New Global Solution Helps Auto Insurers Improve Risk Assessment Based on Driver Behavior
CSC (NYSE:CSC), a global leader in next-generation IT services and solutions, today announced a new usage-based insurance (UBI) and telematics offering to help insurers price new products based on driving behaviors.
The new UBI offering incorporates digital claims, policy administration and underwriting solutions from CSC 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 sophisticated accident recreation will help identify fraud and streamline the claims process.
The new offering 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.
“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,” said Phil Ratcliff, vice president and general manager, CSC’s Global Insurance Industry. “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.
“Many telematics pilot projects have been slow to take off as insurers struggle with complex and costly implementations,” said Thuy Osman, Novarica research and consulting manager. “CSC and Scope’s collaboration to address this problem should help accelerate an insurer’s ability to bring telematics-based products to market and continue to drive the growth of UBI.”
CSC is a leader in the provision of software, services and outsourcing to the insurance industry. CSC leverages its extensive software capability to build services and deliver next-generation technology to insurance industry customers globally helping them build new digital businesses and transform their current operations.