Breakout of Market Conventions
Insurance telematics and Usage-Based Insurance (UBI) programs continue to roll-out across North America. With a rapidly changing competitive landscape it’s increasingly difficult to select the correct business models to ensure success. In fact, many insurance telematics programs are starting to look alike – with a focus on price discounts resulting in an inevitable race to the bottom. With the entire industry congregating around this same approach, only a subset of companies will succeed.
Your organization has an opportunity to breakout of market conventions and stand-out from the crowd. The key to success – a differentiated and targeted program. IMS UBI Intelligence enables auto insurers to create fully differentiated and targeted programs based on your needs and objectives. Our solution is based on an agile, end-to-end platform that enables speed to market without sacrificing flexibility to create unique programs targeted at your policy base.
IMS UBI Intelligence provides solution options for all your program and segmentation needs:
- Personal Lines and Commercial Lines: One-stop solution for both sides of your business.
- Variable-Based Programs: Track mileage, time of day, driver behavior, program length, and more.
- Single and Multiple Segmenting: Target groups such as young drivers, mature drivers, fleets, and others.
- Accident Management Services: Advanced accident reconstruction capabilities to lower liability and prevent fraudulent behavior.
Because IMS UBI Intelligence is powered by the DriveSync® connected car platform, insurers also have the ability to discover new, related revenue
streams by offering premium services such as: traffic, weather, geofencing, vehicle diagnostics, roadside assistance, infotainment and more. Start by
offering your customers UBI and continue to build-out value and loyalty by offering additional programs and services in the future – all leveraging the
original work you created to build-out your original program.
Working with IMS, you also get access to a team of subject matter experts with the experience, insight and best practices developed by working with
8 of the top 25 US insurance companies daily. Backed by a team of industry experts and leveraging an award-winning technology services platform
that is future-proofed for years to come, IMS UBI Intelligence offers an unmatched solution that will ensure your program is differentiated and segmented
to succeed in today’s competitive marketplace.
IMS UBI Intelligence Components
For the Insurer
For the End User
|Benefits for Auto Insurers:
|Benefits for Drivers:
If your company is looking to enter the UBI market, but is concerned about extensive start-up costs or a lengthy program development phase, IMS has financing solutions that will help you overcome these obstacles. We offer a range of UBI options to suit your economic and intelligence needs: from no hardware (mobile), no start-up TaaS™ (Telematics as a Service™) cost programs with basic data all the way to top tiered, value-added solutions that provide the highest possible grade of driver data and intelligence.
For clients in the position to invest upfront costs, our device purchasing options will give you the best value for your money. Unit costs will vary depending on features, volume and length of program.
TaaS™ (Telematics as a Service™)
For clients looking to enter the UBI market without start-up or device acquisition costs, this option makes the most sense. Not only do you get the program you want without up front device fees, you can also take advantage of manageable monthly costs with flexible commitment and volume terms.
Usage-Based Insurance is powered by our intelligent connected car platform – something we call DriveSync®. What this means is that your organization can provide your customers with a variety of value-added connected car services, in addition to this specific program. The DriveSync® platform combines the best of telematics and infotainment, with the fun of social networking – turning any vehicle into a connected car.
What does this mean? Your customers can start with IMS UBI Intelligence, and add-on infotainment services, such as voice-powered text and email, Internet radio and Facebook and Twitter updates. Other valued-added telematics services can also be added, including young drivers programs, fleet monitoring programs, roadside assistance, vehicle health and more. Customers benefit with a broader, more enticing connected car experience that saves time, money and lives. Your organization benefits with new revenue-generating services that also help lock customers in. Start with a program today and expand with new services in the future – it’s that easy.