The company’s Carrot UBI platform has been recognized as Top Automotive Insurance Product of the Year and Best Data Product of the Year at the virtual TU Automotive Detroit 2020 event.
Boston, MA and Waterloo, Ontario, Canada — August 19, 2020 – IMS (Insurance & Mobility Solutions), part of Trak Global Group (TGG) and one of the world’s top three providers of connected car data solutions to insurers, mobility operators, OEMs and governments, is pleased to announce the company’s Carrot usage-based insurance (UBI) platform has won two top product TU-Automotive Awards for Insurance Product of the Year and Best Data Product of the Year.
The Insurance Product of the Year award recognizes an outstanding automotive digital insurance product, and the Best Data Product of the Year award recognizes an outstanding data product. Each year, TU-Automotive recognizes companies with the most innovative solutions with awards for industry engagement, user experience, market uptake, and more. These prestigious connected car and automotive technology awards were presented during a ceremony on August 18 during the virtual TU-Automotive Detroit 2020 event.
IMS introduced the Carrot UBI platform in North America in January of this year to enable U.S. and Canadian insurers to rapidly scale next-generation UBI programs that go beyond the common approach of offering drivers discounts in exchange for sharing limited driving data. The highly-configurable, modular platform is compatible with telematics data across all device types, from plug-in hardware to mobile apps and embedded telemetry within vehicles. In addition to underpinning Carrot Insurance in the U.K., the Carrot UBI platform has been adopted by numerous insurers, such as RSA, Zurich, and Aviva, as well as auto manufacturers, including Volkswagen and Fiat.
“We’re very pleased to be recognized by the industry with two top product awards,” said Nino Tarantino, CEO, Americas for IMS. “We offer the best-in-class engagement and rewards platform, with 10 years of direct-to-consumer experience through Carrot Insurance, market testing propositions that truly modify behaviours and result in reduced claims ratios. Insurers can benefit from a 42 percent accident frequency reduction, a 14 percent loss ratio improvement for every two points of average portfolio driver score improvement, and a seven percent combined operating ratio improvement solely based on the Carrot approach.”
Global insurers, like Zurich, are reducing loss costs, speeding claims from first notice of loss (FNOL) to resolution, and improving combined operating ratios by using not only the engagement and reward system at the heart of the Carrot UBI platform, but also IMS’s expertise employing telematics data to improve the claims process. Constantly innovating, the company also recently launched the IMS Connected Claims solution which leverages the powerful data-gathering capabilities of IMS’s patent-pending Wedge™ telematics sensor to deliver the industry’s first claims-focused telematics solution.
IMS is a sponsor of the TU-Automotive Detroit event taking place virtually August 18-20, 2020.
Stop by the IMS virtual booth or attend the company’s on-demand webinar for more information. https://automotive.knect365.com/tu-auto-detroit/
