Exigen Insurance Solutions, a provider of insurance core systems, and The Evogi Group, a vehicle telematics solutions provider, announced at ACORD LOMA Insurance Systems Forum a partnership to offer complete usage-based insurance (UBI) and pay-as-you-drive (PAYD) platforms to insurers.
The collaboration between the two companies provides insurers full policy administration, billing, claims, and account management for personal and commercial auto UBI products using telematics and GPS technology.
The solutions brought together by these two companies are designed to solve important challenges faced by insurers entering this market. The solutions are turn-key, satisfying all technology integration, data, actuarial, regulatory, and customer communications requirements.
Exigen has a market-ready solution for the pay-as-you-drive automobile insurance market. The Exigen PAYD solution enables insurers to implement a usage-based pricing auto insurance product with no impact to existing applications and business processes. Exigen PAYD can be delivered as software-as-a-service (SaaS) or as a custom implementation.
The Evogi Group's Intelligent Insurance solution delivers a UBI solution that capitalizes on insurance expertise in agency operations, insurer operations, modeling, and driver scoring. The solutions feature flexible architecture and telematics platforms that utilize Evogi's or third-party devices to provide location-based intelligence that enables, reporting and interaction with vehicles.
"The pace is quickening for entry to the usage-based auto insurance market. Insurers need to create innovative product offerings or risk losing customers to competitors," says Fazi Zand, vice president, marketing and business development, Exigen Insurance Solutions. "However, usage-based insurance presents new forms of handling and managing realtime data. Furthermore, the integration of telematics and sensor technologies represents new challenges for existing systems and IT resources. The union of Exigen PAYD and Evogi's UBI solution provides a complete deployment alternative."
"Telematics when tied to usage-based insurance provides insurers a host of opportunities to provide better policy pricing, risk management, claims reduction, and on-board services," says Bob Neeser, senior vice president, sales and marketing, The Evogi Group.
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