Cambridge Mobile Telematics (CMT), the world’s largest mobile telematics and analytics provider, announced today that it has entered into a partnership with CROC, one of the leading IT companies in Russia providing expertise to insurance companies for over 17 years.
The partnership offers the Russian auto insurance market a joint solution that combines CROC’s in-depth knowledge of the market and deep IT expertise with CMT’s industry-leading mobile telematics-based solutions.
CMT’s innovative technologies help drivers identify and reduce dangerous behaviors such as phone use while driving, speeding, and harsh or late braking, and enables insurers to process claims faster, lower their risk, and improve customer experience. CMT’s platform integrates with the insurer’s mobile apps and uses mobile sensing via an SDK to assess driving risk.
CMT’s analysis of billions of miles traveled by millions of drivers worldwide indicates that distracted driving feedback and user engagement can be impactful, with the top 30% of drivers on their platform reducing their phone distraction by 39% after 30 days. CMT’s analysis of crashes from claims data shows at least 19% were attributable to phone-based distraction.
As a result, in past UBI programs such as with Discovery Insure in South Africa, the solution generated a 17% better loss ratio and a 20% lower risk-adjusted claims frequency compared to traditional policies.
“Mobile telematics from CMT combines all the innovative technologies enabling insurers to use information about their customers’ driving behavior. They can generate flexible and individual compulsory MTPL pricing without having to install any devices in the car. This is now possible since the liberalization of the regulations on compulsory Motor Third Party Liability in Russia. The programs can also include preventive features capable of reducing accident frequency as well as facilitating proactive claims settlement,” said Denis Gavrilov, Business Development Director with Insurance companies at CROC. “At the same time the very attractive price of mobile telematics facilitates its implementation both for CASCO and compulsory MTPL.”
ASKO-INSURANCE, one of Russia’s leading providers of black box telematics insurance for the CASCO market, was the first to see the potential in implementing the CMT solution.
ASKO-INSURANCE is now considering the possibility of using mobile telematics to assess driving styles and provide its customers with individual rates for MTPL, as well as to expand the range of remote claims settlement services through a mobile application.
“We actively use modern technologies to improve the quality of our services: from quick and easy policy purchase to simplifying the claims process. Our clients are already actively using our mobile application, and mobile telematics is the next step in the evolution of the insurance business – as its implementation helps to decrease the number of accidents and optimizes motor insurance. We have started active testing of the CMT solution, which, in our opinion, will make our insurance services more personal and convenient for our customers,” commented Alexey Lyubavin, Deputy General Director at ASKO-INSURANCE.
“CMT’s partnership with CROC allows insurers in the region to build competitive advantage through advanced risk identification, more accurate pricing, and positive customer engagement features,” said Ben Bowne, Vice President, Global Sales & Partnerships at CMT.
CROC is one of Russia’s IT market leaders, creating a new digital ecosystem for the society yet having completed projects in 42 different countries. The company provides a comprehensive range of IT solutions, including systems integration, managed B2B and consulting services. In addition, CROC also offers off-the-shelf products and promising end-to-end technologies, such as Big Data, blockchain, artificial intelligence, virtual and augmented reality, Internet of Things, robotics, and machine learning. To learn more, visit www.croc.ru.
About Cambridge Mobile Telematics
CMT’s mission is to make the world’s roads and drivers safer. Since its first product launch in 2012 that pioneered mobile usage-based insurance, CMT has become the world’s leading telematics and analytics provider for insurers, rideshares, and fleets. CMT’s DriveWell platform uses mobile sensing and behavioral science to measure driving risk and incentivize safer driving, while its Claim Studio reduces the claims cycle time with real-time crash detection, crash reconstruction, and damage assessment using telematics and artificial intelligence. CMT has over 50 active programs with insurers and other partners, improving safety for millions of drivers every day around the world. Started based on research at MIT and backed by the SoftBank Vision Fund to fuel its rapid growth, CMT is headquartered in Cambridge, MA. To learn more, visit www.cmtelematics.com and follow CMT on Twitter @cmtelematics.