IMS announces availability of auto UBI program
IMS, a subsidiary of Trak Global Group and “one of the world’s top three providers of connected car data solutions to insurers, mobility operators and governments,” is announcing the availability of a usage-based insurance program model for North American insurers that enables the implementation of a mileage-based UBI product “in just a matter of weeks.”
Based on IMS telematics data from customers around the world, from early March to mid-April, 55% fewer trips and 40% fewer miles have been driven in the US, while in Canada the numbers are 45% and 50% respectively, and in Germany 40% and 55% respectively. The UK leads the pack with the largest decreases during lockdown, with data showing 55% fewer trips and 65% fewer miles driven.
“The COVID-19 crisis is going to change the way that consumers look at auto insurance. In the future, they simply won’t want to pay a flat rate for cars that sit on driveways or in garages for most of the week. It might just be that it’s the most unlikely of circumstances – a global pandemic – that finally drives telematics and UBI into the mass market.” – Nino Tarantino, CEO of IMS (Americas).
Bottom Line: in the space of Smartcar.