Tech Mahindra Ltd. has launched a big data and predictive analysis driven platform for auto insurers, Usage Based Insurance (UBI).
A press statement by the Pune, India-based networking technology solutions provider said the platform, hosted on the cloud, enables insurers to reduce their claim costs by up to 20%.
At the same time, the platform can reduce eligible insured driver premiums by up to 40%
Initial launch of the platform includes two products, UBi Lite and UBi Plus with the latter offering a big data approach.
As such, it takes into account real time data from the physical world to provide accurate information.
The press statement described the platform as one that adjusts premiums based on patterns of actual use by individual drivers, not industry averages.
It said the UBi solution will be hosted on the AT&T cloud and served through AT&T's global machine-to-machine (M2M) capabilities.
The platform is now deployable and pilot ready, according to the press statement.
It said the platform is flexible, enabling it to fit the needs of insurance companies globally, needs estimated to have a market value of over US $100 billion by decade's end.
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