Reinsurance Giant Embeds UK-Firms Telematics Aggregation and Crash Detection Software into their Global Telematics Platform
[22 May 2018] Leading reinsurance provider, Swiss Re, has purchased a global licence from Collision Management Systems (CMS) to embed the company’s software into its telematics based reinsurance proposition.
With its platform now enriched with CMS Crash Detection Software, Swiss Re can process vehicle data from any telematics system and deliver a reliable crash alert to its insurance clients without having to deal with large volumes of false alerts generated by telematics devices.
Charles Smith, CEO, CMS comments: "The crash filtering and data aggregation software licence taken by Swiss Re demonstrates the value and reach of our solution. We are proud that an established and well-regarded organisation such as Swiss Re is embedding us into the unique proposition being offered to their global customer base.
"Data protection and the impending GDPR regulations are a critical part of any global telematics platform being delivered today. We are pleased that we have been able to satisfy a number of stringent requirements set by Swiss Re. Including the requirement to host our software and process and store the data in any data centre required by the customer.
Smith adds, "It’s now widely recognised, that early intervention following a vehicle accident saves significant operational and claims costs. Insurers are all striving to provide added excellence and cost benefit to their customer service, especially around First Notice of Loss (FNOL). Our crash detection solution enables this to be realised in an automated way. "
Sebastiaan Bongers, Swiss Re's Head Products & Technology highlights: "We noticed that insurers across the globe are interested in telematics as a means to turn around the recent trend of increasing number in motor claims. However, costs, lack of customer appeal, and doubts as to whether telematics factors are a good proxy for risk have hindered insurers seriously entering the market with telematics products."
Therefore, Swiss Re decided to offer white-label telematics solutions to its clients and launched a completely new IoT and telematics platform in 2017 which leverages Swiss Re's insurance know how and focusses on accuracy.
Bongers adds, that "we want to create a product that customers love and one that enriches the entire value chain of an insurer – from marketing appeal to underwriting to claims. Insurers can expect one of the most – if not the most – accurate solutions available on the market. Accuracy goes from the product properly identifying risky driving manoeuvres to properly identifying an accident. Regarding the latter, insurers have experienced many false positives - telematics devices detecting accidents that did not happen in reality. With our partnership with CMS, we are able to provide a reliable crash alert to ensure the insurer can immediately act and help its customer in need."
Founded in 2012, CMS reduces insurance and claim costs by making connected vehicle data actionable. The company delivers these savings by providing telematics data aggregation, real-time crash detection and risk management software solutions, all on a hardware agnostic software-as-a-service platform. CMS’s solutions are licensed globally by leading telematics providers and insurance organisations.
About Swiss Re Solutions
Swiss Re's solutions can help clients make better underwriting and pricing decisions, efficiently manage claims and ultimately increase customers' engagement and loyalty across the entire value chain. Using analytics, algorithms and extensive risk expertise Swiss Re co-creates solutions and eco-systems to help clients manage risks and grow in times of disruptive change.
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