IMS (Insurance & Mobility Solutions), part of Trak Global Group (TGG) and one of the world’s top three providers of connected car data solutions to insurers, mobility operators, OEMs, and governments, is pleased to announce the availability of the new IMS Connected Claims telematics solution.
The IMS Connected Claims solution combines the powerful 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. As the industry’s first claims-focused telematics solution, 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.
“Most insurers believe that the benefits of telematics data are limited to UBI programs, but this no longer has to be the case,” said Ed Rochfort, Chief Product Officer for 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.
“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,” said Rochfort.
Insurers can build out from the IMS Connected Claims solution and add modular, configurable capabilities leveraging 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.
While most insurance executives recognize the opportunity to digitally transform the claims process, the potential for operational disruption has traditionally made it a daunting shift to initiate. As a result, most insurers and technology vendors have concentrated on single pinch points, such as First Notice of Loss (FNOL), as the focus for claims transformation. However, insurers can 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 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 wherein the value chain that data can be used to unlock meaningful benefits,” said Nick Street, VP of Connected Claims at IMS. “That’s why we’ve created what we describe as ‘Claims as a Service (CaaS)’ 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.”