As usage based insurance grows in popularity, an increasing number of industry players are offering new solutions for consumers.
This week, global professional services company Towers Watson announced it has partnered with Cambridge Mobile Telematics – a technology and data analytics provider – to create a usage-based auto insurance product that incorporates a number of other telematics services.
The product, which is available everywhere apart from Canada and South Africa, is intended to benefit a variety of carriers and consumers by incorporating data from a variety of sources.
“This venture is significant because it enhances our data insights and analytics offerings by including smartphone-based data,” said Robin Harbage, global lead for Towers Watson’s UBI product delivery. “It also provides us with a deeper range of sensor types for risk assessment and R&D opportunities with smartphone-based technology.
“Overall, it enables us to deliver even richer services to clients in the telematics market. We’re excited about collaborating with CMT.”
The joint offering includes Towers Watson’s DriveAbility program, analytics and insurance expertise as well as CMT’s DriveWell smartphone telematics solution and lightweight hardware Tag option. The solution can be implemented by insurance carriers in the property/casualty market, auto and truck original equipment manufacturers, consumer telematics service providers and end customers of mobile network operators.
“With UBI quickly gaining traction across the globe, insurers are searching for innovative ways to introduce telematics to their customers,” said Hari Balakrishnan, chief technology officer for CMT. “Combining our products with Towers Watson’s program will further strengthen the ability for customers to measure driving performance in a scalable way.
“Through this collaborative venture with Towers Watson, we will pave the way for insurers worldwide to adopt an accurate and compelling telematics solution, furthering CMT’s mission of making roads safer by making drivers safer.”
