Sprint continues to accumulate awards with news Monday of receiving the 2013 North American Customer Value Enhancement Award in Usage-based Insurance (UBI).
Specifically, Sprint Integrated Insurance Solutions was recognized for providing value to auto insurance carriers, as well as its customers. Frost & Sullivan’s analyst stated that Sprint has provided a complete turnkey service, enabling its clients to offer solutions with integrated devices and platforms for multiple applications. It offers customers the flexibility to partner with multiple members of the UBI value chain.
Wayne Ward, vice president-M2M and Connected Transportation-Sprint: “We’re excited to receive this prestigious recognition from Frost & Sullivan. We’re collaborating with industry-leading companies to help insurance carriers offer more options and help the policyholders drive more responsibly.”
Integrated Insurance Solutions from Sprint allows insurance carriers the ability to offer policyholders personalized discounts based on their driving habits. The vehicle is fitted with a small device that easily plugs into the diagnostic port. It captures vehicle information and driver behavior data, which is transmitted over our wireless network. A cloud-based system analyzes the data with driver-scoring software that enables insurance carriers to improve driver risk assessments, reduce costs and improve profitability.
With Integrated Insurance Solutions from Sprint, insurance carriers and participating policyholders have access to detailed analytical data about driving behavior. In addition to “pay-as-you-drive” program discounts, insurance carriers can also offer policyholders value-added services such as Web-based tools that let them monitor their vehicles’ health, get tips on how their driving behavior can be adjusted to be more fuel-efficient, and even monitor their vehicles’ location.
Niranjan Manohar, industry analyst-Frost & Sullivan: “The market for automotive passenger and commercial fleet insurance is competitive, where differences in product offering among insurance providers pose the biggest challenge. Fuel economy and emission norms are finding greater magnitude and are the most sought-after attributes in the North American automotive industry. Insurance companies are swarmed by accident insurance claims due to risky driving behavior, while fleet management companies and managers report to Frost & Sullivan that they’re feeling the pressure due to non-fuel-efficient driving habits, which lead to higher insurance premiums. Usage-based insurance is being considered by many insurance companies as an alternative to help reduce their claims or curb insurance premiums levied on policyholders.”
Ward added: “We’ve assembled the necessary components so that insurers have a single point of contact for all UBI-related needs. We work with companies like Agnik, Any Data and Modus to create smarter wireless solutions that change the way people work and live.”
You can learn more about Sprint’s innovative M2M program.