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Sprint (NYSE: S) has received the 2013 North American Customer Value Enhancement Award in Usage-based Insurance (UBI). Sprint Integrated Insurance Solutions has been recognized for providing value to auto insurance carriers, as well as their customers. Specifically, Frost & Sullivan’s analyst stated that Sprint has provided a complete turnkey service, enabling its clients to offer solutions with integrated devices and platforms for multiple applications. It offers customers the flexibility to partner with multiple members of the UBI value chain.
“We are very excited to receive this prestigious recognition from Frost & Sullivan,” said Wayne Ward, vice president-M2M and Connected Transportation, Sprint. “We are collaborating with industry-leading companies to help insurance carriers offer more options and help the policyholders drive more responsibly. Sprint is committed to making transportation safer through our dependable and continually improving network.”
Integrated Insurance Solutions from Sprint gives insurance carriers the ability to offer policy holders personalized discounts based on their driving habits. The vehicle is fitted with a small device that easily plugs into the diagnostic port. It captures vehicle information and driver behavior data, which is transmitted over the Sprint wireless network. A cloud-based system analyzes the data with driver-scoring software that enables insurance carriers to improve driver risk assessments, reduce costs and improve profitability.
With Integrated Insurance Solutions from Sprint, insurance carriers and participating policyholders have access to detailed analytical data about driving behavior. In addition to “pay-as-you-drive” program discounts, insurance carriers can also offer policyholders value-added services such as Web-based tools that let them monitor their vehicles’ health, get tips on how their driving behavior can be adjusted to be more fuel-efficient, and even monitor their vehicles’ location.
Frost & Sullivan’s research reveals that the key factors that have contributed to Sprint’s excellence in customer value enhancement are: 1) commitment to deliver superior customer value, 2) unique benefits for insurance carriers, and 3) the ability to incorporate value-added services.