(Image source: NJM homepage.)
NJM Insurance Group (West Trenton, N.J.), a property/casualty insurer serving the Mid-Atlantic region, has selected Intelligent Mechatronic Systems (IMS; Waterloo, Ontario) to support its new smartphone-based insurance telematics program. NJM’s program will use IMS’ mobile telematics technology to promote safer driving by its policyholders.
“NJM is excited to partner with IMS to help deliver a broader range of value-based insurance solutions to our customers, especially one that supports our enduring commitment to safety,” comments John Fink, Assistant VP for Customer Experience, NJM. “IMS’ compelling mobile telematics technology, flexible platform-based approach to data insights and scoring, and extensive industry expertise have set the foundation for a great partnership.”
NJM’s adoption of IMS’ technology fits within a trend of growing acceptance of smartphones as sensors for insurance telematics and usage-based insurance programs in the North American insurance industry identified by industry analyst Aite Group in its “Auto Insurance Telematics Report, 2016.” Industry consultant Ptolemus’s “Connected insurance Analytics Report, 2016,” observes that mobile telematics interest has resulted in insurers adopting a multi-device strategy for data insights at a time when most telematics providers only support a single device option.
IMS is positioned to exploit these trends with its DriveSync connected car platform, which the vendor describes as a device-flexible and data source agnostic platform for data collection, services and analytics. “The DriveSync platform enables insurers with the most comprehensive set of data collection options which includes smartphones, OBD and Bluetooth devices, as well as embedded OEM integration, according to an IMS statetment. “Once the data is collected, the platform intelligently recognizes variations between data sources enabling consistent analytics, scoring, and insights necessary for the delivery of insurance-based programs to policyholders.”
“NJM is leveraging IMS’ smartphone telematics to help promote safety among its customers by challenging them to become better drivers,” comments Lorie Goodmann, Executive Director of Customer Success and Support, IMS. “Working together in partnership, NJM is also utilizing IMS’ DriveSync platform capabilities, including our proven scoring models. We are already identifying future opportunities to work together based on the strength and capabilities of our platform.”