Sprint (News - Alert) recently announced that Frost & Sullivan has recognized its Integrated Insurance Solutions with the prestigious Customer Value Enhancement Award. According to Frost & Sullivan (News - Alert), the company’s advanced Integrated Insurance Solutions not only provide value to auto insurance carriers, but also to their customers. Using Integrated Insurance Solutions, clients will be able to support solutions with integrated devices and platforms for a wide range of applications.
In a statement, Wayne Ward, vice president-M2M and Connected Transportation, Sprint, said that, “We are very excited to receive this prestigious recognition from Frost & Sullivan. We are collaborating with industry-leading companies to help insurance carriers offer more options and help the policyholders drive more responsibly. Sprint is committed to making transportation safer through our dependable and continually improving network.”
Sprint’s Integrated Insurance Solutions allows insurance carriers to deliver customized discounts to policy holders based on their driving habits. A small device is plugged into the diagnostic port of the user’s vehicle which captures vehicle information and driver behavior data to be transmitted over Sprint’s wireless network. This data is then analyzed by a cloud-based system via driver-scoring software which helps insurance carriers enhance driver risk assessments, cut down costs, and optimize profitability.
Niranjan Manohar, industry analyst-Frost & Sullivan, said that, “The market for automotive passenger and commercial fleet insurance is at a competitive stage, where differences in product offering among insurance providers pose the biggest challenge. Fuel economy and emission norms are finding greater magnitude and are the most sought-after attributes in the North American automotive industry. Insurance companies are swarmed by accident insurance claims due to risky driving behavior, while fleet management companies and managers report to Frost & Sullivan that they are feeling the pressure due to non-fuel-efficient driving habits, which lead to higher insurance premiums. Usage-based insurance is being considered by many insurance companies as an alternative to help reduce their claims or curb insurance premiums levied on policyholders.”
According to Frost & Sullivan research, three main factors were identified which led to Sprint being recognized with the excellence in customer value enhancement award. These are namely – improved commitment to deliver superior customer value; greater benefits for insurance carriers; and easy incorporation of value-added services on the part of insurance carriers.
Edited by Brooke Neuman