Quindell PLC Major Insurer 5 Year Contract Win (8206U)

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RNS Number : 8206U

Quindell PLC

21 October 2014

Embargoed for release 07:00 on 21 October 2014

Quindell Plc

("Quindell", the "Company" or the "Group")

Major Insurer 5 Year Contract Win

The Board of Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, is pleased to announce that a Major Insurer, top three in Canada, ("Major Insurer"), has contracted with Quindell to provide their insurance customers with its market-leading telematics technology solution and associated services, exclusively for five years.

-- The Major Insurer represents over three million customers, 1,700 brokers and has a significant market share of the Canadian automobile insurance market.

-- Telematics technology to be used for personal and commercial lines; includes working in conjunction with the Independent Brokers Association of Ontario (IBAO), with their Quindell broker-based telematics distribution model.

-- Over an initial period of five years, the Major Insurer will target to become a strong market leader in the development and delivery of telematics-based insurance solutions, and subject to the achievement of key milestones, committing to a goal of 120,000 telematics customers.

Connected Car Contract Win

The Major Insurer has contracted with Quindell on an exclusive basis for the next five years to provide the technology for all of the Major Insurer's telematics initiatives. Quindell's offering is a complete, one-stop solution which includes the provision of devices, network connectivity, product platform, systems integration, logistics, mobile applications, data analytics, and consumer-facing applications including the use of the Himex Virtual World technology. In addition, the Major Insurer will be partnering with ingenie Canada at the time of its launch as its lead underwriter. This is the first major insurer to commit to underwrite for the Insurance Brokers Association of Ontario (IBAO) in significant volume as part of its telematics proposition with Quindell. The IBAO represents over 12,000 brokers who control circa 50% of all insurance distribution in Ontario.

Robert Terry, Chairman of Quindell said:"This additional new contract with an existing Major Insurer client provides us with our largest Canadian telematics client to-date. Their commitment to develop multiple telematics based products and services, offered through several distribution channels, positions them for overall market leadership.

We are extremely pleased to be able to expand our relationship to work with them in this new area. We believe this represents a tremendous win for both parties. It once again validates Quindell's significant market leading model, which will continue to positively disrupt the Canadian insurance market where telematics take up of 20-30% plus on new business is proven for the right market proposition. Even if we only achieve the bare minimum levels of telematics market penetration, this contract will extend our strong telematics leadership in Canada. It also provides us an opportunity to develop and deliver state-of-the-art technology to the Canadian insurance market that has been proven to lower the cost of claims by promoting safe driving practices for both young drivers and mass-market propositions."

For further information:

 
  Quindell Plc 
   Robert Terry, Chairman                          Tel: [phone] 
                                                 [e-mail] 
   Laurence Moorse, Group Finance                  Tel: [phone] 
   Director                                     [e-mail] 
                                                   Tel: [phone] 
   Stephen Joseph, Head of Investor             [e-mail] 
   Relations 
  Cenkos Securities plc 
   Joint Broker and Nominated Advisor 
   Stephen Keys/Bobbie Hilliam                    Tel: [phone] 
 
   Canaccord Genuity Limited 
   Joint Broker and Financial Advisor             Tel: [phone] 
   Simon Bridges/ Bruce Garrow 
  Media Enquiries 
   Redleaf Polhill Limited 
   Rebecca Sanders-Hewett / Jenny                 Tel: [phone] 
   Bahr                                       [e-mail] 
 
   Bell Pottinger                                 Tel: [phone] 
   Victoria Geoghegan / Will Powell       [e-mail] 
 

For further information, please visit www.quindell.com

This information is provided by RNS

The company news service from the London Stock Exchange

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