IMS Demonstrates Insurance Telematics First: 42% Crash Reduction & 7% Combined Ratio Improvement

Waterloo, ON, Canada, Oct. 08, 2019 (GLOBE NEWSWIRE) — IMS, the insurance telematics technology arm of Trak Global Group (TGG) is now positioned to offer North American and European insurers unprecedented access to the learnings from driver data via TGG’s award-winning Carrot Insurance brand.

Carrot’s direct interaction with its installed customer base has driven innovative product development, including the latest telematics smartphone based “Better Driver” app, which  recently won the prestigious 2019 UK Insurance Times Technology and Innovation Award for Best Customer Mobile app.

“Carrot’s award-winning technology has modified driver behavior in a positive way, and we are eager to make our learnings accessible to insurers,” said Nino Tarantino, CEO- Americas, IMS.

Accessing this critical data will enable insurers to:

  • Improve policyholder engagement
  • Offer a reward platform that builds loyalty
  • Motivate safer driving behavior
  • Realize the positive impact on combined ratios

“We have developed and tested our insurance telematics propositions with our own Carrot customers so our insurer partners don’t have to,” Tarantino continued.  “No other telematics service provider has this kind of direct-to-policyholder experience and insight, but we do through Carrot, and we want to share what we have learned with the insurance companies we work with.”

Carrot, which launched in 2012, has since overseen a 42% reduction in the number of accidents among its customer base, thanks to its pioneering technology and an active risk management program, including rewards for good driving, which has turned the insurance experience on its head for policyholders.

Carrot’s policy has also built customer loyalty. The company has returned $5M to customers during the past seven years and the rewards program, in turn, offers a built-in incentive for consumers to check their status and driving feedback.  In doing so, frequently, consumers drive better and safer.

“Carrot’s telematics program has made a previously unprofitable market segment for us profitable again,” said Ed Rochfort, Managing Director of Carrot Insurance. “By analyzing telematics data we’ve been able to dramatically improve our risk pricing while reducing the cost of claims. A huge win by all accounts.”

“We’re making big improvements in reducing the cost of motor claims for our insurer clients, saving them time and money by providing indisputable proof of what actually happened in an incident. We believe Carrot’s claims data analytics has reduced CORs for our insurer partners by 7.7%,” Tarantino said. “In turn, our insurance customers are using these same insights from Carrot to create their own digital insurance strategies.”

For further detail on the Carrot difference, insurers can download IMS’ Carrot case study to access learnings and insights from this award-winning offering: https://www.intellimec.com/carrot-insurance-rewards-case-study. Alternatively, insurers can contact IMS for more information at: https://www.intellimec.com/carrot-insurance-insights.

About IMS

IMS, part of Trak Global Group, is a leading connected car and telematics solutions provider, delivering services and analytics to insurers, governments and enterprises. 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.

About Trak Global Group

Trak Global Group (TGG) is one of the world’s largest telematics companies, gathering and interpreting data from connected devices to help organizations manage driver and vehicle risk. The group has long-standing partnerships with global insurers, leading motor manufacturers, corporate fleets and daily rental companies and is the UK’s largest insurance telematics business.

In late 2018, TGG acquired IMS, the 3rd largest insurance telematics business in North America. In addition to its partnerships with major insurers, it has more than 130 patents associated with connected car services and has pioneered the use of telematics technology for Road Usage Charging in the United States.

In September 2019, private equity house Three Hills Capital Partners took a significant minority stake in the business, providing in excess of $50 million in growth capital.

About Carrot Insurance

Carrot Insurance, also part of TGG, is a UK-based, award-winning telematics insurance broker specializing in novice drivers. In 2015, Carrot received the Prince Michael International Road Safety Award for its work in reducing young driver accident frequency, and in 2015, it launched Better Driver, an app-based product representing the UK’s first mass-market usage-based insurance product.

For more information on IMS:

Visit: https://www.intellimec.com

Latest smartphone app provides more convenience and peace of mind

Attention tech, insurance, housing and auto journalists.

Many of us can’t live without our smartphones. They’re in our pockets, purses and bags and we check them often for communication, information, or just force of habit. Now your phone can become the ultimate home and auto insurance tool by downloading the new State Farm Canada Appwww.statefarm.ca/sfcanadaapp – for free!

Telematics, Alert and easy access to Online Services all at your fingertips

The all-new State Farm Canada App includes Telematics* – a fully mobile telematics insurance program. Telematics can help you to become a safer driver by using your smartphone to track and improve your driving in real-time and then rewards you with savings of up to 25% on your auto insurance premium at renewal. – www.statefarm.ca/insurance/auto/discounts/telematics

The app also allows you to manage your home and auto insurance easily. By logging on to your Online Services account directly from your phone you can receive instant access to your insurance policies, obtain valuable information and tips, file a claim or get an online quote, anywhere, anytime, 24/7.

And for even more peace of mind, the State Farm Canada App includes Alert, our latest home insurance prevention program that detects water leaks and risk of freezing to prevent water damage.

Customers with a home insurance policy that sign up for the Alert program will receive a free water and freeze detector. The detector is a connected device and can be placed close to a potential source of leaks like a bathroom, dishwasher or washing machine. If it senses a problem it sends an alert to your smartphone by notification, text message or email, so you can act quickly to limit any damage. Participation in the program will not lead to premium increases or changes in existing coverage, regardless of how many alerts a customer receives.

In Canada, water damage accounts for more than 50% of property insurance claims, so acting fast can prevent significant damage and avoid the disruption that comes with it.

How and where do I get it?

Call your State Farm agent to enroll in Telematics and/or Alert, and download the State Farm Canada App from the App Store® – www.apple.com/itunes/download – or Google Play™ – https://play.google.com/store/apps.

About State Farm

In January 2015, State Farm’s Canadian operations were purchased by Desjardins Group, the leading cooperative financial group in Canada and among the three largest P&C insurance providers in Canada. With its 500 dedicated agents and 1700 employees, the State Farm division provides insurance and financial services products including mutual funds, life insurance, vehicle loans, critical illness, disability, home and auto insurance to customers in Ontario, Alberta and New Brunswick. For more information, visit www.statefarm.ca, join us on Facebook – www.facebook.com/statefarmcanada, or follow us on Twitter – www.twitter.com/statefarmcanada.

App Store is a service mark of Apple Inc., registered in the U.S. and other countries.
Google Play is a trademark of Google Inc.

*Telematics is currently available in Ontario only

State Farm branded policies are underwritten by Certas Home and Auto Insurance Company.

®State Farm and related trademarks and logos are registered trademarks owned by State Farm Mutual Automobile Insurance Company, used under licence by Certas Home and Auto Insurance Company.

©Copyright 2017, Certas Home and Auto Insurance Company.

SOURCE State Farm Mutual Automobile Insurance Co.

InsureMy Ushers in a New Era of Road Safety with the New Driver Intelligence Pilot Program

InsureMy Ltd., a Calgary based, full service insurance brokerage firm, today announced the piloting of their innovative young drivers program, New Drivers Intelligence (“NDI”). With a full launch across Alberta and Ontario anticipated in early 2016, Canadian parents will soon have access to real-time driving data, direct from their vehicles, allowing for greater coaching opportunities between parents and new drivers.

Helping teens develop good driving habits means improved safety for all…

Through the use of a simply installed plug-in telematics device, InsureMy’s NDI system allows both parents and teens to track and monitor their driving behaviour. With the ability to collect and review information direct from the vehicle about drive time, speed, braking, cornering and more, NDI gives parents peace of mind when putting new drivers on the road, knowing they have the resources to coach their kids even when they can’t be at their side. All while giving teens the independence they seek, building confidence and setting them up for a future of responsible driving.

Industry data points to significant reduction in dangerous driving incidents…

Recognizing the need to make a positive impact on the lives of parents and teens across the country, InsureMy brings global driver safety technology to the Canadian driving landscape.  Established young driver programs in the UK report a massive improvement in young driver statistics with 2014 results revealing a 21% reduction in dangerous driving incidents and a 40% drop in crash risk for drivers with a telematics policy.

“…InsureMy puts family driving safety first,” states Hugh McTavish, President of InsureMy Ltd.

“Customers shouldn’t have to experience a claim to know that their insurance dollars are well spent. That’s why InsureMy puts family driving safety first,” said McTavish.  “In fact, it’s incumbent on our industry in general to take the kind of action we’re taking to effect positive change and promote safety for all drivers – it’s good for our customers. InsureMy’s NDI is a first step in that direction,” McTavish concluded.

To put an InsureMy policy to work for you, or for further information on the complete line of InsureMy products, contact Gord Mansfield at 1-844-410-1896.

About InsureMy Ltd.:
InsureMy is a full service insurance brokerage firm, emerging as a market leader in the management and delivery of telematics based insurance products. Empowering customers to manage costs, regulate driving performance, and minimize their environmental impact by leveraging technological advances in the collection and practical application of telematics data.

SOURCE InsureMy Ltd.

For further information: Gord Mansfield, Director, National Sales, Phone: 1-844-410-1896, Email: Gord.Mansfield@InsureMy.ca

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