Published: June 14, 2016 | Tysons, US
CSC has launched a new usage-based insurance (UBI) and telematics offering to help insurers price new products based on driving behaviors. The offering incorporates digital claims, policy administration and underwriting solutions with driver profile software from Scope Technologies. The result is a telematics-based offering that will enable insurance providers to build longer-term, more profitable customer relationships employing pay-how-you-drive risk assessment and underwriting – which in turn will allow insurers to better match premiums with driver risk. In addition, the offering’s immediate crash detection and accident recreation will help identify fraud and streamline the claims process.
It is currently under pilot by an Asian insurer based in the Philippines. Once it is fully deployed, the insurer will be able to launch new insurance products within months, avoiding lengthy implementation times and resource investments.
Phil Ratcliff, vice president and general manager, CSC’s Global Insurance Industry, said:
Extending the Internet of Things to automobiles through in-car devices, smart phones and ultimately the connected car enables a whole range of different services that will fundamentally change the relationship between insurers and their customers. Data collected with telematics devices creates a big data resource that enables insurers to more appropriately price risk, thereby helping them focus on selecting, underwriting and serving the most-profitable customers.
CSC is the first to offer an end-to-end telematics solution with insurance and claims management support on an advanced actuarial platform. The offering is available as either an outsourced solution or integrated into an insurer’s current technology.
CSC Future Vision of Digital Insurance (From YouTube, Oct’2014)