IMS Applauded by Frost & Sullivan for Shaping Safer and Smarter Mobility with Its Telematics and Connected Insurance Solutions
IMS’s telematics insurance solutions for usage-based insurance (UBI) provide cost-effective and streamlined access to vehicle and driving data, refining the overall driver experience and revolutionizing the insurance landscape
San Antonio, TX (Aug. 1, 2024) – Frost & Sullivan recently researched the telematics insurance industry and, based on its findings, recognizes IMS with the 2024 North American Technology Innovation Leadership Award. The company offers a suite of fully digital UBI solutions that cater to the diverse needs of insurers and policyholders in today’s fast-paced insurance landscape, where consumers demand faster, fairer underwriting and slicker claims experiences.
IMS’s solutions allow insurers to refine pricing practices, improve risk management, streamline claims processing, reduce operational costs, and enhance overall customer satisfaction and experience. With over a decade of global expertise in insurance telematics programs, IMS provides a carrier’s policyholders with detailed driving style feedback with personalized premiums and provide insurers with invaluable, actionable insights into risk assessment and mitigation. IMS relentlessly focuses on customer engagement-led product design and enables drivers to enhance their driving behavior, fostering a safer and more efficient mobility ecosystem.
IMS leverages extensive expertise in data analytics, transforming raw data points into predictive risk scoring and equipping insurers with the tools to craft advanced UBI products tailored to individual driving behaviors. The IMS One App™ is a groundbreaking smartphone app framework engineered to redefine user engagement and experience in telematics insurance. This versatile platform allows insurers and mobility operators to craft highly customized mobile app experiences tailored to the unique needs of their customers. The IMS Wedge™ is an industry-leading hardware sensor designed to enhance data precision and functionality within connected claims and UBI programs. The sensor seamlessly integrates with smartphones, providing insurers with invaluable insights into driver behavior and enabling more accurate risk assessment and personalized premium pricing. This patented mobile app data enhancer optimizes the following:
- Trip detection
- Driver behavior monitoring
- Impact detection
- Claims data recording capabilities
Rabin Dhakal, Best Practices Research Analyst, Frost & Sullivan, observed, “IMS’s commitment to innovation manifests in a suite of cutting-edge solutions meticulously designed to revolutionize the telematics claims market. The company understands the transformative potential inherent in emerging technologies, driving itself to continuously push the boundaries of what is possible.”
“IMS’s success lies in its emphasis on human capital, championing a culture of inclusivity and continuous improvement where diverse perspectives converge to fuel innovation. By future-proofing its technology and fostering a culture of agility, IMS positions itself for continued growth and success in shaping the future of telematics insurance,” added Dhakal. With its strong overall performance, IMS earns the 2024 Frost & Sullivan Technology Innovation Leadership Award.
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. . For more information, please visit www.frost.com.
About IMS
IMS is a connected car driving software & data business, working with insurers globally to create usage-based insurance products that improve road safety, reduce claims and CO2 emissions and help make motor insurance more affordable and fairer for everyone. The company is a leading telematics solution provider headquartered in the UK and Canada, and has a global portfolio of insurer clients that leverage its sensor-agnostic IMS DriveSync platform and draw upon its People Powered Technology™. For more information, visit www.ims.tech.
SOURCE: Frost & Sullivan
Tags: connected cars & vehicles, Frost & Sullivan, Insurance & Mobility Solutions (IMS), Mobility, Telematics, Usage-Based Insurance (UBI)