Risk Management Solutions - Technology is Enabling Collaborative Risk Management

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Technology is Enabling Collaborative Risk Management
26 JAN / Author: Harold Leitner

Technology is Enabling Collaborative Risk Management

For traditional insurers, once a policy is bound it is ‘wait and see’ if there is a claim. There is little to no connection or collaboration with policyholders to reduce the frequency or severity of claims. Typically, insurers have passively waited and hoped that claims and losses remain “acceptable”. Innovative insurers are using emerging technologies that are enabling risk reducing connections with policyholders. These connections are creating a “culture of safety” that benefits everyone – policyholders, insurers, and the public.

Telematics for Driver Safety

The most pervasive risk reduction technology in use today is vehicle telematics. Millions of drivers, both personal and commercial, use telematics to better understand their high-risk driving behaviors. When drivers understand how their speeding and distracted driving put their health and lives at risk, they typically will drive safer. Drivers, fleet owners/managers, and insurers can work from the same set of driver behavior data to implement safety awareness campaigns and collaborate to minimize the predictive metrics that lead to at-fault accidents. Studies have shown that sustained and incentivized safety programs, enriched by vehicle telematics data, are improving safety, making roads safer, and saving lives.

Home IoT for Risk Management

For homeowners, smart-home systems and sensors are changing how they protect one of their most valuable assets and wealth creators. Internet connected security systems, fire detectors, water leak sensors, and other ‘smart home’ technologies connect homeowners with insurers to maximize safety, to react faster problems, and minimize losses and other negative outcomes. When combined with a mobile app, these technologies give homeowners access to alerts, notifications, and predictive analytics wherever they may be. Insurers can now actively help their policyholders maintain their homes, take precautions to limit risks, and respond faster when damage occurs.

Reduce Health Risks with Wearable Sensors

Everyone wants better health and a longer life. Many health insurers are helping their policyholders to live a healthy lifestyle by providing technologies that monitor and motivate their healthy habits. Sleep sensors, exercise and activity apps, diet trackers, smart watches, and other wearable sensors are giving policyholders, healthcare providers, and their insurers insights into the status of their health. Insurers can keep healthy habits at the front of their policyholders’ minds by offering compelling incentives to use these technologies for better health.

When claims go down, everyone wins. New technologies are creating opportunities for insures and their insured to work together to reduce risks. Many insurers are aggressively rolling out these technologies because they allow for reduced claims and losses. Technology enabled collaboration is creating positive outcomes for policyholders, insurers, and the public.

Let Us Know What You Think:  

SK Tirumala

Harold Leitner

VP, Business Development

hleitner@xemplarinsights.com

With over 25 years of technology sales, business development, and account management experience Harold leads Xemplar’s business development team. He has successfully driven business growth for early stage technology providers across a range of industries including e-commerce, finance, IOT, connected fleet technology and telematics. Harold holds an MBA from Northern Illinois University and a degree in International Business from Illinois State University.

SK Tirumala

SriKrishna “SK” Tirumala

CEO & Co-Founder

stirumala@xemplarinsights.com

Over the last 24+ years, SK has been at the forefront of delivering technology solutions in Property & Casualty. For the last few years, he has been spearheading the development of risk management solutions at Xemplar Insights, LLC. As the head of the business, SK passionately leads R&D and product engineering teams to advance the Xemplar product portfolio. He is continuously associated with customers, prospects and industry partners in solving their chronic business issues with cutting-edge technology.

Xemplar Solutions Suite

Xemplar Auto
XEMPLAR AUTO is a comprehensive mobile, cloud, and web solution that enables personal auto insurers to close gaps in their digital capabilities. Designed to support loss containment strategies using state-of-the-art smartphone telematics, it can also include policy self-service capabilities to drive adoption and lower servicing costs. Insurers get a powerful analytics portal to analyze where, when, and how risk occurs in their book of business. Granular data can be used develop new rating variables for Usage Based Insurance (UBI).

Xemplar Engage
Personal and Commercial P&C policyholders value the ease-of-doing business with their insurers over mobile and web channels. They are attracted to insurers with better digital capabilities for convenience and better service. Insurers understand that building relationships and creating loyalty with policyholders is key to their on-going profitability and success. The Xemplar Engage solution enables insurers to rapidly innovate and advance their digital transformation strategy with self-service features on mobile and web channels, resulting in significant competitive advantages with improved customer experience.

Xemplar Fleet
Xemplar Fleet is offered to Commercial Auto Insurers (small businesses to large fleet owners) as a white-labeled fleet risk reduction solution which can be offered to insured accounts, as their insurer’s solution to control claims and losses. The solution is made of three parts, (a) Mobile app (iOS, Android) for covered drivers, (b) Cloud-based administrative portal for Fleet Managers for each Commercial Account, and (c) Cloud-based administrative portal for the Carrier that oversees the complete set of fleets using the app.

Xemplar Drive
Xemplar Drive – Business was designed as a non-white-labeled option for Commercial Auto Insurers that believe that the policyholders will be apprehensive about using a data gathering solution provided by their insurance carrier. Xemplar Drive – Business would be referred by the insurer to the Commercial Auto policyholders (small businesses to large fleet owners) as a solution for risk prevention and loss control.
Xemplar Drive – Business is also available as a white-labeled off-the-shelf B2C subscription-based solution (SaaS or private) sold directly to Large Corporates, Commercial Businesses, and other Institutions that operate a fleet of vehicles, as a self-administered risk management solution.

Xemplar Drive
Xemplar Drive – Business is a branded off-the-shelf, B2C subscription-based solution sold through distribution channels such as driving schools or not-for-profit organizations to individuals and/or parents of teens as means to analyze driving habits of themselves, or young drivers as they gain driving experience and develop good driving habits.

Xemplar Stack
Xemplar Stack’s suite of licensable and adaptable software feature frameworks, platform architectures, design patterns, and data model assets helps businesses save development time and costs and jumpstart the creation of tailored software solutions for unique business cases.

About Xemplar Insights

Our journey began in early 2015 while experimenting with smartphone technology to analyze motion patterns that led us to develop an innovative and economical smartphone telematics solution for loss containment. We then extended our capabilities to include numerous new features including policy and claim services, and developed turn-key solutions for Personal and Commercial P&C Insurers. Today, Xemplar is an established digital solutions company that offers both pre-configured and tailor-made solutions to insurers and commercial businesses, with many companies using our products and services to drive their digital transformation.