Insurance Telematics Case Study
IMS and Nationwide
Nationwide Case Study:
“ Telematics is fundamentally shifting the way personal automobile insurance is rated and underwritten,” said Larry Thursby, VP of Property and Auto Product/Pricing at Nationwide. “But creating an engaging program that is easy for members to use and understand takes thought and effort. We’re pleased to have IMS as a partner who have worked with us from the start and look forward to learning how we can evolve SmartRide to meet consumer demand. ”
Often on the cutting edge of industry trends, Nationwide identified usage-based insurance (UBI) as a disruptive concept and strategically decided to be both an insurance telematics pioneer and market leader in the United States. Recognizing the resource challenges and technical complexities to build an in-house solution, Nationwide chose to partner with a telematics service provider to enable, support and scale a widespread usage-based insurance program. Key decision criteria included:
Key decision criteria included:
- Comprehensive, end-to-end usage-based insurance solution with data collection, analysis and management; as well as data integrity and security.
- Knowledgeable technology provider with an understanding of the auto insurance industry.
- Technology provider who can assist with active policyholder engagement and focused customer experience.
- Clear product roadmap and vision
Nationwide selected IMS, a leader in connected car and insurance telematics solutions, to respond to its technology needs while balancing marketing and branding goals for policyholders. IMS’ UBI solution was selected with the following capabilities in mind:
- Data collection, transmission and analysis utilizing IMS’ award-winning DriveSync® connected car platform.
- Customer-branded experience,including end-user portal for policyholder coaching and feedback.
- Logistics and fulfillment of OBD devices.
- Stability and scalability of both the IMS UBI Intelligence solution and back-end DriveSync connected car platform.
- Experience and expertise in UBI deployments – and extensive knowledge of the insurance vertical.
- Best-in-class security model and architecture that is reliable and proven.
- Strong technology roadmap including integration with policy and claims management systems as well as automotive OEMs.