMahon says. “Both companies follow similar philosophies and grew up in similar ecosystems, and now we’re bringing those cultures together.”

He continued, “Telematics is absolutely the future of commercial auto and rideshare, and it’s kind of a step up beyond the normal telematics."

McMahon added, “We will not only widen our lead in smartphone telematics, but also use our combined talent to invent new products for risk measurement, contextual telematics, and crash mitigation across emerging mobile, IoT, connected-car, video, and sensing technologies.”

Five reasons why telematics is in demand

  1. It reduces fuel costs and increases operational efficiency. This is a consideration for most commercial fleets given the rising costs of fuel
  2. The technology enables fleet managers to plan operations with greater precision by providing exact locations, timescales, and speeds of vehicles. 
  3. It improves driving standards and monitors driver behaviour, reducing detours and ensuring responsible driving. 
  4. It helps fleet health and maintenance by monitoring the health of operational vehicles.
  5. It increases corporate social responsibility in terms of care for the driver, the vehicle, the impact of driving in terms of emissions, and also the security of the vehicle itself.

Image credit: Getty

 

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