Tech partnership to develop connected insurance

Connected insurance services provider FairConnect and European mobile telematics company DriveQuant have joined forces to accelerate the development and roll-out of connected motor insurance solutions.

Together, they aim to develop connected motor insurance solutions – from underwriting to claims management – through a telematics platform delivering data analysis and scoring capabilities. They plan to enable valuable scoring by analysing mobility data collected either via IoT (Microbox) technology or by using the smartphone as a sensor.

The new partnership will be supported by an investment of up to €5m over the next three years to ensure it can develop these solutions.

FairConnect’s chairman and CEO, Carmine Carella will lead the operations, which will be maintained in existing offices in Switzerland, France and Italy, and DriveQuant’s senior management team will be integrated into FairConnect’s global leadership group.

Carella said: “DriveQuant is a champion on the French market and in scoring and analytics technologies with an emphasis on the use of the smartphone as a sensor. We are proud to team up with its resources, customers, and shareholders.”

Philippe Moulin, co-founder and CEO of DriveQuant said: “We are thrilled with this new partnership. With IFPEN and FairConnect, we have all the assets and resources to become a major player in the connected insurance sector in France and internationally: the team, the technology and the business expertise. We are very pleased to be part of an ambitious and innovative project.”