Mumbai: Tata Consultancy Services (TCS) today announced the launch of TCS Insurance Telematics Solution, a mobile application that turns consumers’ smartphones into mobile telematics devices.
Facilitating usage-based insurance (UBI) practices that more closely align consumer driving patterns and habits with auto insurance premiums, the TCS Insurance Telematics Solution minimizes the need for a separate, potentially expensive, telematics device provided by the insurer.
“Telematics data has the potential to radically change the way auto insurance is underwritten, and smartphone-based data acquisition presents a lower barrier for consumers than other methods,” said Matthew Josefowicz, MD at Novarica, a research and advisory firm focused on insurance technology strategy. “While some early adopters built their own telematics capabilities internally, insurers are increasingly turning to partners to help manage data capture and analysis in this important area.”
Now, auto insurance companies can leverage a customized version of the TCS Insurance Telematics application available for iOS and Android devices. Consumers will be able to track driving habits and adopt safe behaviours that save them money. By leveraging telematics data for underwriting and actuarial processes, insurers can segment customers based on risk score, perform life time value analysis and, ultimately improve product pricing and strategy.
“Telematics is a game changer and will ultimately drive auto insurance premiums in the future. It provides insurer’s an opportunity to improve customer engagement and service, while having the potential to make our roads safer for all of us,” said Suresh Muthuswami, President, Insurance & Healthcare at TCS.
“The TCS Insurance Telematics Solution leverages innovations around digital technologies like mobility, cloud and big data, as well as our proprietary algorithms to help create a new business model for auto insurance,” said TCS’s Vinod Kachroo, CTO, Insurance & Healthcare. “The advanced analytics provides insurers better insights into driving patterns and mobile platform provides consumers new engagement models, creating a win-win for both.”
TCS Insurance Telematics Solution is the latest in a series of product innovations from the company’s Insurance Innovation Lab – a state-of-the-art environment for customers to test new ideas and trial new solutions. The Innovation Lab is also working on a Big Data based Telematics Analytics and Insights Solution to help insurers manage telematics data from various sources and analyze the data to provide valuable business insights.
Kerala IT News