Insurance Technology Featured Article

Frost & Sullivan Highlights Sprint's Integrated Insurance Solutions

February 26, 2013

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

Article comments powered by Disqus

Related Insurance Technology Articles

Anadolu Selects Sapiens to Better Serve Turkish Insurance Market

Leading Turkish insurer adds Sapiens modules to provide enhance customer experiences and improve operations. [ Read More ]
05/28/2015

Wolters Kluwer UK Selects Vlocity Insurance to Enhance Online Customer Experience

For several months the buzz around the insurance industry has been that insurers should have a sense of urgency about investing in technology, specifically those that enhance the customer experience-or suffer what some observers believe will be dire consequences for those who continue to be laggards. The message seems to be resonating as indicated by the announcement that cloud software solutions specialists, San Francisco, California-based Vlocity Inc., has been selected by the U.K. division of… [ Read More ]
05/21/2015

Flowfinity Partners with Marshall & Stevens on Improving Efficiency

While most companies believe that moving to digital services and mobile applications helps efficiency, there is now a new report that seems to underline that fact. Flowfinity Wireless, already a proven provider of enterprise mobile applications recently released a new case study that showed just how much this efficiency can be improved. This new report centered on the valuation consultancy firm, Marshall & Stevens. This firm took measures such as replacing scanned notes with mobile apps, which r… [ Read More ]
05/18/2015

Zenefits Fights Legal Obstacles in Business Model that Provides Free Software

Zenefits has found itself recently involved in several court battles with state insurance regulators over whether or not their business model constitutes an illegal rebate. It is the latest example of technology taking market share from an industry whose services are traditionally provided through brokers. [ Read More ]
05/12/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!