Smartphone Telematics is More Than UBI

July 28 / Author: Harold Leitner

Smartphone Telematics is more than UBI (Contd.)

Many insurers are reluctant to offer smartphone telematics because they think it is only good for usage-based-insurance (UBI). This is not true. Smartphone telematics immediately helps insurers take action to reduce risk and better engage with policyholders.

How are insurers using smartphone telematics without UBI? Many insurers are using telematics-based gamification and incentives to reward safe driving because safe driving reduces the frequency and severity of at-fault accidents

Telematics Gamification

Some telematics solutions include gamification features that make it easy for insurers to create games, manage them, and fulfil games prizes. These games might include:

Rewards – Some incentive for accumulating points accrued from displaying safe driving
Awards – Badges with stars awarded for various safe driving behaviors
Challenges – Peer-to-Peer and Insurer-to-Policyholder safe driving challenges. These challenges can be based on overall driving scores or other safe driving criterion
Push Notification – Messages delivered through the mobile app to update insureds on game status and prizes.

Telematics Based Incentives

Premium discounts are one way to reward drivers for safe driving. However, these may require filed UBI products, and rebate laws can very wildly from state to state. Many insurers are using non-premium incentives to engage with policyholders, enhance adoption, and keep safe driving at the front of their insureds’ minds.

Rewards incentives can really be anything that resonates and motivates the insured to driver safer. Examples are gift cards, coupons, sweepstakes entries, etc. Non-standard policyholders are typically more money motivated, so a gift card might be a great way build loyalty. Standard policyholders may prefer points-based rewards that can be redeemed for various incentives.

Xemplar Auto 3.5 smartphone telematics solution includes robust gamification and push notification features that allow insurers to easily make safe driving gamification a part of their risk mitigation strategy. Xemplar Auto 3.5 offers fully customizable gamification features out-of-the-box. It’s a perfect fit for insurers of any size who want to engage with policyholders and reduce risk.

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Harold Leitner

VP, Business Development

With over 25 years of technology sales, business development, and account management experience Harold leads Xemplar’s business development team. He has successfully driven business growth for early stage technology providers across a range of industries including e-commerce, finance, IOT, connected fleet technology and telematics. Harold holds an MBA from Northern Illinois University and a degree in International Business from Illinois State University.

SriKrishna “SK” Tirumala

CEO & Co-Founder

Over the last 24+ years, SK has been at the forefront of delivering technology solutions in Property & Casualty. For the last few years, he has been spearheading the development of risk management solutions at Xemplar Insights, LLC. As the head of the business, SK passionately leads R&D and product engineering teams to advance the Xemplar product portfolio. He is continuously associated with customers, prospects and industry partners in solving their chronic business issues with cutting-edge technology.

Xemplar Solutions Suite

XEMPLAR AUTO is a comprehensive mobile, cloud, and web solution that enables personal auto insurers to close gaps in their digital capabilities. Designed to support loss containment strategies using state-of-the-art smartphone telematics, it can also include policy self-service capabilities to drive adoption and lower servicing costs. Insurers get a powerful analytics portal to analyze where, when, and how risk occurs in their book of business. Granular data can be used develop new rating variables for Usage Based Insurance (UBI).

Personal and Commercial P&C policyholders value the ease-of-doing business with their insurers over mobile and web channels. They are attracted to insurers with better digital capabilities for convenience and better service. Insurers understand that building relationships and creating loyalty with policyholders is key to their on-going profitability and success. The Xemplar Engage solution enables insurers to rapidly innovate and advance their digital transformation strategy with self-service features on mobile and web channels, resulting in significant competitive advantages with improved customer experience.

Xemplar Drive – Business was designed as a non-white-labeled option for Commercial Auto Insurers that believe that the policyholders will be apprehensive about using a data gathering solution provided by their insurance carrier. Xemplar Drive – Business would be referred by the insurer to the Commercial Auto policyholders (small businesses to large fleet owners) as a solution for risk prevention and loss control.
Xemplar Drive – Business is also available as a white-labeled off-the-shelf B2C subscription-based solution (SaaS or private) sold directly to Large Corporates, Commercial Businesses, and other Institutions that operate a fleet of vehicles, as a self-administered risk management solution.

Xemplar Drive – Business is a branded off-the-shelf, B2C subscription-based solution sold through distribution channels such as driving schools or not-for-profit organizations to individuals and/or parents of teens as means to analyze driving habits of themselves, or young drivers as they gain driving experience and develop good driving habits.

Xemplar Stack’s suite of licensable and adaptable software feature frameworks, platform architectures, design patterns, and data model assets helps businesses save development time and costs and jumpstart the creation of tailored software solutions for unique business cases.

About Xemplar Insights

Our journey began in early 2015 while experimenting with smartphone technology to analyze motion patterns that led us to develop an innovative and economical smartphone telematics solution for loss containment. We then extended our capabilities to include numerous new features including policy and claim services, and developed turn-key solutions for Personal and Commercial P&C Insurers. Today, Xemplar is an established digital solutions company that offers both pre-configured and tailor-made solutions to insurers and commercial businesses, with many companies using our products and services to drive their digital transformation.