Honcho partners with Admiral to offer new multi-car product
The UK-based insurtech Honcho is partnering with Admiral to create a new, multi-car cover insurance product.
Demand for such a product is high, says Honcho, as many customers own more than one car - and this has created a need for the new multi-car solution.
Admiral is one of more than 40 insurance providers that operate across Honcho’s car and van insurance marketplaces.
New insurtech solutions
Unlike traditional, single car cover, there is no current technology platform that would enable multi-car reverse auction services, a solution that Honcho is currently working on. But within time, the service will be feasible for a broad spectrum of motor insurance providers across the UK.
Honcho is a disruptive enterprise app that enables drivers to submit their cover requirements, with providers then bidding for their business. Customers scan their drivers licence using their mobile phones, to verify their identity before submitting details regarding the level of cover they require and their car details.
This system provides flexibility for Honcho’s customers, who are able to select their level of cover and policy features before insurance providers bid against each other to provide competitive insurance quotes.
The new multi-car cover will be an additional offering for the company when it is fully developed. Frank Speight, chief commercial officer at Honcho, explained, “For various reasons, historical and technical, a digital journey for a multi-car insurance product is not currently possible within the context of an aggregator platform. It will take some time to develop a solution that is feasible for a broad selection of motor insurance providers across the UK.
He continued, “In the meantime, however, we are keen to ensure that the thousands of users of our platform who have more than one vehicle in the household have the choice of following this path if they wish.
This collaboration creates opportunities for Honcho’s customers to insure two or more cars together within a multi-car policy. Speaking about the new product, Alex Murphy, head of marketing at Admiral, said. “As the market leader in multi-car insurance, Admiral has always been known for innovation and for offering customers the cover that suits their needs.
“We’re excited to launch this partnership with Honcho and are sure that their customers with two or more cars will be delighted to see Admiral multi-car is now available on Honcho.”
Speight “To this end, we are delighted to be partnering with Admiral - an iconic brand in the insurance market [that was] the original pioneer of this type of product and [continues] to be one of the top providers in the UK.”
TrueMotion insurtech acquired by Cambridge Mobile Telematics
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.
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
- It reduces fuel costs and increases operational efficiency. This is a consideration for most commercial fleets given the rising costs of fuel
- The technology enables fleet managers to plan operations with greater precision by providing exact locations, timescales, and speeds of vehicles.
- It improves driving standards and monitors driver behaviour, reducing detours and ensuring responsible driving.
- It helps fleet health and maintenance by monitoring the health of operational vehicles.
- 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.
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