IMS changes also include brand extension across Trak Global Group’s worldwide insurance and mobility B2B divisions, and the launch of a Boston satellite office.
Boston, MA — February 11, 2020-
IMS, a subsidiary of Trak Global Group (TGG) and one of the world’s top three providers of connected car data solutions to insurers, mobility operators and governments, is pleased to announce that Ed Rochfort, co-founder of pioneering usage-based insurance (UBI) business Carrot Insurance (Carrot), is joining IMS as Chief Product Officer.
Rochfort’s appointment coincides with TGG’s decision to extend the IMS brand internationally across its Insurance and Mobility divisions. This move reflects ongoing changes in the market, in which shifting patterns in mobility, such as the rise of ride sharing, car clubs, and connected car technologies, are converging with the evolution and digitization of auto insurance.
IMS, the Waterloo, Ontario-based company acquired by TGG in December 2018 which was formerly known as Intelligent Mechatronic Systems, will be rebranded with immediate effect as IMS - Insurance & Mobility Solutions. Consequently, Trak Global will cease to operate as a trading brand in Europe, but TGG will remain as the international parent company to both IMS and the UK-based Carrot.
“We want to simplify our market approach through a single B2B brand that speaks with a unified voice to our diverse customer base, and, as we enter a new decade, it feels like the perfect opportunity to make this change,” said Nick Corrie, Chief Executive Officer for TGG. “At the same time, having co-founded Carrot, Ed's move into the Chief Product Officer role at IMS will unlock eight years of unrivalled market experience and actionable insight, and put it straight into the hands of our customers.”
“U.S. insurers are demonstrating a real appetite for harnessing learnings from the development of Carrot in the UK – from the driver scoring algorithms that have been engineered using real-world collision and claims data to how we’ve been able to drive engagement, behavior change, and loss ratio improvement by leveraging the power of reward,” said Rochfort. “In my new role, I’ll be helping IMS’s customers across both insurance and mobility to access our capabilities and build solutions that deliver needle-moving outcomes.”
IMS recently announced that the highly configurable, modular platform that is the foundation of Carrot in Europe is now available to North American insurer customers. Many of IMS’s insurer customers are located in the U.S., and, as a result, the company has also confirmed that it will be opening a satellite office in Boston, MA.
“Not only is Boston my hometown and a fantastic city, it’s a hotbed of insurtech activity, and has true insurance heritage,” said Nino Tarantino, CEO (Americas) for IMS. “It makes perfect sense as the location for an additional regional base from which we can better service and grow our client base in the U.S.”
For more information on IMS or the recent announcement of the availability of the Carrot platform in North America, please visit the company’s new website at www.ims.tech.
About Trak Global Group (TGG)
Trak Global Group (TGG) is the UK-based holding company and owner of IMS (Insurance & Mobility Solutions), a global provider of connected car solutions, services, and analytics for insurers, mobility operators and governments, and Carrot Insurance (Carrot), a B2C telematics insurance broker in the UK and digital insurance platform available to insurers internationally. More info at www.trakglobalgroup.com
About IMS (Insurance & Mobility Solutions)
IMS (Insurance & Mobility Solutions), part of Trak Global Group (TGG), is a global provider of connected car solutions, services, and analytics to insurers, mobility operators, OEMs and governments. IMS is the developer of the cloud-based IMS DriveSync® connected car platform which has received industry acclaim for its ability to offer customers a data source-agnostic, multi-device strategy through which a multitude of B2B and B2C propositions to be taken to market. More info at www.ims.tech.
About Carrot Insurance (Carrot)
Carrot Insurance (Carrot) is a wholly-owned subsidiary of Trak Global Group (TGG). In the UK, Carrot is an award-winning B2C telematics insurance provider, but the underpinning platform has now been made available internationally to enable any organization seeking to take a UBI proposition to market to do so quickly and with a high degree of configurability. By using feedback, messaging and rewards to incentivize better driving behaviors, the Carrot approach is proven to help reduce claims frequency – this in turn reduces insurance premiums for policyholders, increases customer satisfaction, and drives carrier profitability. More info at www.carrotinsurance.com and www.ims.tech.
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