Flexibility and collaboration are key to a smooth, data and analytics journey. IMS offers full flexibility and complete openness in scoring and rating. Precisely assess risk for each policyholder and encourage safe driving behaviors while generating actionable intelligence for your entire book of business.
Not all insurers are alike. IMS recognizes that there is not a “one size fits all” approach to scoring. IMS provides flexible options to meet your program and business objectives.
Direct access to IMS’ proven scoring models in addition to IMS' internal analytics team to develop or refine your unique scoring and rating system.
Your insurance actuarial models refined with the benefit of IMS' expertise and available internal analytics team.
Work with one of IMS’ analytics partners.
IMS analyzes the most number of driving insights for your scoring consideration. These insights are delivered to policyholders as coaching and feedback and to insurers as components to be used in generating a driving score. Insurers choose the driving insights most relevant to their program objectives.
Insurers can detect distracted behaviors, including time, duration and even severity level of smartphone usage while driving.
Distracted driving insights are measured and provided back to the driver for coaching and driving behavior improvements. Insurers are also able to take these insights and formulate a distracted driving score or include them in an overall behavioral assessment score based on program requirements.
When an incident takes place, the involved vehicles are frequently towed and taken to a storage lot. This not only delays the repair and adds to the claims cost, but during this time, the owner also loses visibility on where his/her car is located and its status. IMS’ Automatic Incident Detection service leverages IMS’ advanced analytics capabilities to inform your First-Notice-of-Loss (FNOL) process and accurately identify collision incidents. In doing so, it reduces inefficient claims expenditure due to avoidable secondary towing and storage charges.
Automatic Incident Detection for the FNOL insurance process can provide auto insurers with rapid notification of a claims incident, allowing insurers to immediately begin assisting the policyholder and processing the claim, while directing the towing service to the policyholder’s desired service center. It does so by leveraging available device sensors (e.g. accelerometer, gyroscope), collected driving data (e.g. speed), and contextual data sources (e.g. road segment data) to detect crashes with high confidence. This enables IMS’ Automatic Incident Detection capabilities, including intelligent delivery of crash notifications, to program participants, and their emergency contacts, as needed.
Vehicle collisions are the most common way that people or collision details are falsified, but unfortunately, some car accidents are staged on purpose. In fact, accident fraud is one of the more prominent types of auto insurance fraud costing approximately over $8 billion in lost revenue for the insurance industry.
When a vehicle collision occurs, it’s important for insurers to piece together a clear picture of what happened during a car accident in order to accurately evaluate liability. IMS telematics crash data provides unbiased forensic evidence that can enhance crash analysis activities and help insurers make more informed settlement decisions.
IMS crash forensic data examine a myriad of evidence including:
Inconsistent underwriting data and policyholder misinformation continue to negatively impact the underwriting process affecting the insurer’s ability to accurately classify risk and apply the correct premium and conditions of an insurance policy to protect both the policyholder and the insurer. Recent studies have shown the auto industry is facing over $28 billion in premium leakage. IMS Auto Insurance Premium Leakage Reports help forward-thinking insurers not only detect underwriting fraud but to prevent it as well.
IMS Premium Leakage Reports examines a myriad of evidence including:
Insurers can now improve efficiency and minimize the risks associated with vehicle garaging fraud and radius of vehicle travel information provided by policyholders misreporting garaging addresses. Garaging Location Analysis allows carriers to validate policyholders address, secondary garaging locations, and insight into a more granular breakdown of the radius of vehicle travel.
Miles driven is a primary predictor of driver risk. Some policyholders underestimate annual miles driven to help reduce their premium. Mileage Verification allows insurers to receive verified data without impacting driver privacy and characterizes participants using commute distances derived from actual observations, and estimated annual mileage based on historical driving patterns (i.e. total exposure).
Policyholders sometimes fail to update and disclose any driver(s) that have regular or frequent use of their vehicle(s). These undisclosed drivers are estimated to cost the insurance industry over $2.7 billion in lost annual premiums. Undisclosed Driver Reports provide insight and estimates of total drivers sharing each vehicle, and associate individual trips with each driver mapped by their the unique “fingerprint” driving pattern.
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