(Image credit: Dollar Photo Club.)
The costs associated with third-party data procurement and analysis has presented a barrier for many insurers to launch telematics programs, but msg global (London) has launched a new solution to enable carriers to develop and manage their programs internally. The new Telematics Analyzer offering enables the collection, analysis and scoring calculation of telematics-based driving data, giving actuaries the capability to develop custom scoring programs.
“The concept here is flexibility, scalability and reliability when designing a telematics-based scoring model and usage-based insurance go-to-market strategy,” comments
of telematics and country leader for the UK, msg global. “Telematics Analyzer can run on SAP HANA Cloud platform, creating further opportunities for an insurer to effectively compete. Insurers that want to run the solution as a pilot project can gain immediate telematics experience using Telematics Analyzer as a service.”
MSG Global began developing Telematics Analyzer in 2013 and tested the application with a major European insurer. The solution provides what the vendor characterizes as a flexible way to collect data from a variety of sources and conduct in-house, detailed analyses and telematics-based score calculations to create reliable and flexible scoring models and individual usage-based rating models.
Hypercontextual Location-Based Content
Telematics Analyzer can be implemented within any IT environment and used with a variety of telematics hardware and software, according to the vendor. The solution is usable with msg global’s MyMile mobile app to deliver hypercontextual location-based content, and through a partnership between msg global and HERE, a Nokia-owned company specializing in navigation, mapping and location experiences, the solution achieves a higher level of granularity in its geospatial data.