Reinsurance News

Swiss Re strikes global licence deal with CMS

22nd May 2018 - Author: Charlie Wood

Leading reinsurance provider, Swiss Re, has secured the right to embed Collision Management Systems’ (CMS) software into its telematics based re/insurance proposition, following the purchase of a global licence.

Swiss ReThe deal with CMS allows Swiss Re the ability to process vehicle data from any telematics system and deliver a reliable crash alert to its insurance clients without having to deal with large volumes of false alerts generated by telematics devices.

Chief Executive Officer (CEO) of CMS, Charles Smith commented, “Data protection and the impending GDPR regulations are a critical part of any global telematics platform being delivered today. We are pleased that we have been able to satisfy a number of stringent requirements set by Swiss Re. Including the requirement to host our software and process and store the data in any data centre required by the customer.”

“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,” added Smith.

“We noticed that insurers across the globe are interested in telematics as a means to turn around the recent trend of increasing number in motor claims. 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,” Highlighted Sebastiaan Bongers, Swiss Re’s Head Products & Technology.

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“Therefore, Swiss Re decided to offer white-label telematics solutions to its clients and launched a completely new IoT and telematics platform in 2017 which leverages Swiss Re’s insurance know how and focuses on accuracy.”

Bongers concluded, “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.”

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