TCS Insurance introduces new Mobile Telematics app

Tata Consultancy Services (TCS) has announced the launch of a mobile application , TCS Insurance Telematics Solution that will turn consumers’ smartphones into mobile telematics devices. Facilitating usage-based insurance (UBI) practices that more closely align consumer driving patterns and habits with auto insurance premiums, the TCS Insurance Telematics Solution minimizes the need for a separate, potentially expensive, telematics device provided by the insurer.

 Now, auto insurance companies can leverage a customized version of the TCS Insurance Telematics application available for iOS and Android devices. Consumers will be able to track driving habits and adopt safe behaviors that save them money. By leveraging telematics data for underwriting and actuarial processes, insurers can segment customers based on risk score, perform life time value analysis and, ultimately improve product pricing and strategy.

 Vinod Kachroo, Chief Technology Officer, Insurance and Healthcare, TCS said, “The TCS Insurance Telematics Solution leverages innovations around digital technologies like mobility, cloud and big data, as well as our proprietary algorithms to help create a new business model for auto insurance. The advanced analytics provides insurers better insights into driving patterns and mobile platform provides consumers new engagement models, creating a win-win for both.”

 
TCS Insurance Telematics Solution is the latest in a series of product innovations from the company’s Insurance Innovation Lab – a state-of-the-art environment for customers to test new ideas and trial new solutions.