Philadelphia, PA (PRWEB) May 07, 2013
Baseline Telematics, a world leader in the fast growing insurance telematics industry, is pleased to announce a strategic partnership with Exigen Services, a global IT transformation company providing core systems transformation solutions. Baseline’s telematics system is designed to decrease an insurer’s exposure to risk by generating monthly invoices based on actual usage data collected while the car is in use. If the data shows safe operating habits the invoice will be lower; conversely if the vehicle’s usage data shows unsafe behavior the policyholder will be invoiced a slightly higher monthly premium. Baseline’s proven turn-key, telematics-enabled, Cloud-based Policy Administration System (PAS) allows insurers to get up and running with real Usage Based Insurance programs in just months, and without technological or application development risk.
“Through this partnership, Baseline and Exigen Services will help “early adopter” insurers take advantage of the benefits of the quickly evolving telematics based insurance trend. This technology provides a turn-key insurance telematics solution and the fastest implementation available in the market,” said Jonathan Kalman, President of the Global Insurance Division of Exigen Services. He continued, “We are excited to partner with Baseline and offer insurance carriers and brokers a truly innovative solution that will help them differentiate themselves from the competition.”
The Baseline solution possesses its own integrated Policy Administration System that runs in a hosted Cloud-based environment. The solution is extremely affordable, and sold as a monthly per-policy-in-effect service. It is already in use and is proven to provide significant improvements in combined loss ratio, lower customer acquisition cost, increase customer retention and decrease ongoing customer service costs. This solution, which can also be accessed through a smart phone mobile app, is made possible through a small, low cost telematics device installed in the policyholder’s car. The device sends information such as GPS location, mileage, speed, sudden acceleration and sudden braking to rating servers, enabling real time monthly rating, and revolutionary underwriting that allows quotes to be obtained in less than five questions.
“As leaders in usage-based insurance, their years of experience helping actuarial and underwriting clients leverage data and analytics to drive significant bottom line benefit, makes Exigen Services a perfect partner to help Baseline meet regulatory, marketing and distribution requirements across many markets,” said Paul-André Savoie, President & CEO of Baseline Telematics. Savoie continued, “Since the solution is sold as a service on a per-policy-in-effect basis, there is a limited up-front financial investment. However, the solution requires integration, customization, and adaptation to local markets. Baseline and Exigen Services will collaborate in the United States, Canada, Latin America, Russia and Europe.”
Baseline Telematics has been designing risk management solutions for property and casualty insurance companies across Canada for nearly 20 years. Its first solutions led to the installation of nearly 300,000 tracking devices to recover stolen cars in Canada, totalling over 200M$ in saved theft claims in just 10 years, in collaboration with over 30 insurance companies. Baseline was the first to launch a usage based insurance solution in Canada with Industrial Alliance http://www.mobiliz.ca. Its solution is the first in the world to allow insurers to rate and invoice auto insurance on a variable monthly basis. Since 2009, Baseline has been the leading Canadian provider of telematics based insurance platforms, and offers one of the most comprehensive solutions on the market today. For more information, go to http://www.baselinetelematics.com
About Exigen Services
Exigen Services is a global IT company that provides core systems transformation and management consulting services to clients in the Insurance, Financial Services, Pharmaceutical, Telecom and Media industries. Exigen Services combines an outcome-based delivery model, Enterprise Agile development and deployment practices, value-based project governance and a semantic based transformation management platform to deliver on transformation objectives. Centers of Excellence and a global network of delivery teams are located across Northern and Eastern Europe, Russia, China and the U.S. For more information, go to: http://www.exigenservices.com.