Insurance & Mobility Solutions (IMS) is launching a new telematics product that will allow insurers and brokers to test a usage-based insurance program (UBI) before deciding whether or not to offer the innovative auto insurance product to consumers. insured.
The new Try Per Mile solution is a highly configurable mileage-based telematics system that allows users to try out a UBI system and then launch it within a month.
“When developing our existing suite of solutions for UBI mileage-based programs, we wanted to give insurance customers flexibility around the type of telematics proposition they could bring to market,” said Nino Tarantino, CEO of IMS Americas. while giving them the means to be as agile as the insurtechs in terms of incredible speed to market. “
Tarantino added that Try Per Mile will also allow IMS customers to personalize the experience of their policyholders once they launch their own UBI programs, allowing them to use payment models atypical of current programs based on mileage in the market.
The features and benefits of the Try Per Mile program include:
- IMS customers who sign up for Try Per Mile will get up to five self-installing on-board diagnostic (OBD) telematics devices, application access / configuration and a portal for internal use and testing.
- Insurers can increase policyholder choice and control over coverage and premiums, taking into account different variables based on the use of telematics, such as how, where and when policyholders choose to drive.
- Insurers can also choose to launch a mileage-based program with different payment models – pay as you drive (based on miles driven) or prepay (where policyholders pay up front for a package. miles preferred).
- Insurers can provide value-added services to clients using UBI program data; these services include information on vehicle health and driver behavior. IMS noted in a statement that these services have been proven to increase customer retention.
- Try Per Mile enables insurers to mimic the speed to market of insurtechs’ capabilities, allowing them to launch UBI programs in as little as a month after setup and testing.
“With Try Per Mile, insurance companies can bring a product built around our flexible presets to market in just one month, or work with us to create a product around their own bespoke configuration,” said Tarantino. “In both cases, a rich stream of telematics data is available through API integration to allow their actuarial teams to learn about the actual behaviors and risk factors associated with changes in driving habits as a result. of the pandemic. “