Tech Mahindra Launches Big Data Platform For Auto Insurers
Tech Mahindra has announced the launch of Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers. The company said that this platform can help insurers reduce claim costs by up to 20 percent and reduce insured driver premiums by up to 40 percent.
This Usage Based Insurance solution is hosted on the seamless AT&T cloud and served through AT&T’s global Machine-to-Machine (M2M) capabilities,, the company said in a statement.
The initial launch encompasses two products, UBI Lite and UBI Plus. UBI Plus offers a big data driven approach that takes into account real time physical world data to provide accurate information.
“Global insurers and reinsurers are increasingly looking towards telematics-based insurance products in the pursuit of competitive and differentiated offerings in the marketplace,” says Ravi Vasantraj, Head – BFSI, Tech Mahindra.
He explained that the company’s UBI solution can assure substantial and continuous cost savings through process efficiencies. “Through our connected solutions, we deliver high quality services to our financial services clients,“ he said adding that the cost of ownership and operations for an UBI can be reduced, and because we’re an end-to-end service, the solution eases the burden of managing a disparate UBI program that is the result of trial and error solutions and lack of standard industry best practices. Our big data approach also cuts down the payback period.”
The solution is part of the offering from Digital Enterprise Services (DES) unit of Tech Mahindra. The unit offers innovative services and solutions integrating technology with business that answer today’s issues, anticipate tomorrow’s needs and create Future Proof and Future Ready Solutions using seven technologies including mobility, analytics, cloud, security, social and sensors.
The platform is deployable and pilot ready and is also extensible with context based and social domain features for the next gen insurers. With its presence in more than 51 countries and global connectivity from AT&T, Tech Mahindra is presenting its telematics-driven smart and cost efficient solution for UBI for both Personal and Commercial auto insurance players across the globe, said the statement.
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