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.
Why IMS UBI Intelligence?
IMS UBI Intelligence delivers on the promise of being the premier, most complete UBI solution, offering a one stop shop for an insurer’s UBI needs – no additional suppliers or multiple partners to work with.
Our key differentiators are:
- One-stop Shop for All UBI Program Needs: IMS UBI Intelligence offers insurers a single source provider for all their UBI program needs, including hardware, logistics, support, secure data warehousing, data analytics, driver portals and more. No need to deal with multiple suppliers and partners.
- Fully Customizable Without Sacrificing Speed to Market: IMS UBI Intelligence provides the best of both worlds: 1) a turnkey approach to improve time-to-market while also 2) being customizable to branding and program requirements.
- Value-added Services for Future Revenue Opportunities: IMS UBI Intelligence is powered by DriveSync® – IMS’ connected car platform – providing insurers the ability to roll-out future revenue-generating services to current customers. Examples of value-added services include: infotainment, roadside assistance, vehicle health and more.
- Ability to Offer Differentiated and Segmented Programs: IMS UBI Intelligence provides solution options so insurers can create targeted, differentiate programs for specific audiences and geographies.
- The Best UBI Experts in the Industry: Access to a team of subject matter experts with the experience and best practices developed by working with numerous insurers around the globe.
- Flexible and Scalable Architecture: IMS award– winning technology services platform is future-proofed for years to come and offers an unmatched solution that will help ensure the success of your UBI program in today’s competitive marketplace.
Insurance Telematics Solution Options
Insurers can now boost profitability by tailoring their program strategy to each customer and product in their portfolio. IMS UBI Intelligence provides a wide range of solution options for all types of program and segmentation needs:
- Personal 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.
- Time Based Insurance (TBI) Programs: Track actual vehicle usage and vehicle inactivity.
- Single and Multiple Segmenting: Target segmented groups such as young drivers, mature drivers and more.
Multiple UBI Deployment and Data Collection Options
We work closely with you in choosing the right technologies to adopt to ensure you achieve your growth goals and potential. We make the whole process of a successful launch as simple and easy as possible.
- Multiple UBI Deployment Options (Mobile, OBD2, Bluetooth Devices, Hybrid and OEM): Insurers can now easily retrieve vehicle information and driving data through multiple deployment options to reach the intended objectives and goals of a program – including segmentation options that meet the full needs of your book of business. Explore deployment options in more detail >
- Device-agnostic: The DriveSync connected car platform can leverage data from multiple sources including OBD2 telematics devices, mobile app-based solutions and automotive OEM systems to ensure that your business is ready for growth and change.
- Mobile Telematics Solutions: IMS offers a number of new innovative smartphone telematics offerings to meet your specific UBI needs. Explore Mobile Telematics >
Customization and Flexibility Options
With the introduction of DriveSync 5, IMS UBI Intelligence offers an unmatched solution that will help ensure the success of your program in today’s competitive marketplace.
- UBI and Risk Scoring Customization: Access two new scoring options: Drivers’ Speed Relative to Posted Speed Limit and Cornering. These options enhance the existing suite of scoring variables already available, including Acceleration, Braking, and Pay as you Drive (Time of Day, Day of Week and Distance). This update enables you to create customized scoring while keeping the safety of your policyholders front and center.
- API Integration: Unleash the power of a comprehensive suite of interfaces that allows you to create differentiated solutions based on your strategy and target market. Build highly differentiated, bespoke solutions or leverage our reference applications to get to market quickly.
- Secondary Driver Option: Give policyholders the flexibility of viewing driving data of secondary drivers to promote safer behavior. You also benefit from the ability to design differentiated programs targeted at new segments, such as multi-driver families, new driver coaching programs and car sharing.
Flexible Analytics and Scoring Options
Flexibility is key to a smooth big data and analytics journey, we offer full flexibility in analytics and scoring to precisely assess risk for each policyholder and encourage safe driving.
The right analytics and scoring for your business:
- Flexible Analytics Options: Create a scoring and rating model leveraging
any of three methods:
- 1. IMS’ analytics partners - Willis Towers Watson | Verisk Analytics
- 2. IMS’ internal analytics teams.
- 3. Your existing actuarial models refined by IMS.
- Unique Rating Systems: Create differentiation through a unique scoring system.
- Expanded Scores: Leverage a selection of scoring variables for your algorithms.
- Scoring UX: Displays scoring and events in an easy to understand experience for policyholders.
Business Center – Comprehensive Business Intelligence Reporting
IMS UBI Intelligence includes a Business Center facilitates the health and management of your UBI program with ease. Equip your program teams with administrative data necessary to help better manage users, inform decision-making and provide insights for measuring program success. A true, end-to-end insurance telematics solution needs to be able to do both – deliver value to your policyholders with administrative ease while providing your internal teams with necessary business intelligence to manage your UBI program.
IMS UBI Intelligence gives your entire team the most comprehensive, end-to-end insurance telematics solution – equipped with the most comprehensive business intelligence reporting, embedded analytics and administrative tools on the market. IMS UBI Intelligence provides program administrators and managers the advantage of a Business Center tool for program management and enriched reporting. From the ability to quickly summarize key performance indicators to enabling deeper analysis of telematics programs, the Business Center goes beyond standard program administration to unlock the wealth of business intelligence that leads to successful usage-based insurance programs.
Business Center Advantages:
- Rich responsive dashboards, programs diagnostics and data visualizations that help customers manage key performance metrics associated with program health and growth.
- Flexibile enrollment capabilities, integrated device tracking tools and comprehensive logistics monitoring to help ease program administration and management.
- Fully integrated customer support tools and capabilities providing customer support teams with a one-stop shop for customer support issue investigation and management.