Tata Consultancy Services, a leading IT services, consulting, and business solutions organization, has launched TCS Insurance Telematics Solution, a mobile application that turns 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.
“Telematics is a game changer and will ultimately drive auto insurance premiums in the future. It provides insurer’s an opportunity to improve customer engagement and service, while having the potential to make our roads safer for all of us,” said Suresh Muthuswami, President, Insurance and Healthcare at TCS.
“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,” said TCS’s Vinod Kachroo, Chief Technology Officer, Insurance and Healthcare. “The advanced analytics provides insurers better insights into driving patterns and mobile platform provides consumers new engagement models, creating a win-win for both.”