09 JUN / Author: Harold Leitner

Telematics - ROI Beyond UBI

Many insurers believe that smartphone telematics is relevant only when driving metrics can be used as rating factors in UBI products. While better loss ratios from UBI are a compelling benefit of smartphone telematics, there are other equally compelling competitive advantages that should not be ignored. Often these benefits alone generate enough ROI to justify telematics.

Most personal auto policyholders understand that driving is one of the most dangerous threats to their and their family’s health. They truly want to drive safely. Policyholders appreciate when insurers offer a driver safety analysis tool that identifies their high-risk driving habits. This alignment of interests builds loyalty leading to higher renewal rates.

Information is power, and telematics data that is analyzed for safety risk can tell insurers the who, what, when, and why of risk. Insurer Analytics Portals identify driver risk profiles so that insurers can take action to proactively reduce losses. Even mitigating a small percentage of losses can have a substantial effect on profitability. Insurer Analytics Portals can also manage notifications or safety campaigns to maximize the ROI of telematics investments. Best of all, when the insurer decides to move forward with UBI, they will have sufficient risk data on their own book to quickly launch innovative new products.

Mobile apps that use the tremendous sensor and computing power of smartphones can “change the game” of customer engagement. For example, mobile app notifications that provide value-added communications to policyholders, such as safety tips and other risk reduction practices. The ability to collect photos, video witness testimony, scan police reports, at the scene of claims. Request roadside assistance with vehicle information and needed-service details with a few taps on the phone. Streamline quotes, claims, and endorsements in unified digital channels.

Mobile telematics is much more than just UBI. Those insurers who invest now will realize immediate and long-term advantages over those insurers who wait for UBI products.

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.