CGI has joined forces with Baseline Telematics, a provider of usage-based insurance applications, to integrate Baseline's UBI platform with CGI's Ratabase rating engine.
Baseline Telematics' UBI platform is intended to help insurers bring usage-based products, such as pay-as-you-drive auto insurance programs, to market for their customers. A smartphone app or plug-in device offers real-time information including location, mileage, speed, sudden acceleration and braking to insurers, enabling them to rate and invoice insurance policies on a variable monthly basis, depending on usage and driving safety, Baseline Telematics said.
Through the integration with Ratabase, current Ratabase clients should benefit from a cost-effective telematics platform that enhances current rating models, the company said. New and current clients of Baseline Telematics will have access to Ratabase within their UBI platform.
"With insurers and policyholders rapidly embracing new technologies and looking for smart ways to reduce costs, UBI solutions will be an important trend over the next decade," said Paul-André Savoie, president and CEO of Baseline Telematics. "We're beginning to see massive consumer adoption of pay-as-you-drive insurance in Canada and the U.S. Although UBI policies currently account for less than one percent of the global automobile insurance market, this figure is set to increase dramatically in the coming years. Ratabase is a powerful and logical choice for extending our UBI platform."
As part of the alliance, Baseline Telematics and CGI will continue to develop solutions together for insurers that enable them to take advantage of the increasingly interconnected things and people, the companies said.
"The name of the game for insurers has always been about determining the right price at which they can accept the risks of their policyholders," said CGI's Jamie Rodgers, VP global insurance. "With the Internet of Things and a new universe of associated data that can be used to calculate price, leading insurers are placing product strategy and management at the top of their priority lists. Baseline Telematics' platform combined with Ratabase in the cloud provides insurers with a robust and simple to use solution that addresses IoT data and product management simultaneously."
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