AIG Europe Signs On with Overseas Telematics Product
Towers Watson and Vodafone have launched an overseas telematics product with the scalability to reach customers in many countries.
Insurance Networking News, March 5, 2013
Vodafone and Towers Watson are launching the telematics/usage-based insurance offerings for motor insurance companies operating outside of North America.
At the launch of the service this week, Vodafone and Towers Watson confirmed that UK insurance company AIG Europe Limited, part of the international group AIG, has signed up to run a pilot. In recent months, an increasing number of insurers have signaled their ambitions in the telematics market. Consumer interest across Europe has been boosted by the EU gender regulation and the potential for telematics to help improve driving habits and road safety.
The product is a combination of Vodafone Vehicle Connect, the company’s telematics proposition, and Towers Watson’s DriveAbility program.
“From our experience of doing work for clients in the United States, we know that analyzing granular data allows a much deeper understanding of the context of driving behaviors, which gives a much greater understanding of the likelihood of claims,” said Duncan Anderson, global head of pricing and product management at Towers Watson. “Indeed, we have found that our scores can differentiate loss ratio by over a factor of 10 from the best 10 percent of business to the worst 10 percent.”
The solution is designed to enable insurers to gather detailed per-second interval data on driving performance, and to offer customers optional value-added services which could in future include automated emergency calls and the tracking of stolen vehicles. Insurers will be able to choose from a range of data collection devices, according to the companies. The service is also reported to combine the granular driving data with external information, such as traffic patterns and weather data, to enhance the accuracy and value of the vehicle score.
The majority of solutions are expected to be made available to customers on a self-install basis, including options for insurers to offer “try before you buy” applications on smartphones. In countries where self-installation is not yet practical, assisted installation will also be available.
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