With more insurers looking to implement telematic technologies that enable them to analyze data from in-car devices, consultancy
Geoff Werner, a Towers Watson director, has been named to lead the program with help from team members: Robin Harbage, sales and marketing; Eric Shishko, operations and product; and Tony Lovick, analytics.
The company says the DriveAbility program will provide strategic, logistic and analytical support to insurers looking to leverage telematics to create usage-based insurance (UBI) products. Rory O'Brien, global head of Towers Watson's Risk Consulting and Software business, said the intention is to help companies craft new business models necessary to harness telematic capability.
"Our experience, not only in the U.S. but also in Europe, means we can help insurers avoid the potholes on the way to developing attractive and profitable UBI products," O'Brien said. "We add significant value in the sophistication of the analytics we help clients apply to the massive volumes of data that are typically generated. In addition, we help clients navigate unfamiliar regulatory and technological issues to tailor a complicated product to each company's particular brand."
