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IMS launches claims exclusive telematics solution
- July 7, 2020
Canadian telematics specialist IMS has launched a claims focused telematics solution. The company says its Connected Claims solution provides insurers with a near-term 3x ROI through claims cost reduction. Connected Claims is based on IMS’s new Wedge telematics sensor, and the company claims it as the first telematics solution focused exclusively on claims.
IMS Connected Claims is designed to be slotted into an insurer’s existing claims operation without costly system integration. Connected Claims can be a standalone solution, rather than having to be a component of a usage-based insurance (UBI) programme.
“Most insurers believe that the benefits of telematics data are limited to UBI programmes, 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 programme, 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.”
Using the self-powered Wedge telematics sensor to transmit data via the policyholder’s smartphone, the IMS Connected Claims solution can be deployed for $1 per policy, per month.
“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” programme.
“We recognise that digital claims transformation has to go beyond just standing up a technology solution – it’s about knowing how and where in 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.