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New IMS Engagement Toolset Helps Insurers Improve ROI on UBI

IMS (Insurance &  Mobility Solutions), one of the world’s top three providers of connected car data solutions to insurers, mobility operators and governments, announces the immediate availability of the IMS  Engagement Toolset, a highly-configurable suite of tools that enables insurers and mobility operators to  interact with customers in a way that positively influences driving behavior and reduces collision and  claim risk.  

Developed in response to an industry view that unlocking ROI from telematics technology is a challenge  for the growth of many usage-based propositions in market today, the IMS Engagement Toolset delivers  the ability to craft and configure engagement campaigns that blend reward programs, which incentivize  change, with practical coaching and behavioral “nudge” messaging. 

These tools are underpinned by the IMS Engagement Toolset’s proprietary, AI-based Decision Engine,  which uses telematics data and behavioral analytics to intelligently enable and distribute rewards and  messaging outputs, right down to individual customer level.  

“There’s no simple formula or silver bullet for making a UBI proposition work,” said Ed Rochfort, chief  product officer for IMS. “The right approach will vary from program-to-program, and even policyholder to-policyholder. Globally, UBI programs are proliferating at a rapid rate using a variety of sensors to  collect telematics data. In our experience, choosing the right form of technology to power your program  is important, but is not the primary factor that determines success or failure. At IMS, we have evidence  that keeping customers engaged with their data in a way that motivates positive behavioral change is  the number one thing that keeps them safe, generates advocacy, and improves loss ratio.”  

The IMS Engagement Toolset works with any insurance or mobility-focused telematics program – from completely new propositions to existing third-party or in-house built applications. The toolset will be  available as a managed service via IMS, or through a self-service portal where customers can configure,  combine, and customize multi-layered messaging and rewards campaigns. It includes four important  tools for influencing outcomes: 

Rewards – Provides full control over how rewards are earned, distributed, and fulfilled, offering  end-to-end digital interaction. 

Messaging – Deploys tailored, data-driven messaging on a one-to-all, one-to-many, and even  one-to-one basis. 

Coaching – Distributes static and rich-media educational content, triggered by telematics  behavioral data. 

Gamification – Enables the creation of leagues, leaderboards, achievement milestones and  badge systems to further enrich engagement efforts.

During the development of the Engagement Toolset, IMS was able to use Trak Global Group sister company, Carrot Insurance, as a sandbox for real-world proposition testing and refinement. The regular  messaging and high-frequency reward-based approach applied in Carrot test scenarios resulted in more  than 56 percent of its customers checking their driving scores on a daily basis and, as a result of this high  level of engagement, there was a significant improvement in driving scores at portfolio level. Linked to  this, Carrot’s data showed that an overall 7 percent reduction in loss ratio could be attributed to an  investment of just 1.7 percent of total premium to fund the reward program – a true demonstration of  ROI. 

Join IMS Chief Product Officer Ed Rochfort and IMS customer Kenny Leitch, Global Connected Insurance  Director from leading insurer RSA, for a Dig|In virtual case study panel, “Launching a successful digital,  connected insurance program” on Wednesday, December 2 at 1:45 PM ET.  

Register for Dig|In here: https://conference.dig-in.com/digitalinsurance/page/1587903/register For more information on the IMS Engagement Toolset, visit https://www.ims.tech/engagement 

About IMS (Insurance & Mobility Solutions) 

IMS is a leading connected car solutions provider delivering services and analytics to insurers,  governments, automotive OEMs and mobility operators. IMS is the developer of the cloud-based  DriveSync® connected car platform which has received industry acclaim for its ability to offer customers  a data source-agnostic, multi-device strategy for service provision versus a single focused technology  approach. IMS is part of Trak Global Group, an international connected solutions provider with  technology deployed in over a dozen territories, and its own in-house telematics insurance business,  Carrot Insurance. For more information, visit www.ims.tech

About Carrot Insurance 

Carrot Insurance, part of Trak Global Group, is a UK-based, award-winning, telematics insurance  business. In 2015, Carrot received the Prince Michael International Road Safety Award for its work in  reducing driver accident frequency, and launched Better Driver, one of the first app-based connected  auto insurance products in the world. Carrot offers both hardware and app-based solutions to its  policyholders, and has won multiple awards, including ‘Claims Partner of the Year’ in 2017 and ‘Best  Consumer App” at the Insurance Times Tech & Innovation Awards in October 2019. For more  information, visit www.carrotinsurance.com.

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