The global insurance telematics marketplace has a powerful player today as Modus, a world leading end-to-end insurance telematics solution provider, and MyDrive, the leader in telematics profiling, join forces to deliver a combined insurance telematics offering. The announcement was made at the opening of the Insurance Telematics London Conference, a gathering of insurance companies and technology providers discussing the burgeoning world of insurance telematics solutions.
As the global marketplace for insurance telematics solutions continues its rapid growth, insurance providers are navigating an increasingly confusing landscape of complex solutions. The combination of Modus and MyDrive brings together two market leaders offering complete end-to-end solutions with a focus on driving business advantages for insurers while improving the safe driving habits of the millions of drivers they cover.
“This really is a story of the whole being greater than the sum of its parts,” explains Brandon Johnson, CEO of Modus. “Data is at the heart of the insurance telematics value proposition. There is no company better than Modus at designing and deploying the technology to collect accurate data from millions of drivers. MyDrive offers unparalleled data analytics capabilities to provide the most detailed and accurate driver profiles possible and tools to enhance driver safety performance.”
For insurers looking to deploy a telematics solution or pilot program the Modus/MyDrive global partnership offers a myriad of advantages. Together the companies enable insurance companies to focus on the most valuable asset of insurance telematics: analyzing, understanding and using driver data to build new product offerings and market strategies.
With their combined history and experience of delivering end-to-end solutions, including allied partners that span telematics collection devices, networking and data storage capabilities, Modus and MyDrive provide insurers the flexibility to evolve with the market. Insurers can modify their data analytics and collection as the market situation and company strategy evolve. They can incorporate new data collection technologies, integrate with new 3rd party applications and quickly take advantage of data coming from auto OEMs – all of which can help control deployment costs.
Modus and MyDrive also deliver some of the most advanced, in-depth driver profiles available anywhere encompassing how vehicles are being used, who is driving then, how they are being driven and even what drivers are doing while behind the wheel. This profiling capability enables insurers to explore new methods of lowering claims cost through driver-specific training, distracted driving applications, mentor/coaching programs and more.
“Our partnership with Modus really is about two market leaders coming together to create the strongest possible, most complete value-based solution for the insurance telematics market,” said Linden Holliday, CEO, MyDrive. “From device integration and mobile apps to the internal systems such as inventory management, procurement and customer support that are paramount to the success or failure of an insurance telematics solution, together we have covered the entire spectrum of needs for insurers and the drivers they cover.”
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