IMS Demonstrates Insurance Telematics First With Crash Reduction, Combined Ratio Improvement
42% Crash Reduction and 7% Combined Ratio Improvement Using Carrot Insurance
Waterloo, ON (Oct. 8, 2019) – IMS, the insurance telematics technology arm of Trak Global Group (TGG), is now positioned to offer North American and European insurers unprecedented access to the learnings from driver data via TGG’s award-winning Carrot Insurance brand.
Carrot’s direct interaction with its installed customer base has driven innovative product development, including the latest telematics smartphone based “Better Driver” app, which recently won the prestigious 2019 UK Insurance Times Technology and Innovation Award for Best Customer Mobile app.
“Carrot’s award-winning technology has modified driver behavior in a positive way, and we are eager to make our learnings accessible to insurers,” said Nino Tarantino, CEO- Americas, IMS.
Accessing this critical data will enable insurers to:
- Improve policyholder engagement
- Offer a reward platform that builds loyalty
- Motivate safer driving behavior
- Realize the positive impact on combined ratios
“We have developed and tested our insurance telematics propositions with our own Carrot customers so our insurer partners don’t have to,” Tarantino continued. “No other telematics service provider has this kind of direct-to-policyholder experience and insight, but we do through Carrot, and we want to share what we have learned with the insurance companies we work with.”
Carrot, which launched in 2012, has since overseen a 42% reduction in the number of accidents among its customer base, thanks to its pioneering technology and an active risk management program, including rewards for good driving, which has turned the insurance experience on its head for policyholders.
Carrot’s policy has also built customer loyalty. The company has returned $5M to customers during the past seven years and the rewards program, in turn, offers a built-in incentive for consumers to check their status and driving feedback. In doing so, frequently, consumers drive better and safer.
“Carrot’s telematics program has made a previously unprofitable market segment for us profitable again,” said Ed Rochfort, Managing Director of Carrot Insurance. “By analyzing telematics data we’ve been able to dramatically improve our risk pricing while reducing the cost of claims. A huge win by all accounts.”
“We’re making big improvements in reducing the cost of motor claims for our insurer clients, saving them time and money by providing indisputable proof of what actually happened in an incident. We believe Carrot’s claims data analytics has reduced CORs for our insurer partners by 7.7%,” Tarantino said. “In turn, our insurance customers are using these same insights from Carrot to create their own digital insurance strategies.”
For further detail on the Carrot difference, insurers can download IMS’s Carrot case study to access learnings and insights from this award-winning offering.
Alternatively, insurers can contact IMS for more information at www.intellimec.com/carrot-insurance-insights.
About IMS
IMS, part of Trak Global Group, is a leading connected car and telematics solutions provider, delivering services and analytics to insurers, governments and enterprises. IMS is the developer of the cloud-based DriveSync® connected car platform which has received industry acclaim for its ability to offer customers a data source-agnostic, multi-device strategy for service provision. For more information on IMS, visit www.intellimec.com.
About Trak Global Group
Trak Global Group (TGG) is one of the world’s largest telematics companies, gathering and interpreting data from connected devices to help organizations manage driver and vehicle risk. The group has long-standing partnerships with global insurers, leading motor manufacturers, corporate fleets and daily rental companies and is the UK’s largest insurance telematics business.
In late 2018, TGG acquired IMS, the 3rd largest insurance telematics business in North America. In addition to its partnerships with major insurers, it has more than 130 patents associated with connected car services and has pioneered the use of telematics technology for Road Usage Charging in the United States.
In September 2019, private equity house Three Hills Capital Partners took a significant minority stake in the business, providing in excess of $50 million in growth capital.
About Carrot Insurance
Carrot Insurance, also part of TGG, is a UK-based, award-winning telematics insurance broker specializing in novice drivers. In 2015, Carrot received the Prince Michael International Road Safety Award for its work in reducing young driver accident frequency, and in 2015, it launched Better Driver, an app-based product representing the UK’s first mass-market usage-based insurance product.
Source: IMS
Tags: Carrot, industry first, Intelligent Mechatronic Systems (IMS), Telematics, Trak Global Read the original article at Insurance-Canada.ca