Towers Watson rolls out usage-based insurance initiative
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Thu November 10, 2011 11:47 am

UAE. With more and more international motor insurers implementing usage-based insurance (UBI) products using data from in-car (telematics) devices, Towers Watson has made several senior appointments to lead the wider roll-out of its DriveAbility™ programme.

DriveAbility provides strategic, logistics and analytical support to enable insurers to create products that are priced according to monitored driver behaviours and help policyholders improve driving habits.

To date, the company has mainly focused on the United States where it has created a hosted data service for a pool of participating US insurers. This has resulted in the analysis of millions of individual journeys so far.

The international DriveAbility programme will be led by Geoff Werner. Fellow UBI veterans Robin Harbage, Eric Shishko and Tony Lovick will respectively take charge of sales and marketing, operations and logistics, and analytics. 

Rory O’Brien, global head of the Risk Consulting and Software business at Towers Watson, said the intention is to help companies adapt to a completely different business model for car insurance.

O'Brien said: “Our experience, not only in the US but also in Europe, means we can help insurers avoid the potholes on the way to developing attractive and profitable UBI products. We add significant value in the sophistication of the analytics we help clients apply to the massive volumes of data that are typically generated. In addition we help clients  navigate unfamiliar regulatory and technology issues to tailor a complicated product to each company’s particular brand.”

The level of interest in UBI in the United States is reflected in the fact that every State except Hawaii now has at least one product available to vehicle owners. Several schemes have also been launched in the UK, Italy, Canada, Japan and South Africa.

Rory O’Brien said: “The products that already exist have only scratched the surface of the potential of this market in our opinion. With the pressures on profitability that car insurers in many parts of the world face, the ability to harness telematics capability could lead to a revolution in the way that motor insurance is offered.”

About Towers Watson
Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organisations improve performance through effective people, risk and financial management. The company offers solutions in the areas of employee benefits, talent management, rewards, and risk and capital management.

Towers Watson has 14,000 associates around the world and is located on the web at www.towerswatson.com.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: September 19, 2014
KUWAIT. The global Islamic finance industry reached approx. US$1.9 trillion in assets as at end 1H2014; The report analyses the role of Islamic finance in supporting economic growth.
date:Posted: September 18, 2014
INTERNATIONAL. We have entered a new chapter in the history of central banking. This paradigm shift changes the policy tools that have traditionally defined the sphere of macroeconomic decision-making; We have built an economy that is now so leveraged that it needs zero percent interest rates just to tread water.
date:Posted: September 18, 2014
INTERNATIONAL. World Bank report spells out the repercussions of the political uncertainty and restrictions on movement and access and recommends remedial actions by all parties.
SAUDI ARABIA. Saudi Arabia will need to keep cutting oil output to sustain prices above US$100 a barrel, according to BNP Paribas and Societe Generale; "We are swimming in crude, and they know that better than anyone because they are the biggest exporter."
dhgate