Quindell Plc, a provider of telematics technology and services, has announced a joint investment with the RAC, a British P&C insurer, in a new company, Connected Car Solutions Ltd., to distribute combined connected car capabilities within the UK and Canada, to vehicle manufacturers globally and fleets in Europe. The initial investment for Connected Car Solutions was £30 million.
Connected Car Solutions will trade as both Quindell Connected Car Solutions and RAC Connected Car Solutions. The Quindell brand will be used for current insurance relationships, and the RAC brand, which has been licensed to CCS in relation to connected car solutions, will be used primarily for fleet and consumer relationships.
The Connected Car Solutions joint investment is expected to create significant growth and value for ingenie, an auto-insurance broker using telematics technology, owned by Quindell, and which has grown to be a leading insurance brand for young British drivers.
