Usage-Based Insurance (UBI)
CSC’s Usage-Based Insurance (UBI) offering delivers an end-to-end UBI program, leveraged as-a-service or implemented on-premises, together with partners Scope Technologies and Milliman.
Enabled by telematics, many insurance companies are bringing tremendous value to their organization through usage-based insurance (UBI) programs that increase safety, facilitate reward programs for good drivers, and ultimately reduce risk.
Despite the value and benefits of a usage-based technology model though, many insurers have held back in their UBI implementations. And holding back comes with its own kind of business risk, as UBI laggard insurers are likely to lose valued, low-risk customers to competitors that can effectively reward safer driving with better pricing. As a result, those same competitors will be positioned to capture an increasing market share of safe drivers, leaving lagging insurance organizations with a higher-risk pool from which to draw their customer base.
CSC’s Usage-Based Insurance (UBI) offering helps insurers avoid the laggard’s plight, by delivering an end-to-end UBI program, leveraged as-a-service or implemented on-premises. Together with partners Scope Technologies and Milliman, CSC provides the telematics services and actuarial consulting needed to create a UBI platform quickly and effectively.
Telematics platforms-as-a-service are less risky and more quickly implemented than internally-developed options. CSC’s as-a service UBI offering integrates with CSC insurance software offerings and is delivered from the cloud for rapid deployment.
CSC’s UBI offering features:
- Deep insurance industry experience
- Skilled systems integration capabilities
- Core skills around hosting, cloud services and big data
- Partnership with telematics leader Scope Technologies and in-region relationships with telematics service providers
- Industry leading actuarial consulting from CSC partner Milliman to help design customized UBI products and minimize fraud
- A history of successful projects across different geographies
- As-a-service offerings
- Outsourcing through business process outsourcing (BPO) for a turnkey end-to-end solution
- Consultation services
CSC enables UBI for insurance organizations of all sizes and brings a tailored approach to every implementation. Beginning with discussions and workshops to help each insurer understand its needs, CSC works with insurers to build a business plan that incorporates goals, assesses technology needs, and develops an implementation strategy.