News Articles and Press Releases
MONTHS after its launch of telematics insurance in the local industry, IronRock Insurance Limited said that the addition of the service has been positively contributing to its motor insurance portfolio. The company, which recently launched its pay as you drive initiative (PAYD) telematics motor insurance product, said that the initiative has been driving brand awareness and increased interest in its motor insurance business.
IronRock Insurance Company Limited is looking to woo customers with a smashing new vehicle policy that rewards good drivers by refunding them a percentage of their premium, based on their driving habits, at the end of the policy year. Dubbed pay as you drive (PAYD), the policy is designed to encourage safety on the roads by promoting good driving habits, which hopefully will result in less fatalities and injuries on Jamaica’s roadways and ultimately drive down the price of insurance, according to general manager of marketing and production at IronRock, Christian Watt
IronRock Insurance Company will be rewarding good drivers on an annual basis, through the technology-based Pay As You Drive (PAYD) initiative. According to IronRock Insurance General Manager Christian Watt, PAYD is set to revolutionise motor vehicle insurance in Jamaica. Speaking at the PAYD launch, held virtually on Tuesday, Watt said IronRock is the first company to offer this type of insurance. The initiative will be a joint partnership between IronRock Insurance and security company Guardsman, which will provide the supporting technology.
IronRock insurance company through the introduction of telematics insurance in the country yesterday launch its pay as you drive (PAYD) initiative aimed at refunding up to 25 per cent of annual premiums to customers as a reward for good driving.
IronRock recorded its best period in the December quarter since going public five years ago as a start-up general insurer, but the company is not crediting only insurance activity for the performance. The gains, said Managing Director Evan Thwaites, were driven by $40 million of investment income; but he also noted that he considers investing to be core to the business of insurance.
17 February 2021 - IronRock investment income injured by COVID-19 …maintaining conservative investment risk approach given pandemic
Latest financial returns from IronRock Insurance Company have highlighted the extent to which the company's investment income has been injured by COVID-19. IronRock's Managing Director R Evan Thwaites confirmed that investment income continues to come under pressure by the pandemic. Investment income for 2020 was slightly up by just under two million dollars year-over-year to $40.2 million coming from $38.7 million posted for 2019.
The number of car crashes have fallen since the April imposition of COVID-19 curfews, but the damage sustained in motor accidents were found to be more severe. The upshot for IronRock is that claims are tracking apace with last year, despite fewer accidents, according to Evan Thwaites, managing director of general insurance company IronRock.
IronRock Insurance Company has turned to direct selling online as the impact of the coronavirus (COVID-19) pandemic deepens. Managing director, Evan Thwaites, said IronRock is now focused on building and maintaining a profitable direct client portfolio.
General Insurance company IronRock is still a young buck in a market that it entered as a start-up over four years ago with a tech strategy for insurance delivery – a status its founders say has helped it to weather the pandemic, so far. The young company, co-founded by veteran insurance executive Evan Thwaites, is more worried about the general insurance market, saying the sector’s prospects will worsen as the year rolls along.
Locally, IronRock Insurance Company is moving to support its customers’ financial needs. To this end, the company has introduced a 12-month premium payment plan for motor and home insurance and has waived all fees and interest charges.
IronRock Insurance Company Limited says that all workers are now operating from home, but that the company is still carrying on business as usual. Management, in notes attached to the financials, said the company has activated its business continuity plan and implemented remote work protocols as a result of the outbreak of the novel coronavirus (COVID-19).