Tata Consultancy (News - Alert) Services, an IT services, consulting and business solutions organization, recently introduced a new mobile application, TCS Insurance Telematics Solution.
Officials said that TCS Insurance Telematics Solution is capable of turning consumers' smartphones into mobile telematics devices. It facilitates usage-based insurance practices and reduces the need for a separate, potentially expensive, telematics device provided by the insurer.
In a press statement, Suresh Muthuswami, President, Insurance and Healthcare at TCS, said: "Telematics is a game changer and will ultimately drive auto insurance premiums in the future. It provides insurer's an opportunity to improve customer engagement and service, while having the potential to make our roads safer for all of us."
Telematics data holds the potential to radically change the way auto insurance is underwritten. Some early adopters have built their own telematics capabilities internally but today many insurers are increasingly turning to partners to help manage data capture and analysis in this important area.
Auto insurance companies can now use a customized version of the TCS Insurance Telematics application, which is available for iOS and Android (News - Alert) devices.
The TCS Insurance Telematics Solution further helps consumers to track driving habits and adopt safe behaviors that save them money.
Insurers, by utilizing telematics data for underwriting and actuarial processes, can segment customers based on risk score, perform life time value analysis and, ultimately improve product pricing and strategy.
TCS's Vinod Kachroo, Chief Technology Officer, Insurance and Healthcare, said, "The TCS Insurance Telematics Solution leverages innovations around digital technologies like mobility, cloud and big data, as well as our proprietary algorithms to help create a new business model for auto insurance. The advanced analytics provides insurers better insights into driving patterns and mobile platform provides consumers new engagement models, creating a win-win for both."
Edited by Cassandra Tucker