(Image source: IMS homepage.)
IMS (Insurance & Mobility Solutions; Waterloo, Ontario), part of Trak Global Group (TGG; Crewe, England) a global provider of connected car data solutions to insurers, mobility operators, OEMs and governments, has announced the availability of the new IMS Connected Claims telematics solution.
The IMS Connected Claims solution combines the 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, according to the vendor. Characterizing the new offering as the industry’s first claims-focused telematics solution, the vendor says 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, the vendor says.
Telematics Beyond UBI
“Most insurers believe that the benefits of telematics data are limited to UBI programs, but this no longer has to be the case,” comments Ed Rochfort, Chief Product Officer, 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, according to IMS.
“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,” adds Rochfort.
IMS says that insurers can build out from the IMS Connected Claims solution and add modular, configurable capabilities using 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.
Concentrating on Areas of Greatest Cost Savings
The vendor has released the IMS Connected Claims telematics solution at a time when most insurers and technology vendors have concentrated on single pain points, such as First Notice of Loss (FNOL), as the focus for claims transformation. However, the vendor sees the opportunity for insurers to 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 says it 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,” comments Nick Street, VP, Connected Claims, IMS. “That’s why we’ve created what we describe as ‘Claims as a Service’ 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.”