Data gathered utilizing IMS’ new low-cost Wedge™ telematics sensor combined with the new IMS Connected Claims solution connects insurers and policyholders while cutting claims costs
Waterloo, ON (June 22, 2020) – IMS (Insurance & Mobility Solutions), part of Trak Global Group (TGG) and one of the world’s top three providers of connected car data solutions to insurers, mobility operators, OEMs and governments, is pleased to announce the availability of the new IMS Connected Claims telematics solution.
The IMS Connected Claims solution combines the powerful data-gathering capabilities of IMS’ new, patent-pending Wedge™ telematics sensor while leveraging TGG sister company Carrot Insurance’s decade of experience in partnering with insurers to deliver loss ratio reductions and better claims outcomes for policyholders. As the industry’s first claims-focused telematics solution, IMS Connected Claims can be introduced to an insurer’s existing claims operation without the requirement for complex, costly systems integrations and with minimal disruption. Additionally, IMS Connected Claims can uniquely be a standalone solution, rather than having to be a component of a usage-based insurance (UBI) program.
“Most insurers believe that the benefits of telematics data are limited to UBI programs, but this no longer has to be the case,” said Ed Rochfort, Chief Product Officer for IMS. “IMS’ Connected Claims solution is a claims-focused telematics offering, allowing any insurer, with or without an existing UBI program, to distribute a low-cost connectivity solution to policyholders. It offers reliable collision notiﬁcations, but more importantly, it gives a clear picture of the circumstances of a collision, enabling faster settlement of liability claims and reductions in claims handling shelf-life. It’s a win-win set of outcomes for insurers and policyholders alike.”
Utilizing the self-install, self-powered Wedge telematics sensor to transmit data via the policyholder’s smartphone, the IMS Connected Claims solution can be deployed for as little as $1 per policy, per month – with the opportunity for a near-term 3x return on investment (ROI) via claims cost reduction.
“We can point to existing insurance customers where we’ve helped them gain eight points of combined operating ratio improvement purely from the use of telematics data in claims,” said Rochfort.
Insurers can build out from the IMS Connected Claims solution and add modular, configurable capabilities leveraging the wider IMS DriveSync® technology platform – from a rewards and messaging system that drives customer engagement to the creation of a full-blown UBI proposition, such as a “Pay-as-You-Drive” program.
While most insurance executives recognize the opportunity to digitally transform the claims process, the potential for operational disruption has traditionally made it a daunting shift to initiate. As a result, most insurers and technology vendors have concentrated on single pinch points, such as First Notice of Loss (FNOL), as the focus for claims transformation. However, insurers can achieve greater results by concentrating on areas of greatest cost savings and benefit using telematics data alongside existing systems and processes – such as the use of data to facilitate quicker, more accurate liability decisions and to make determinations on the likelihood of bodily injury. IMS helps insurers achieve maximum benefit by working in partnership with insurers with experienced claims professionals who guide the implementation path to reduce claims operation impact and ensure solution ROI.
“We recognize that digital claims transformation has to go beyond just standing up a technology solution – it’s about knowing how and where in the value chain that data can be used to unlock meaningful benefits,” said Nick Street, VP of Connected Claims at IMS. “That’s why we’ve created what we describe as ‘Claims as a Service (CaaS)’ professional services as an additional claims solution component for our customers. ‘CaaS’ encompasses implementation planning, process management, claims team training, and ongoing case-by-case support to help an insurer quickly get on the path to ROI. IMS is more than just a tech provider. We function as a true business partner that has a track record in delivering real-world results.”
Insurers can download the IMS Claims ROI whitepaper, or review Wedge product details, at www.ims.tech/claims.
IMS is a leading connected car solutions provider delivering services and analytics to insurers, governments, automotive OEMs and mobility operators. IMS is the developer of the cloud-based DriveSync® connected car platform which has received industry acclaim for its ability to offer customers a data source-agnostic, multi-device strategy for service provision versus a single focused technology approach. IMS is part of Trak Global Group, an international connected solutions provider with technology deployed in over a dozen territories, and its own in-house telematics insurance business, Carrot Insurance. For more information, visit www.ims.tech.
About Carrot Insurance
Carrot Insurance, part of Trak Global Group, is a UK-based, award-winning, telematics insurance business. In 2015, Carrot received the Prince Michael International Road Safety Award for its work in reducing driver accident frequency, and launched Better Driver, one of the first app-based connected auto insurance products in the world. Carrot offers both hardware and app-based solutions to its policyholders, and has won multiple awards, including ‘Claims Partner of the Year’ in 2017 and ‘Best Consumer App” at the Insurance Times Tech & Innovation Awards in October 2019. For more information, visit www.carrotinsurance.com.
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. For more information, visit www.trakglobalgroup.com.
Source: St. Nick Media Services on behalf of IMSTags: Carrot, claims, industry first, Insurance & Mobility Solutions (IMS), launch, Telematics, Usage-Based Insurance (UBI), whitepaper