An announcement was made by The Evogi Group a telematics solutions provider for vehicles and Exigen Insurance Solutions a provider of core systems for insurance about a partnership that has been forged between the two companies. This announcement was made at ACORD LOMA Insurance Systems Forum. This partnership will offer a complete usage-based insurance or UBI as well as pay-as-you-drive PAYD options for insurers.
This collaboration between these two companies will provide insurers billing, full policy administration, claims, as well as account management for both commercial and personal auto usage-based insurance products with the help of GPS technology and telematics.
At the moment, there are many challenges that are faced by the new entrants into the insurance market and these solutions that are brought together by the two companies will solve these issues. These are basically turn-key solutions and satisfy all technology integration, actuarial, data, regulatory, as well as requirements in customer communications.
There is a market-ready solution by Exigen for the PAYD auto insurance market. With the help of the Exigen PAYD solutions insurers can implement usage-based pricing on their auto insurance products without impacting the business processes and applications that exist today. The Exigen PAYD solutions may either be delivered as a custom implementation or as a software-as-a-service or SaaS.
The Intelligent Insurance solutions from the Evogi Group deliver a UBI solution which capitalizes on the expertise in the insurance agency operations, modeling, insurer operations, as well as driver scoring. These solutions feature telematics platforms and flexible architecture which utilize Evogi’s or other third-party devices and help in providing location-based data which enables accurate reporting as well as interaction with vehicles.
Fazi Zand, VP, Marketing & business development, Exigen Insurance Solutions states that the pace is gaining momentum for entry into the usage-based auto insurance sector and insurers should make innovative product offers or they might simply risk losing customers to their competitors. He also added that usage-based insurance also needs new methods in managing and handling all the real-time data. Added to this, the integration of sensor technologies and telematics will now present fresh challenges for IT resources and the existing systems. The collaboration between Evogi’s UBI and Exigen’s PAYD presents a complete deployment alternative.
Bob Neeser, Senior VP, Sales & Marketing from the Evogi Group, stated that when telematics was tied to usage-based insurance could provide insurers a whole world of opportunities where they would be enabled to provide better policy pricing, claims reduction, risk management, and other services.
