New CEO to Leverage Extensive Insurance Background to Identify Untapped Opportunities for Telematics Solutions
Southport, Conn. – Boat Fix, the 24/7 marine customer service company, announced today the appointment of Penny Searles as its CEO.
A senior executive and driven pioneer with over 25-years of experience in both the corporate and entrepreneurial arenas, Searles brings vast knowledge of the financial services and technology (FinTech) data sectors, primarily in the insurance market, to her role. With over 12-years running organizations as a CEO and 17-years of Board appointments, Searles has managed two successful telematics motor broker sales – Coverbox in 2011 and SmartDriverInsurance in 2019, as well as two FinTech data company sales – Wunelli to Lexis Nexis United States in 2014 and SmartDriverClub to American tech giant Calamp in January 2020. Based in the United Kingdom, she will focus on overseeing the continued advancement of Boat Fix technology, increasing collaboration with OEMs and developing insurance-centric solutions to benefit underwriters and boat owners, alike.
“The global insurance market is facing a challenging time,” said Searles. “Insurers and re-insurers have been hit hard by the COVID pandemic on multiple fronts, from health to travel to business interruption. The losses cannot yet be quantified with the ongoing impact, but companies are re-evaluating their exposure in all markets including marine. This perfect storm has created an invaluable opportunity for Boat Fix to support vessel manufacturers, insurers and boat owners with a true ‘peace-of-mind’ product.”
While telematics data is already available to insurers of larger vessels with built-in systems; Boat Fix is an aftermarket solution that focuses on the mass market of small to mid-size boats, giving owners the ability to monitor their vessel 24/7 and prevent damage. With boat sales exploding in the U.S. and the availability of insurance solutions on the decline, vessels equipped with capabilities designed to manage risk and reduce potential loss make for more attractive insurance risks at significantly more competitive prices.
In September of 2020, Searles was featured in the Insurance Times article, How Telematics Can Serve the Boat Insurance Market where she detailed a story of a fatal accident on a Bavaria 49 in 2019. The telematics solution showed investigators the vessel was not operating recklessly or in a designated swimming area, absolving the charter company and captain of an estimated $1,000,000 insurance liability.
“The advancement of telematics in the marine industry has created a wealth of opportunities throughout the value chain,” said Alastair Crawford, Founder, Boat Fix. “We are thrilled to have Penny take the reins and use her unparalleled business and financial services acumen to advance the benefits of telematics to the marine industry.”
For more information on the Boat Fix, visit www.boatfix.biz.
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About Boat Fix: Boat Fix is a leading telematics service for boat owners that ensures a stress-free boating experience, including pro-active technical assistance, straightforward vessel management, and security. Founded in 1990 in the UK and now headquartered in Connecticut, Boat Fix has the industry’s only 24/7 service centers in the U.S. and Europe. Using the latest in IoT software, Boat Fix’s team continues to develop the best technology to provide unrivaled customer service.