Award-winning insurance distributor Freeway UK Insurance Services has partnered with driver safety company Matrix iQ to offer a telematics-based scheme for the first time.
“Building on our best-in-class insurance products focussed on the professional driver community, this partnership with Matrix iQ powers our next product development phase using a telematics-based approach. Complementing our unique educational approach, bringing telematic based insights together with building driver awareness across our community, this product will stand apart from our competitors” said Freeway Chief Executive Paul McCracken.
By offering telematics-based insurance, Freeway hope to improve the safety of their policyholders by capturing driver risk insights which can then be used to reduce their risk.
Already known within the industry for their excellent claims process, Freeway also sees this as an opportunity to use the data collected by the Matrix supplied telematics to improve their First Notification of Loss (FNOL) process.
Commenting on the alliance, Matrix iQ’s Insurance Partnerships Manager, Dylan Taylor, stated: “I am so pleased to be launching a new telemetry-based scheme with taxi insurance specialists Freeway. The taxi industry has taken a beating over the past couple of years so we wanted to set up a solution that will protect the policyholder (and their livelihood) in the event of a non-fault scenario, whilst at the same time providing Freeway with insight into the risk in their book of business and speeding up their whole claims process.”
McCracken added “Our goal is to deliver consistent underwriting results for our insurer partners and strong, competitively priced insurance for our clients in a turbulent and testing market, empowering our professional driving community. This partnership with Matrix iQ brings this to the fore, opening up the opportunity of short term and pay as you use policies which we are looking to bring to market in quarter one 2023.”