Quindell sees shares soar on contract news
INSURANCE outsourcer Quindell yesterday saw its share price soar 8.4 per cent, on the back of the news that it had secured a five-year contract with an unnamed “major insurer”.
The deal will see Quindell provide telematics technology, devices and associated services to the Canadian top-three business, which has more than three million customers, 1,700 brokers and a “significant” market share of the car insurance market.
Quindell said its new partner was planning to become “a strong market leader in the development and delivery of telematics-based insurance solutions”, aiming to secure 120,000 telematics customers during the five year contract period.
Quindell chairman Robert Terry said: “We are extremely pleased to be able to expand our relationship to work with [the unnamed insurer] in this new area.
“Even if we only achieve the bare minimum levels of telematics market penetration, this contract… provides us [with] 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.”