Insurance Telematics Opens New Opportunities
Waterloo, ON (Dec. 15, 2014) – Insurance organizations prosper or flounder depending on the accuracy and relevancy of data reflecting risk potential. Because of this, insurers use every mechanism at their disposal to refine the data models in use and improve the granularity of information. This challenge becomes particularly evident when insuring the operation and management of commercial fleets. Precise data about vehicle operations and analysis of driving behavior can make it easier to assess insurance risk and minimize claims generated by fleet operators and small-to mid-sized business involving the use of automobiles, buses, and trucks. Insurance telematics a technology that combines wireless telecommunications and digital information has introduced tools to the industry for sharpening risk management practices, as well as minimizing uninsured losses as an added value to fleet operators.
Accordingly, telematics has become a cornerstone of usage-based insurance (UBI), enabling insurers and brokers to collect detailed driving-behavior data. This white paper explores the ways in which commercial lines insurance telematics provide relevant, real-time information to insurance firms and stakeholders, providing value, visibility, and efficiency to processes and operations, improving the ability to acquire and retain customers more effectively.
Download the white paper from IMS.
Table of Contents
- Building a Case for UBI in Commercial Lines
- Telecommunications and Data Converge: Telematics Is Born
- The Intelligence Value of Driver Behavior Data
- Commercial Usage-Based Insurance Both Reduces Claims and Strengthens Client Relationships
- Cost Savings and ROI for Insurers
- Introducing and Establishing a Commercial UBI Program
- Selling Commercial UBI to Prospective Customers
- Telematics and UBI Industry Challenges and Issues
- Opportunities in the Commercial Market
- Summary of Commercial Benefits of UBI and Telematics
- The Future of Connected Vehicles
Usage-based Insurance has gained significant traction with personal lines auto insurers. As a result, a considerable
market gap has emerged for commercial lines insurers looking to explore the benefits of insurance telematics. With the right
value proposition and program offering, first movers in the commercial lines UBI space can capitalize on opportunities within
the underserviced needs of fleets.
IMS UBI Intelligence provides an end-to-end solution for insurers looking to differentiate with a unique and compelling fleet
UBI program in order to retain and grow their commercial business. Powered by the DriveSync connected car platform, IMS UBI
Intelligence offers insurers UBI quality driving data, and gives fleet owners an easy-to-use fleet management product. Auto
insurers are now able to provide a unique, comprehensive package combining the right mix of insurance and fleet telematics
benefits – including insurance and fuel cost savings, reduced claims and maintenance expenses, and a safer operating fleet.
About Intelligent Mechatronic Systems
IMS is a leader in connected car technology that enables drivers to be safer, smarter and greener. The unique approach of converging in-car infotainment, automotive telematics and wireless technology has resulted in an impressive range of solutions. From insurance and government, to fleets and everyday drivers, IMS technology revolutionizes industries. For more information, visit www.intellimec.com.
Source: Intelligent Mechatronic Systems Inc.