With this new offering by Sprint, insurance carriers would be able to offer their customers personalized discounts. These discounts would be based on the driving habits of their customers. A small device plugged into the diagnostic port of the vehicles is the new product that Sprint offers to the insurance companies. With this device, the insurance carriers would be able to monitor and record driver behavior data and vehicle information. These data and information would be transmitted to them over the wireless network of Sprint.
A unique cloud-based system with special driver scoring software analyzes the collected data. The insurance carriers would use this analysis to enhance driver risk assessments and improve profitability through reduced costs.
Product marketing manager, Emerging Solutions Group of Sprint, George Kandt, stated that ISS is a turnkey solution for tracking and retaining high quality customers while reducing fraud. He added that Sprint is pioneering this solution to auto insurance market. ISS would help insurance carriers to identify drivers with better driving behaviors and reduce their risk. They would also be receiving detailed analytical data on the driving behaviors of their participating policyholders.
Insurance carriers could supplement their existing discount programs to their policyholders based on their driving behavior with more value added services. These would include web-based solutions to monitor vehicle health, tools to monitor locations of vehicles, and tips on better driving behavior aimed at higher fuel efficiency.
Sprint has been working on this ISS program for nearly a year and several companies have become partners. ISS program is customizable to suit individual needs. This latest insurance solution could allow partnerships with credit unions as well as other financial service providers. Sprint is planning to discuss the ISS program with various financial institutions.
For achieving the above goals, Sprint is offering a unique Jump Start UBI Trial Program lasting three months. Insurance carriers, financial institutions, and credit unions can conduct a trial run of the program and evaluate the ISS return on investment. Initially, Sprint has partnered with Esurance in Arizona for its UBI trial program for policyholders of Esurance. After success in Arizona, Esurance has extended the UBI program to Texas consumers.
