Verisk Insurance Solutions, an information source about P&C insurance risk, and Intelligent Mechatronic Systems Inc., a provider of insurance telematics services, have entered a strategic alliance. Verisk said it selected IMS because of its well-defined and proven approach to deploying insurance telematics programs worldwide.
"IMS brings tried and tested expertise in end-to-end operations, logistics, customer support, and innovation that insurers can implement today," said 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 P&C insurance market and its ability to bring its filed, market-ready Safety Scoring and GeoMetric programs to our insurance telematics technology."
So far, 43 states have approved Verisk’s Safety Scoring program, which monitors driver behavior and creates a risk score underwriters can use to offer discounts for safe driving; 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, Verisk said.
"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," said Jim Levendusky, VP of telematics at Verisk. "Verisk is pleased to collaborate with IMS to provide our powerful high-performance analytics and driver risk scores to insurers."
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