Towers Watson & Cambridge to Provide Usage-Based Auto Insurance Market Info

September 3, 2015

Global professional services company Towers Watson and Cambridge Mobile Telematics (CMT), a telematics technology provider will use “advanced mobile sensing, data analytics and behavioral science,” in an agreement to provide “a jointly developed comprehensive usage-based auto insurance (UBI) solution and other value-added telematics analytics services to customers. The offering is intended for a variety of vehicle telematics stakeholders and will be available globally except in Canada and South Africa,” the announcement said.

“This venture is significant because it enhances our data insights and analytics offering by including smartphone-based data,” said Robin Harbage, global lead for Towers Watson’s UBI product delivery. “It also provides us with a deeper range of sensor types for risk assessment and R&D opportunities with smartphone-based technology. Overall, it enables us to deliver even richer services to clients in the telematics market. We’re excited about collaborating with CMT.”

The announcement explained that the “joint offering will include Towers Watson’s DriveAbility® program, analytics and insurance expertise combined with CMT’s flagship DriveWell™ smartphone telematics solution and lightweight hardware Tag option. The venture brings to market a comprehensive smartphone UBI solution that can be implemented by insurance carriers within the automotive property & casualty market, auto and truck original equipment manufacturers, consumer telematics device providers and end customers of mobile network operators.”

Hari Balakrishnan, CMT’s chief technology officer, added: “With UBI quickly gaining traction across the globe, insurers are searching for innovative ways to introduce telematics to their customers,” said “Combining our products with Towers Watson’s program and services will further strengthen the ability for customers to measure driving performance in a scalable way. Through this collaborative venture with Towers Watson, we will pave the way for insurers worldwide to adopt an accurate and compelling telematics solution, furthering CMT’s mission of making roads safer by making drivers better.”

Source: Towers Watson

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