TCS Insurance Launches Mobile Telematics Solution:

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading IT services, consulting, and business solutions organization, today announced the launch of 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 data has the potential to radically change the way auto insurance is underwritten, and smartphone-based data acquisition presents a lower barrier for consumers than other methods,” said Matthew Josefowicz, managing director at Novarica, a research and advisory firm focused on insurance technology strategy. “While some early adopters built their own telematics capabilities internally, insurers are increasingly turning to partners to help manage data capture and analysis in this important area.”

Now, auto insurance companies can leverage a customized version of the TCS Insurance Telematics application available for iOS and Android devices. Consumers will be able to track driving habits and adopt safe behaviors that save them money. By leveraging telematics data for underwriting and actuarial processes, insurers can segment customers based on risk score, perform life time value analysis and, ultimately improve product pricing and strategy.