Exigen Insurance Solutions®, a leading provider of insurance core systems, and The Evogi Group, a leading vehicle telematics solutions provider, announce today a partnership to offer complete usage-based insurance (UBI) and pay-as-you-drive (PAYD) platforms to insurers entering the fastest growing segment of the auto insurance market. The collaboration between the two companies provides insurers full policy administration, billing, claims and account management for personal and commercial auto UBI products using telematics and GPS technology.
The solutions brought together by these two industry-leading providers solve all important challenges faced by insurers entering this market. The solutions are turn-key, satisfying all technology integration, data, actuarial, regulatory and customer communications requirements.
Exigen Insurance Solutions’ Exigen Suite offers modular, end-to-end core solutions for policy administration, claims, billing and account management. Exigen has a market-ready solution for the pay-as-you-drive automobile insurance market. The Exigen PAYD® solution enables insurers to rapidly implement a usage-based pricing auto insurance product with no impact to existing applications and business processes. Exigen PAYD can be delivered as software-as-a-Service (SaaS) or as a custom implementation.
The Evogi Group’s innovative Intelligent InsuranceSM delivers a UBI solution that capitalizes on broad insurance expertise in agency operations, insurer operations, modeling, and driver scoring. The solutions feature flexible modern architecture and telematics platforms that utilize Evogi’s or third party devices to provide comprehensive location based intelligence that enables, reporting and interaction with vehicles.
“The pace is quickening for entry to the usage-based auto insurance market. Insurers need to rapidly create innovative product offerings or risk losing customers to competitors,” said Fazi Zand, Vice President Marketing and Business Development, Exigen Insurance Solutions. “However, usage-based insurance presents new forms of handling and managing realtime data. Furthermore, the integration of telematics and sensor technologies represents new challenges for existing systems and IT resources. The union of the Exigen Insurance and Evogi’s UBI solution provides a complete, effective, flexible, and ready for market deployment alternative.”
“Telematics when tied to usage-based insurance provides insurers a host of opportunities to provide better policy pricing, risk management, claims reduction, and on-board services,” says Bob Neeser, Senior Vice President, Sales and Marketing, The Evogi Group