Waterloo, ON (June 22, 2020) \u2013 IMS (Insurance & Mobility Solutions), part of Trak Global Group (TGG) and one of the world\u2019s 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.<\/p>\n
The IMS Connected Claims solution combines the powerful data-gathering capabilities of IMS\u2019 new, patent-pending Wedge™ telematics sensor while leveraging TGG sister company Carrot Insurance\u2019s decade of experience in partnering with insurers to deliver loss ratio reductions and better claims outcomes for policyholders. As the industry\u2019s first claims-focused telematics solution, IMS Connected Claims can be introduced to an insurer\u2019s 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.<\/p>\n
\u201cMost insurers believe that the benefits of telematics data are limited to UBI programs, but this no longer has to be the case,\u201d said Ed Rochfort, Chief Product Officer for IMS. \u201cIMS\u2019 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 noti\ufb01cations, 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\u2019s a win-win set of outcomes for insurers and policyholders alike.\u201d<\/p>\n
Utilizing the self-install, self-powered Wedge telematics sensor to transmit data via the policyholder\u2019s smartphone, the IMS Connected Claims solution can be deployed for as little as $1 per policy, per month \u2013 with the opportunity for a near-term 3x return on investment (ROI) via claims cost reduction.<\/p>\n
\u201cWe can point to existing insurance customers where we\u2019ve helped them gain eight points of combined operating ratio improvement purely from the use of telematics data in claims,\u201d said Rochfort.<\/p>\n
Insurers can build out from the IMS Connected Claims solution and add modular, configurable capabilities leveraging the wider IMS DriveSync\u00ae technology platform \u2013 from a rewards and messaging system that drives customer engagement to the creation of a full-blown UBI proposition, such as a \u201cPay-as-You-Drive\u201d program.<\/p>\n
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 \u2013 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.<\/p>\n
\u201cWe recognize that digital claims transformation has to go beyond just standing up a technology solution \u2013 it\u2019s about knowing how and where in the value chain that data can be used to unlock meaningful benefits,\u201d said Nick Street, VP of Connected Claims at IMS. \u201cThat\u2019s why we\u2019ve created what we describe as \u2018Claims as a Service (CaaS)\u2019 professional services as an additional claims solution component for our customers. \u2018CaaS\u2019 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.\u201d<\/p>\n
Insurers can download the IMS Claims ROI whitepaper, or review Wedge product details, at www.ims.tech\/claims<\/a>.<\/p>\n IMS is a leading connected car solutions provider delivering services and analytics to insurers, governments, automotive OEMs and mobility operators. IMS is the developer of the cloud-based DriveSync\u00ae connected car platform which has received industry acclaim for its ability to offer customers a data source-agnostic, multi-device strategy for service provision versus a single focused technology approach. IMS is part of Trak Global Group, an international connected solutions provider with technology deployed in over a dozen territories, and its own in-house telematics insurance business, Carrot Insurance. For more information, visit www.ims.tech<\/a>.<\/p>\n Carrot Insurance, part of Trak Global Group, is a UK-based, award-winning, telematics insurance business. In 2015, Carrot received the Prince Michael International Road Safety Award for its work in reducing driver accident frequency, and launched Better Driver, one of the first app-based connected auto insurance products in the world. Carrot offers both hardware and app-based solutions to its policyholders, and has won multiple awards, including \u2018Claims Partner of the Year\u2019 in 2017 and \u2018Best Consumer App\u201d at the Insurance Times Tech & Innovation Awards in October 2019. For more information, visit www.carrotinsurance.com<\/a>.<\/p>\n Trak Global Group (TGG) is the UK-based holding company and owner of IMS (Insurance & Mobility Solutions), a global provider of connected car solutions, services, and analytics for insurers, mobility operators and governments, and Carrot Insurance (Carrot), a B2C telematics insurance broker in the UK and digital insurance platform available to insurers internationally. For more information, visit www.trakglobalgroup.com<\/a>.<\/p>\n Source: St. Nick Media Services on behalf of IMS<\/i><\/p>\n Tags: Carrot<\/a>, claims<\/a>, industry first<\/a>, Insurance & Mobility Solutions (IMS)<\/a>, launch<\/a>, Telematics<\/a>, Usage-Based Insurance (UBI)<\/a>, whitepaper<\/a> Data gathered utilizing IMS\u2019 new low-cost Wedge™ telematics sensor combined with the new IMS Connected Claims solution connects insurers and policyholders while cutting claims costs Waterloo, ON (June 22, 2020) \u2013 IMS (Insurance &...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18756"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18756"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18756\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}About IMS<\/b><\/h4>\n
About Carrot Insurance<\/b><\/h4>\n
About Trak Global Group (TGG)<\/b><\/h4>\n
\nRead the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"