TechMahindra and Silvermoon enter the Telematics Market Place
The global insurance telematics marketplace has a new entrant as TechMahindra, a specialist provider of solutions to the connected world, has teamed with Silvermoon Business Systems to deliver end-to-end Usage Based Car Insurance (UBI) solutions. This is the first joint solution after the announcement in March of the strategic business relationship between TechMahindra and Silvermoon.
As the global marketplace for insurance telematics solutions continues to grow, insurance providers are launching strategic initiatives to understand the increasingly confusing landscape developing around the myriad of complex solutions on offer. The combination of TechMahindra and Silvermoon brings together market leaders to offer complete end-to-end solutions with a focus on driving business advantages for insurers.
In the UBI solution, TechMahindra provides the hardware that is installed in the insured's car. TechMahindra's data centers record the data sent through from the car's sensors. Silvermoon's insurance platform, LUNOS, uses this data to run a car insurance product that calculates the insurance premium based on the driving style during each trip.
Silvermoon's CEO says: "We are providing the insurance company with the capability to calculate insurance premiums directly based on the measured driving style on each trip with the insured car. We can provide immediate tailored feedback to the insured about the impact of their driving style on their insurance premiums. We believe that this immediate feedback will lead to improving the safe driving habits of the drivers being covered. This goes beyond the discount tailored products that are currently available in the market place (which LUNOS supports as well.)"
Anil Khanna, Global Head of TechMahindra's Insurance Competency, says: "The collaboration with Silvermoon enables TechMahindra to assist insurance companies around the globe in offering insurance products based on the exciting capabilities offered by the combination of navigation systems, sensor based technologies, device integration, mobile apps and the flexible LUNOS insurance platform".
The technology will be offered globally and will be demonstrated for the first time in Rheinberg, Germany on September 19th 2014.