 "Tech Mahindra launches Big data platform for insurance companies")
Tech Mahindra has launched Usage Based Insurance (UBI), a big data and predictive analysis driven platform, for auto insurers. It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages.
According to the company, the platform is flexible to fit to the growing needs of global insurance enterprises, where the market is expected to grow $100 billion plus by the end of the decade.
The solution utilises the capabilities of Tech Mahindra and AT&T in the areas of multi-vertical, engineering and infrastructure capabilities. As a result of this, the global insurers can reduce their claim costs by up to 20 percent, while reducing eligible insured driver premiums up to 40 percent.
This Usage Based Insurance solution is hosted on the AT&T cloud and served through AT&T’s global Machine-to-Machine (M2M) capabilities.
The initial launch encompasses two products, UBI Lite and UBI Plus. UBI Plus offers a big data driven approach that takes into account real time physical world data to provide accurate information.
“Global insurers and reinsurers are increasingly looking towards telematics-based insurance products in the pursuit of competitive and differentiated offerings in the marketplace,” said Ravi Vasantraj, Head - BFSI, Tech Mahindra. “Tech Mahindra’s UBI solution can assure substantial and continuous cost savings through process efficiencies. Through our connected solutions, we deliver high quality services to our financial services clients.”
The platform is deployable and pilot ready. In addition, it is also extensible with context based and social domain features for the next-gen insurers.