The value of telematics data as a mechanism for both intelligently improving loss ratios and simultaneously encouraging safe driving practices is demonstrated by a rewards program instituted by Carrot Insurance.
By focusing on developing customer-centric insurance programs, Carrot Insurance has pioneered telematics solutions that provide frequent engagement with policyholders and strong incentives emphasizing safety and recommended driving practices that genuinely enhance an insurer’s bottom line.
Noting the deficiencies in many existing rewards programs, Carrot Insurance set out to develop an app-based program, grounded in telematics data, to definitively establish that a well-designed rewards program could improve loss ratios, reduce accident frequencies, and incentivize drivers to adopt safe driving habits. The Better Driver app was developed by Carrot Insurance as part of a pilot program to refine and validate the techniques for engaging with lower-premium drivers. Earlier, an innovative New Driver black box insurance telematics program for younger drivers, introduced in 2012, helped establish a way to provide reasonably priced insurance in line with the driving behaviors of those with less experience behind the wheel.
IMS is Making the Capabilities of the Carrot Insurance Digital Insurance App Available to Insurers
IMS (part of Trak Global Group) is proud to announce that its direct-to-consumer insurance arm, Carrot Insurance, has received a prestigious award of “Best Customer App” by Insurance Times magazine.
Insurers interested in learning how they can access award-winning capabilities, insights and technology of Carrot can contact IMS.