RAC creates telematics joint venture with Quindell
07 Apr 2014 at 12:31
The RAC and leading insurance and telecoms technology business Quindell have today announced a joint venture creating a new business, Connected Car Solutions Limited, to distribute their world-leading telematics technology with an initial £30m investment.
The two businesses have worked closely on the development of state-of-the-art telematics technology and the new joint venture company will market and distribute this technology across 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 which will enable the RAC to give all of its 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.”
Quindell founder and executive chairman Rob Terry said: “We are delighted to be partnering such a respected brand as the RAC in such an exciting venture which has the potential to change the world of motoring and insurance for the benefit of millions of drivers.”
The RAC is UK’s most experienced breakdown provider and offers a comprehensive range of vehicle insurance and motoring products. It has led the development of advanced telematics in the UK developing the functionality and integration with new technologies to better serve members and make their motoring experience easier, safer and more affordable.
The creation of the joint venture follows a successful year of Quindell providing an outsourced RAC Accident Management service. Whilst the joint investment is called Connected Car Solutions, the business will trade as both Quindell Connected Car Solutions and RAC Connected Car Solutions. The Quindell brand will primarily be used for existing insurance relationships, and the RAC brand, which has been licensed to Connected Car Solutions, will be used primarily for fleet, and consumer relationships.
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