CSC Expands Digital Insurance Portfolio with Telematics
News Release -- June 13, 2016
TYSONS, Va., June 13, 2016 – CSC (NYSE: CSC), a global leader in next-generation IT services and solutions, today announced a new usage-based insurance (UBI) and telematics offering to help insurers price new products based on driving behaviors.
The new UBI offering incorporates digital claims, policy administration and underwriting solutions from CSC with driver profile software from Scope Technologies. The result is a telematics-based offering that will enable insurance providers to build longer-term, more profitable customer relationships employing “pay-how-you-drive” risk assessment and underwriting – which in turn will allow insurers to better match premiums with driver risk. In addition, the offering’s immediate crash detection and sophisticated accident recreation will help identify fraud and streamline the claims process.
The new offering is currently under pilot by an Asian insurer based in the Philippines. Once it is fully deployed, the insurer will be able to launch new insurance products within months, avoiding lengthy implementation times and resource investments.
“Extending the Internet of Things to automobiles through in-car devices, smart phones and ultimately the connected car enables a whole range of different services that will fundamentally change the relationship between insurers and their customers,” said Phil Ratcliff, vice president and general manager, CSC’s Global Insurance Industry. “Data collected with telematics devices creates a big data resource that enables insurers to more appropriately price risk, thereby helping them focus on selecting, underwriting and serving the most-profitable customers.”
CSC is the first to offer an end-to-end telematics solution with insurance and claims management support on an advanced actuarial platform. The offering is available as either an outsourced solution or integrated into an insurer’s current technology.
“Many telematics pilot projects have been slow to take off as insurers struggle with complex and costly implementations,” said Thuy Osman, Novarica research and consulting manager. “CSC and Scope’s collaboration to address this problem should help accelerate an insurer’s ability to bring telematics-based products to market and continue to drive the growth of UBI.”
Background on CSC Insurance Solutions
CSC is a leader in the provision of software, services and outsourcing to the insurance industry. CSC leverages its extensive software capability to build services and deliver next-generation technology to insurance industry customers globally helping them build new digital businesses and transform their current operations. Learn more about CSC's digital insurance solutions. Read about CSC’s perspective on UBI: What's Holding Insurers Back?
By 2020, nearly 100 million vehicles globally will be insured with telematics policies.
This will grow to nearly 50 percent of the world’s vehicles by 2030, generating more than
€250 billion in premiums for insurers (Ptolemus Consulting Group, UBI Infographic, 2014 and Global UBI Study 2016). Global sales of telematics-based policies are expected to see a compound annual growth rate of 80% from 2013 to 2018, with a subscriber base reaching 85.5 million in 2018 (Timetric IIC, Oct. 2014 Insight Report).
CSC (NYSE: CSC) leads clients on their digital transformation journeys. The company provides innovative, next-generation technology services and solutions that leverage deep industry expertise, global scale, technology independence and an extensive partner community. CSC serves leading commercial and international public sector organizations throughout the world. CSC is a Fortune 500 company and ranked among the best corporate citizens. For more information, visit us at www.csc.com.
About Scope Technologies
Scope Technologies is a market leader in the Usage Based Insurance (UBI) space, providing insurance companies with a comprehensive insurance telematics solution. Their patented technology, data and research, enables the insurer to produce more accurate risk modelling for future crashes and claims, and provides drivers with a greater understanding of vehicle risk management, which promotes safer driving and accident reduction. For more information, visit www.scopetechnology.com.