IMS announces Try Per Mile
Canadian telematics company IMS (part of Trak Global Group) announced the availability of Try Per Mile, a configurable, mileage-based telematics product for insurers and brokers to internally trial a usage-based insurance (UBI) program that can then be deployed to policyholders in as little as one month.
“When further developing our existing suite of solutions for mileage-based UBI programs, we wanted to offer insurance customers flexibility around the kind of telematics-enabled proposition that they could take to market, while at the same time empowering them to be as nimble as insurtechs in terms of incredible speed-to-market. Try Per Mile allows IMS’s insurance customers to internally trial multiple, usage-based configurations and to personalize the policyholder experience using payment models not typical of current, in-market mileage-based programs.” – Nino Tarantino, CEO, Insurance for IMS (Americas).
Features and benefits of Try Per Mile include:
- No cost trial, low-cost launch: IMS customers get up to five (5) self-install, on-board diagnostic (OBD) telematics devices, app access/configuration, and a portal for internal usage and trials. OBD dongles are now available at an exceptionally low price point while providing higher accuracy and additional data services, making them the favored technology for the majority of successful mileage-based programs that have been deployed.
- Personalized policyholder configurability: Insurers can increase policyholder choice and control over coverages and premiums by factoring in different telematics usage-based variables, such as how, where, and when policyholders choose to drive.
- Policyholder payment options: Insurers can choose to deploy a mileage-based program with varying payment modes: Pay as you Drive where policyholders pay for each mile driven based adjusted for usage-based and behavioral factors, or Pre-pay: where the policyholder pre-pays or tops-up their preferred bundle of miles upfront which can be adjusted based on the prevailing driver score.
- Increased retention: Insurers can provide customers with value-added services including insights into vehicle health proven to increase customer retention through regular engagement and driving feedback.
- Rapid implementation: Insurance companies can emulate speed to market typically seen only by insurtechs and launch a mileage-based program in as little as one month after configuration and trial.
“With Try Per Mile, insurance companies can get to market in as little as one month with a product built around our flexible pre-configurations, or work with us to create a product around their own tailored configuration. In either instance, a rich telematic data flow is available via API integration to enable their actuarial teams to learn about the real-world behaviors and risk factors associated with changes in driving habits as a result of the pandemic.” – Tarantino.
IMS already has multiple successful implementations of mileage-based programs in the market with top-tier insurers, including the recently announced Nationwide SmartMiles program in the US and More Than Low Miler product for RSA in the UK.