Vodafone Global M2M and Towers Watson have formed a strategic partnership to provide an industry-leading UBI solution that enables motor insurance providers to capture dynamic per second driving behaviour and contextual environment data to improve underwriting and pricing approaches, cost management and overall profitability.
We provide the tools and insight required to address a number of key operational areas that have put insurers under pressure such as better handling of claims and capturing first notification of loss (FNOL), detection of fraud and asset management.
In addition to measuring risk more accurately, UBI can actually reduce risk. Providing drivers with a combination of feedback and meaningful incentives has already been shown to reduce accident frequency. When accidents do happen, value added services like FNOL and Emergency Call(eCall) can help the company respond quickly, keep claim costs down and potentially also save lives through improving response rates for the emergency services.
Product offerings can be differentiated in line with individual driver profiles, making it possible to engage in ongoing dialogue with policyholders, which can help to build brand loyalty, reduce churn and gain competitive advantage.
Alongside helping drivers to influence the cost of their car insurance, UBI can also be used to tap into growing consumer and government interest in lowering fuel consumption and emissions and reducing road accidents.
UBI provides a route to market for a wide range of value added services that can be provided using the connected M2M device by enabling various safety and security related services such as eCall, breakdown call and roadside assistance services for an incremental service fee. As the relevant data and service capabilities reside on the backend, these service solutions can be enabled cost effectively for the insurer.
Vodafone and Towers Watson Telematics Usage Based Insurance is a comprehensive and complete UBI solution that includes strategy, device selection, analytics and ongoing policyholder support. You will benefit from a service-led relationship that will help you dramatically to cut the time required to launch your own successful telematics enabled UBI solution.