Towers Watson (TW) and Hughes Telematics (HTI), which is a subsidiary of the Verizon telecommunications group, have formed a strategic alliance to provide USA automobile insurers with comprehensive data services for usage-based insurance (UBI) programs. With the alliance, TW’s DriveAbility service offering will now be powered by HTI’s industry-leading In-Drive system. DriveAbility helps insurers convert driving data into industry-applicable metrics, which enables the development of new insurance products and services for consumers. HTI will use its automotive telematics platform to offer enhanced data services and provide the connectivity for additional telematics features. Through the alliance, DriveAbility will provide a cost-effective way for insurers to rapidly go to market with a UBI product.
Demand for UBI programs has been rising steadily as automobile insurers look for new ways to control claim costs, enhance pricing sophistication, improve profitability, and differentiate policyholder products and services. The programs use a self-installed device or OBU (On-Board Unit) in the vehicle to collect valuable driving data and provide connected vehicle data services. Drivers can lower their insurance rates based on their driving, and they also gain access to information that will help them improve their driving habits.
Announcing the partnership, Robin Harbage, leader of TW’s UBI consulting practice, said, “An effective UBI program should offer valuable vehicle services, as well as the ability to reward dependable drivers. Working together, our two companies will bring extensive knowledge to help insurers determine how to best implement a UBI program.” Kevin Link, senior vice president at HTI, commented, “We look forward to working with Towers Watson in expanding our In-Drive solution. This alliance will leverage our strength in automotive telematics and their analytical expertise to deliver cost-effective UBI data services for the automobile insurance industry.”
29 August 2012
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