Insurance & Technology News
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Sprint to market integrated insurance solutions through wireless network
Jul 20, 2012 (TELECOMWORLDWIRE via COMTEX) --
Wireless and wireline communications service provider Sprint (NYSE: S) said it will market integrated, end-to-end usage-based insurance services designed specifically for the auto insurance industry. Sprint will be the first wireless carrier to offer a low-cost turnkey trial program for insurance carriers to start their own trials and pilot programs.
Integrated Insurance Solutions from Sprint will give insurance carriers the ability to offer customers personalized discounts based on their driving habits. The vehicle is fitted with a small device that easily plugs into the diagnostic port. It captures vehicle information and driver behavior data which is transmitted over the Sprint wireless network. A cloud-based system analyzes the data with driver scoring software that enables insurance carriers to improve driver risk assessments, reduce costs and improve profitability.
Sprint is providing insurers with a seamless experience so that they can expand their offerings but still focus on their core business. "We have simplified usage-based insurance," said Matt Carter, president-Global Wholesale and Emerging Solutions, Sprint. "Sprint has assembled all the necessary components together so that insurers have a single point of contact for all UBI-related needs. We are working with industry-leading companies to help insurance carriers offer more options and help the policyholders drive more safely and save money. Sprint is committed to making transportation safer through our dependable and continually improving network."
With Integrated Insurance Solutions from Sprint, insurance carriers will be able to identify better drivers and reduce risk. Carriers will be able to receive detailed analytical data about participating policyholders' driving behaviors. In addition to "pay as you drive" programs that provide discounts to consumers based on driving behavior, insurance carriers can also offer their customers value-added services such as Web-based tools that let them monitor their vehicle health, get tips on how their driving behavior can be adjusted to be more fuel efficient and even monitor their vehicles' location.
Comments on this story may be sent to tww.feedback@m2.com
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UPDATED 4:32 AM EST - Jun 19, 2013
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