Tech Mahindra, a specialist provider of connected solutions, announced the launch of Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers.
It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages. The platform is flexible to fit to the growing needs of global insurance enterprises, where the market is expected to grow $100B plus by the end of the decade.
The solution utilizes the capabilities of Tech Mahindra and AT&T in the areas of multi-vertical, engineering and infrastructure capabilities.
As a result of this, the global insurers can reduce their claim costs by up to 20%, while reducing eligible insured driver premiums up to 40%. This Usage Based Insurance solution is hosted on the seamless AT&T cloud and served through AT&T’s global Machine-to-Machine (M2M) capabilities.
The initial launch encompasses two products, UBI Lite and UBI Plus. UBI Plus offers a big data driven approach that takes into account real time physical world data to provide accurate information.
"Global insurers and reinsurers are increasingly looking towards telematics-based insurance products in the pursuit of competitive and differentiated offerings in the marketplace," says Ravi Vasantraj, Head – BFSI, Tech Mahindra.
"Tech Mahindra’s UBI solution can assure substantial and continuous cost savings through process efficiencies. Through our connected solutions, we deliver high quality services to our financial services clients."
The solution is part of the offering from Digital Enterprise Services (DES) unit of Tech Mahindra. The unit offers innovative and customer-centric services and solutions integrating technology with business that answer today’s issues, anticipate tomorrow’s needs and create Future Proof and Future Ready Solutions using seven technologies namely Networks, Mobility, Analytics, Cloud, Security, Social and Sensors.
The platform is deployable and pilot ready. In addition, it is also extensible with context based and social domain features for the next gen insurers.
With its presence in more than 51 countries and global connectivity from AT&T, Tech Mahindra is presenting its telematics-driven smart and cost efficient solution for Usage Based Insurance (UBI) for both Personal and Commercial auto insurance players across the globe.