Highly-configurable, mileage-based telematics product enables insurers to match the agility of InsurRech disruptors
Waterloo, ON (June 23, 2021) – IMS, the leading global vehicle and driving data business, is pleased to announce the availability of Try Per Mile, a highly-configurable, mileage-based telematics product that enables insurers and brokers to internally trial a usage-based insurance (UBI) program that can then be deployed to policyholders in as little as one month.
The ongoing COVID-19 pandemic dramatically decreased miles driven for many policyholders and created more flexible, permanent remote employee/work from home (WFH) situations. Insurers who initially offered discounts or refunds for decreased driving are now turning to pay-as-you-drive (PAYD) programs to give policyholders more control. A recent Accenture Global Insurance Consumer Study found that 73 percent of insurers are interested in pay as you drive (PAYD) programs as a way of offering policyholders greater value, building trust, and providing rich, engaging experiences through personalization, increased transparency, and access to self-service/control options. This is further backed by McKinsey & Co.’s research which highlights a corresponding boost in consumer demand, with a 46 percent increase in customers looking for UBI between 2019 and 2020.
“When further developing our existing suite of solutions for mileage-based UBI programs, we wanted to offer insurance customers flexibility around the kind of telematics-enabled proposition that they could take to market, while at the same time empowering them to be as nimble as insurtechs in terms of incredible speed-to-market,” said Nino Tarantino, CEO, Insurance for IMS (Americas). “Try Per Mile allows IMS’s insurance customers to internally trial multiple, usage-based configurations and to personalize the policyholder experience using payment models not typical of current, in-market mileage-based programs.”
Features and benefits of Try Per Mile include:
- No cost trial, low-cost launch: IMS customers get up to five (5) self-install, on-board diagnostic (OBD) telematics devices, app access/configuration, and a portal for internal usage and trials. OBD dongles are now available at an exceptionally low price point while providing higher accuracy and additional data services, making them the favored technology for the majority of successful mileage-based programs that have been deployed.
- Personalized policyholder configurability: Insurers can increase policyholder choice and control over coverages and premiums by factoring in different telematics usage-based variables, such as how, where, and when policyholders choose to drive.
- Policyholder payment options: Insurers can choose to deploy a mileage-based program with varying payment modes: Pay as you Drive where policyholders pay for each mile driven based adjusted for usage-based and behavioral factors; or Pre-pay, where the policyholder pre-pays or tops-up their preferred bundle of miles upfront which can be adjusted based on the prevailing driver score.
- Increased retention: Insurers can provide customers with value-added services including insights into vehicle health proven to increase customer retention through regular engagement and driving feedback.
- Rapid implementation: Insurance companies can emulate speed to market typically seen only by insurtechs and launch a mileage-based program in as little as one month after configuration and trial.
Agility is a critical success factor for carriers in the face of increasing competition from digital insurance disruptors and new insurtech players entering the market in the wake of COVID-19. IMS’s solutions and platform technology, as well as the company’s experienced teams and pricing models are designed to allow incumbent insurance organizations to bring class-leading products to market with a level of robustness, credibility, and experience that new market entrants find hard to match.
“With Try Per Mile, insurance companies can get to market in as little as one month with a product built around our flexible pre-configurations, or work with us to create a product around their own tailored configuration,” said Tarantino. “In either instance, a rich telematic data flow is available via API integration to enable their actuarial teams to learn about the real-world behaviors and risk factors associated with changes in driving habits as a result of the pandemic.”
IMS already has multiple successful implementations of mileage-based programs in market with top-tier insurers, including the recently announced Nationwide SmartMiles program in the US and More Than Low Miler product for RSA in the UK.
Insurers can learn more about Try Per Mile at www.ims.tech/mileage, where they can sign-up for a free trial, and access videos, whitepapers, datasheets and more.
IMS (Insurance & Mobility Solutions), part of Trak Global Group (TGG), is a vehicle and driving data business, delivering enterprise solutions to over 350 customers including insurers, mobility operators and governments. IMS recently launched its Vehicle Data Exchange, which enables the IMS DriveSync platform to ingest and process data from any source – from OEM embedded units to smartphones and aftermarket hardware. The company, with offices in the UK, Europe and N. America, has analysed over 15 billion driving miles and its algorithms are fed by trillions of data points every hour.. For more information, visit 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. For more information, visit www.trakglobalgroup.com.
Source: St. Nick Media Services on behalf of IMSTags: Insurance & Mobility Solutions (IMS), launch, Pay-As-You-Drive, Telematics