New telematics product to help insurers trial mileage-based insurance
A new mileage-based telematics product has launched, enabling insurers and brokers to internally trial a usage-based insurance (UBI) programme.
The Try Per Mile solution has launched in the UK and Canada from IMS, part of Trak Global Group, and could help the sector deploy UBI to policyholders in as little as one month.
It’s been developed as many policyholders reduce their miles driven due to the ongoing pandemic and the switch to working from home, and could bring a number of benefits to fleets and opt-out drivers once deployed by insurers.
The solution is available on no-cost trial, low-cost launch and means that insurers and brokers can choose to deploy a mileage-based programme with varying payment modes: Pay as you Drive or Pre-pay.
“With Try Per Mile, insurance companies can get to market in as little as one month with a product built around our flexible pre-configurations, or work with us to create a product around their own tailored configuration,” said Nino Tarantino, CEO, insurance for IMS (Americas). “In either instance, a rich telematic data flow is available via API integration to enable their actuarial teams to learn about the real-world behaviours and risk factors associated with changes in driving habits as a result of the pandemic.”