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If you’re looking for the ‘seal of approval’ for your business, then they don’t come much better than signing a deal with one of the world’s true reinsurance giants. That is exactly what has been achieved by UK-based Collision Management Systems.
The firm will embed its software into Swiss Re’s telematics-based reinsurance proposition. The idea is that Swiss Re will be able to process vehicle data from any telematics system using the software – delivering reliable crash alerts to insurance clients without running into large volumes of false alerts generated from the devices.
“The crash filtering and data aggregation software licence taken by Swiss Re demonstrates the value and reach of our solution,” said Charles Smith, CEO of CMS. “We are proud that an established and well-regarded organisation such as Swiss Re is embedding us into the unique proposition being offered to their global customer base.
“It’s now widely recognised, that early intervention following a vehicle accident saves significant operational and claims costs. Insurers are all striving to provide added excellence and cost benefit to their customer service, especially around First Notice of Loss (FNOL). Our crash detection solution enables this to be realised in an automated way.”
Sebastian Bongers, head of products and technology at Swiss Re, highlighted that insurers across the globe are now interested in telematics.
“However, costs, lack of customer appeal, and doubts as to whether telematics factors are a good proxy for risk have hindered insurers seriously entering the market with telematics products,” he explained.
“We want to create a product that customers love and one that enriches the entire value chain of an insurer – from marketing appeal to underwriting to claims. Insurers can expect one of the most – if not the most – accurate solutions available on the market. Accuracy goes from the product properly identifying risky driving manoeuvres to properly identifying an accident. Regarding the latter, insurers have experienced many false positives - telematics devices detecting accidents that did not happen in reality. With our partnership with CMS, we are able to provide a reliable crash alert to ensure the insurer can immediately act and help its customer in need.”
