CMT partners with CROC to provide insurance solutions in Russia
Cambridge Mobile Telematics (CMT) partnered with Russian IT company CROC to offer the Russian auto insurance market a joint solution that combines CROC’s in-depth knowledge of the market and deep IT expertise with CMT’s mobile telematics-based solutions.
CMT’s technologies help drivers identify and reduce dangerous behaviors such as phone use while driving, speeding, and harsh or late braking, and enables insurers to process claims faster, lower their risk, and improve customer experience. CMT’s platform integrates with the insurer’s mobile apps and uses mobile sensing via an SDK to assess driving risk.
CMT’s analysis of billions of miles traveled by millions of drivers worldwide indicates that distracted driving feedback and user engagement can be impactful, with the top 30% of drivers on their platform reducing their phone distraction by 39% after 30 days. CMT’s analysis of crashes from claims data shows at least 19% were attributable to phone-based distraction.
As a result, in past UBI programs such as with Discovery Insure in South Africa, the solution generated a 17% better loss ratio and a 20% lower risk-adjusted claims frequency compared to traditional policies.
“Mobile telematics from CMT combines all the innovative technologies enabling insurers to use information about their customers’ driving behavior. They can generate flexible and individual compulsory MTPL pricing without having to install any devices in the car. This is now possible since the liberalization of the regulations on compulsory Motor Third Party Liability in Russia. The programs can also include preventive features capable of reducing accident frequency as well as facilitating proactive claims settlement. At the same time the very attractive price of mobile telematics facilitates its implementation both for CASCO and compulsory MTPL.” – Denis Gavrilov, Business Development Director with Insurance companies at CROC.
ASKO-INSURANCE, one of Russia’s leading providers of black box telematics insurance for the CASCO market, was the first to see the potential in implementing the CMT solution, and it is now considering the possibility of using mobile telematics to assess driving styles and provide its customers with individual rates for MTPL, as well as to expand the range of remote claims settlement services through a mobile application.
“We actively use modern technologies to improve the quality of our services: from quick and easy policy purchase to simplifying the claims process. Our clients are already actively using our mobile application, and mobile telematics is the next step in the evolution of the insurance business – as its implementation helps to decrease the number of accidents and optimizes motor insurance. We have started active testing of the CMT solution, which, in our opinion, will make our insurance services more personal and convenient for our customers,” commented Alexey Lyubavin, Deputy General Director at ASKO-INSURANCE.
“CMT’s partnership with CROC allows insurers in the region to build competitive advantage through advanced risk identification, more accurate pricing, and positive customer engagement features,” said Ben Bowne, Vice President, Global Sales & Partnerships at CMT.
