IoT Insurance Solutions
IoT solutions can save insurers up to 30% of insurance claim processing expenses.
By enabling solutions such as Usage Based Insurance (UBI) and automated insurance claim management, IoT is providing insurance businesses with the technologies needed to better service existing customers, attract new business, and reduce insurance claims costs. PimaSoft’s focused, insurance-specific use-case approach enables insurance companies to take advantage of the IoT opportunity to achieve transformative business performance.
Facing customer demand for improved consumer experience, the insurance industry is under pressure to transform outdated processes. With IoT-enabled technologies, insurance businesses can better service existing customers, attract new business, and reduce insurance claims costs. PrimaSoft Technologies in collaboration with industry leading global providers of IoT solutions, enables insurance businesses to simplify and accelerate IoT adoption.
As almost every insurance provider will attest, customer churn is a critical challenge. Many customers are unhappy with policies that force good drivers to pay higher premiums to make up for high-risk drivers as well as slow, cumbersome processing of claims.
Insurers must innovate in recognizable, measurable ways and continually improve services to win – and keep – customers. IoT technologies enable the most innovative areas of advancement with customer-centric solutions like Usage Based Insurance (UBI) and automated claim processing, empowering insurance organizations to fix issues related to premium accuracies, personalized services, cost pressures, and business processes.
As a trusted, neutral, expert advisor, PrimaSoft Technologies understands the hurdles involved in developing and executing an IoT strategy. We provide insurers with the guidance needed to successfully navigate the complex IoT ecosystem.
Complemented by a deep understanding of the optimal use cases, technologies, and comprehensive solutions tailored to the insurance industry, we are the single source, partner-of-choice for transformative IoT business performance.
By enabling solutions like UBI and automated insurance claim management, IoT is helping insurance businesses service existing customers better, attract new business, and reduce claims costs – all of which have a marked impact on the bottom line. IoT solutions equip insurers with the ability to collect real-time data from drivers to measure observable and quantifiable factors such as driving distances, time-of-day patterns, speed, and braking. Cloud-based IoT applications enable on-premises insurance claim automation for quicker, more accurate documentation and faster processing.
In addition to collecting data and streamlining claims processes, insurers can assess fairer premiums based on actual driving behavior, rather than demographics. These IoT solutions reward – and retain – safe drivers, and can drive product offerings that speak to the ideal customer. These advances not only reduce churn, but they can also boost profitability.
PrimaSoft Technologies in collaboration with industry leaders with decades of IoT experience, enables connected solutions for insurers and provides the products, services, and industry expertise required to bring IoT innovations to market. An independent, expert advisor in collaborative with industry leaders with nearly two decades of IoT knowledge and experience, PrimaSoft Technologies delivers complete, global IoT management capabilities – starting with development of a comprehensive strategy and assessment of your unique requirements – to simplify the complexity of IoT and help insurance customers maximize the return on their IoT investments.
