Verisk Insurance Solutions aligns with IMS
Jersey City, NJ and Waterloo, ON--Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, today announced a new strategic alliance with global connected-car company Intelligent Mechatronic Systems Inc. (IMS), a leading provider of comprehensive insurance telematics services. Verisk Insurance Solutions is a Verisk Analytics business.
Backed by sophisticated telematics models filed in most U.S. states, Verisk Insurance Solutions has aligned with IMS because of its well-defined and proven approach to deploying successful insurance telematics programs worldwide. This strategic alliance signifies the extension of IMS strategy to continue offering insurers best-of-class choices for driver analytics insight.
"Our telematics models are based on detailed actuarial analysis of auto claims losses, which puts policyholder driving behavior in context with real-time driving conditions," says Jim Levendusky, vice-president of Telematics at Verisk Insurance Solutions. "Verisk is pleased to collaborate with IMS to provide our powerful high-performance analytics and driver risk scores to insurers."
"IMS brings tried and tested expertise in end-to-end operations, logistics, customer support, and innovation that insurers can implement today," says Ben Dailey, executive director of U.S. Sales and Business Development at IMS. "IMS has teamed with Verisk because of its close network of relationships within the property/casualty insurance market and its ability to bring its filed, market-ready Safety Scoring™ and GeoMetric programs to our insurance telematics technology."
"Verisk's extensive analytics expertise coupled with IMS's award-winning DriveSync connected-car platform brings a compelling offering to insurers looking to attract and retain the best drivers and boost profitability," added Levendusky.
To date, 43 states have approved the safety scoring program, which monitors driver behavior and provides a risk score that underwriters can use to provide discounts for safe drivers. GeoMetric, a risk score and driver discount rule that looks to reward policyholders who drive in areas safer than where their vehicles are garaged, is currently available in 34 states.