CSC expanded its digital insurance portfolio by introducing a new usage-based insurance (UBI) and telematics offering.
The new UBI offering incorporates digital claims, policy administration and underwriting solutions from CSC with driver profile software from Scope Technologies.
According to a CSC press statement, the telematics-based offering enables 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 accident recreation will help identify fraud and streamline the claims process.
CSC said 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 claims it is the first to offer an end-to-end telematics solution with insurance and claims management support. The offering is available as either an outsourced solution or integrated into an insurer’s current technology.
According to a Global UBI study, nearly 100 million vehicles globally will be insured with telematics policies by 2020. This will grow to nearly 50 percent of the world’s vehicles by 2030, generating more than €250 billion in premiums for insurers.
