Telematics Analyzer includes a scoring engine that gives actuaries the ability to develop bespoke telematics-based scoring programs, as well as access and transparency to policyholders who want to understand how their score has affected their policy.
The efficient collection and analysis of telematics data continues to present challenges and barriers to insurers, service providers and OEMs alike.
msg global, a Swiss-based provider of integrated software and services to the insurance, reinsurance, and financial services industries, addresses these challenges with the North American release of Telematics Analyzer, a software solution that enables the collection, analysis and scoring calculation of telematics-based driving data.
The value of telematics data cannot be overstated, with usage-based insurance as just one example. According to a 2014 LexisNexis study, 45 percent of consumers are interested in UBI offerings that will keep them informed about the driving habits of those covered on their policies, up from just 12 percent in 2013.
Insurers that are finding new ways to leverage this interest and create opportunities for customer engagement are seeking a telematics-based data analysis and scoring approach that is meaningful, profitable and competitive.
In development since 2013, tested with a leading European insurer and available now, Telematics Analyzer offers insurers a flexible way to collect data from a variety of sources and conduct in-house, detailed analyses and telematics-based score calculations to create reliable and flexible scoring models and individual usage-based rating models.
The only available standard telematics software that can be implemented within any insurance IT landscape, Telematics Analyzer can be used with a variety of telematics hardware and software providers. When used with msg global solutions’ MyMile mobile app solution—the first mobile telematics solution that uses iBeacon technology to enable mobile devices to understand their position on a micro-local scale—Telematics Analyzer can deliver hyper-contextual content based on location.
An additional layer of granularity is provided through msg global solutions’ partnership with HERE, a Nokia company and the leader in navigation, mapping and location experiences, ensuring that the geo-based data collected by Telematics Analyzer is accurate and dependable.
As an added benefit, the accuracy and dependability of this data can be leveraged by actuarial teams working on new risk assessment methodologies, and the insights derived from the data offers insurers the opportunity to efficiently drive customer interaction and engagement.
“The concept here is flexibility, scalability, and reliability when designing a telematics-based scoring model and usage-based insurance go-to-market strategy,” says Sven Roehl, msg global solutions’ Managing Director of Telematics and Country Leader for the UK. “Telematics Analyzer can run on the SAP HANA Cloud platform, creating further opportunities for an insurer to effectively compete. And insurers that want to run the solution as a pilot project can gain immediate telematics experience using Telematics Analyzer as a service.”
The solution is available to auto insurers, rental car companies, leasing companies, telematics service providers, telecommunication providers and telematics hardware providers.
The recently upgraded MyMile app is available from the App Store on iTunes and from the AppDemo Store.
For more information, visit telematicsanalyzer.com.
About msg global solutions
msg global solutions is a product-based systems integrator that serves insurers and reinsurers in all lines of business, in all regions of the world. Our expert teams employ a complete selection of consulting services and software products to help large and mid-size clients succeed with a range of business and IT strategies, including digital transformation.
msg global solutions is part of msg group, an independent, international group of companies with autonomous regional companies and subsidiaries and well over 4,500 employees worldwide. msg offers a holistic service spectrum of creative, strategic consulting and intelligent, sustainable and value-added IT solutions, and has acquired an excellent reputation as an industry specialist during its more than 30 years in business. msg holds seventh place in the ranking of IT consulting and system integration companies in Germany.