WATERLOO, ON, Dec. 21 – Intelligent Mechatronic Systems Inc (“IMS”), a world leader in Usage Based Insurance (“UBI”) solutions, today announced the successful completion of the initial phase of their multi-phase UBI pilot project with Winterthur Group (a unit of Credit Suisse (CSGN.VX)), using iPaid(TM), an IMS proprietary product.
“After a thorough review of solutions from around the world we chose the turn-key solution presented by IMS of Canada,” said Ralf Kuhne, Head of Underwriting, Property and Casualty at Winterthur Group. “The IMS solution is not only a cost-effective solution, but offers a complete turn-key solution to UBI and gives enough flexibility to customize it to specific customer needs.”
“We are delighted to be working with one of the leaders and innovators in the field of usage based insurance and a company that is delivering unique solutions for its clients,” said John Reynolds, Vice President, Business Development of IMS. “We look forward to helping Winterthur create a competitive advantage in the markets they operate.”
“We believe IMS is well positioned to become one of the world’s leading providers of cost-effective UBI solutions to leading insurance companies,” said Dr. Otman Basir, Chief Executive Officer of IMS. IMS’s pilot programs, with insurers in North America and Europe have demonstrated that the IMS turn-key solution using iPaid(TM), an IMS developed product, is able to deliver rich value-added products at a very cost effective price. For more information on iPaid(TM), visit www.ipaid-insurance.com.
IMS is a company specializing in the creation, development and marketing of leading edge proprietary technology that blends mechanical engineering, electronic control and information systems to make technologically advanced products. IMS has three divisions; Safety Devices for use in automotive applications, Telematics which includes iPaid(TM) and is focused on UBI and Automedia delivering consumer products into the automotive aftermarket. IMS is based in Waterloo, Ontario, Canada. For more information visit www.intellimec.com.
DBV-Winterthur is a major insurance group with over 130 years of experience in the German market. The key figures: 4,475 employees, around 3.6 million insured persons and total premiums of approx. EUR 3.5 billion (as of 31.12.2004). Fifty percent of its premium volumes are generated by its life insurance arm, and 27 and 23 percent, respectively, by its health, and property and casualty businesses. The headquarters of DBV-Winterthur are in Wiesbaden. There is a regional office in Munich, and service centers are also to be found in Berlin, Hamburg, Offenbach and Cologne. The company provides insurance products in life, health, and property and casualty insurance, as well as financing and investment.
DBV-Winterthur is now one of the leading insurance groups in Germany. It is integrated internationally within Switzerland’s Winterthur Group, and thus also within Credit Suisse Group.
Winterthur Group is a leading Swiss insurance company with head office in Winterthur. As an international company, the Group provides a broad range of personal, property and casualty insurance products, as well as insurance solutions in life and pensions that are tailored to the individual needs of private and corporate clients. Winterthur Group has approximately 19,500 employees worldwide. The company achieved a total business volume of CHF 22.9 billion in the first nine months of 2005 and reported assets under management of CHF 152.9 billion as of September 30, 2005.
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. It provides private clients and small and medium-sized companies with private banking and financial advisory services, and pension and insurance solutions from Winterthur. In the area of investment banking, it serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group’s registered shares (CSGN) are listed in Switzerland and in the form of American Depositary Shares (CSR) in New York. The Group employs around 62,000 staff worldwide. As of September 30, 2005, it reported assets under management of CHF 1,404.6 billion.