Broker-owned telematics adoption in Canada

RNS REACH - 24 October 2013

Quindell Portfolio Plc

("Quindell" or the "Group")

RSA and Gore Mutual first movers for broker-owned telematics in Canada

Quindell Portfolio plc (AIM: QPP.L), a provider of sector leading expertise in software, consulting and technology enabled outsourcing in its key markets being insurance, telecommunications and other related sectors, confirms that further to the press announcement in the Canadian Underwriter today, RSA and Gore Mutual are amongst first movers to the Insurance Brokers Association of Ontario (IBAO) broker-owned telematics offering which is supported by Quindell's technology and outsourcing solutions. This market take up is in addition to the further four telematics deals that are in the final stages of negotiation directly with Quindell.

Gore Mutual and RSA Canada have begun "active discussions" to use the recently announced telematics model from the Independent Broker Resources Inc. (IBRI), the Insurance Brokers Association of Ontario said Wednesday.

Colin Simpson, CEO of IBRI noted in a statement: "We look forward to future success with both Gore Mutual and RSA, as well as many other insurer stakeholders. The positive feedback we have been receiving prove solid leadership and support of the broker channel,"

"Collaboration between insurance companies and brokers is essential, benefiting consumers, carriers and brokers. We look forward to working with other carriers as the momentum on this groundbreaking initiative grows."

IBRI, a wholly-owned subsidiary of IBAO, partnered with technology provider Quindell to introduce a broker-owned telematics solution. IBAO says that over the next three years, 10% to 30% of all Canadian auto insurance policies will transition to being telematics based.

Tony Hayes, Vice President of sales and marketing with RSA Insurance noted in a statement from IBAO: "RSA applauds the efforts of the IBAO to bring forward a telematics concept for its membership,"

"As the pace of change accelerates and the competitive environment continues to increase for both broker and insurers alike, we see this concept as a positive step towards ensuring 'the broker of the future' remains a strong and viable business partner for RSA."

Jamie McDougall, Vice President of personal insurance solutions at Gore Mutual commented in the statement: "Gore Mutual applauds the IBAO for developing this new innovative program to help their members compete more effectively against direct writers,"

"Gore Mutual has been actively exploring telematic solutions and we recognise the benefit of the IBAO program in providing consumers with information and tools to help them improve their driving habits. We share the IBAO's interest to help consumers find responsible ways to manage their insurance premiums. Gore Mutual is working closely with the IBAO to learn more about this important initiative."

Rob Terry, Founder and Executive Chairman of Quindell commented: "Quindell is attending the 19th Annual IBAO convention in Ontario this week, launching both its partnership with IBAO for telematics to all the leading Canadian Insurers and Brokers, as well as launching ingenie's hugely successful model as an independent digital brand and telematics based Broker with the support of the IBAO.

It is already clear from the significant interest level shown at the convention, following meetings confirmed and the partnerships being formed along with the clear statements being made by Kathleen Wynne the Premier of Ontario, who I had the pleasure of meeting yesterday, that the insurance market in the Ontario province of Canada is going to exceed all our previous plans for growth in the short to medium term.

The massive opportunity that this market represents, to work to the benefit of parties to lower the cost of claims and thereby support the target of lowering the cost of insurance for consumers, will support a growth profile as significant as the business has experienced over the last two years, leveraging its market leading technology and outsourcing in the UK."

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Notes to Editors: About Quindell Portfolio Plc

Quindell Portfolio Plc is a provider of sector leading expertise in Software, Consulting and Technology Enabled Outsourcing in its key markets being Insurance, Telecommunications and their Related Sectors. Quindell entered the second half of 2013 with a run rate of gross sales of more than £400 million and with over £80 million of EBITDA earned in the first three quarters of 2013. Our award winning Business Transformational, Software, Consulting and Outsourcing Solutions are recognised as delivering significant savings and additional sales to our customers every year.

For further information, please visit www.quindell.com