Breakout of Market Conventions and Succeed in Usage-based Insurance
Insurance telematics and usage-based insurance(UBI) programs continue to roll-out across the globe. With a rapidly changing competitive landscape it’s increasingly difficult to select the correct business models to ensure success. In fact, many programs are starting to look alike – with a focus on price discounts resulting in an inevitable race to the bottom. With the entire industry moving in this direction, only a subset of companies will succeed.
Your organization has an opportunity to stand-out from the crowd. The key to success is a differentiated and targeted program. IMS UBI Intelligence enables auto insurers to create uniquely 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 programs targeted at your policyholders.
IMS UBI Intelligence provides solution options for all your program and segmentation needs:
- Personal Lines and Commercial Lines: Offer your auto policyholders the benefit of insurance discounts along with value-added services, all while encouraging better driver behavior which results in fewer claims.
- Commercial Lines UBI : Differentiate and enrich your commercial auto insurance offering to take advantage of UBI data while providing a fleet management product that addresses real fleet business needs, including cost savings. With an easy-to-use solution that provides fleet savings and improved driving behavior, both you and your commercial clients win. Learn more about Commercial Lines UBI >
- Variable-Based Programs: Track mileage, time of day, driver behavior, program length and more.
- Single and Multiple Segmenting: Target segmented groups such as young drivers, mature drivers and more.
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 work you created to deploy your original UBI program.
Working with IMS, you also get access to a team of subject matter experts with the experience and best practices developed by working with numerous insurers around the globe. 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 help ensure the success of your program in today’s competitive marketplace.
IMS UBI Intelligence Components
For Auto Insurer
All the tools you need to manage and administer a successful UBI program
For End User
One deployment, using the DriveSync platform, can support both sides of your insurance business – personal lines and commercial lines users.
|Benefits for Auto Insurers:
|Benefits for Drivers:
If your company is looking to enter the usage based insurance (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.