MOUNTAIN VIEW, Calif., Feb. 27, 2013 /PRNewswire/ -- Based on its recent analysis of the automotive usage-based insurance (UBI) market, Frost & Sullivan recognizes Sprint's Integrated Insurance Solutions (ISS) with the 2013 North America Frost & Sullivan Award for Customer Value Enhancement. As privacy and data security are key issues in the automotive UBI market, Sprint has built secure wireless network platforms that can accommodate almost any application in any vertical, both efficiently and affordably.
The company is a member of the board of the Association for Cooperative Operations Research and Development (ACORD), which sets insurance data standards. This position has allowed Sprint to become one of the first North American telecom providers to be a telematics service provider in the UBI space. Sprint's market eminence offers data confidentiality and integrity to insurance companies and, hence, policyholders.
Sprint provides the five essential tools of connectivity, device, application portals, operations/logistics, and customer care for insurance companies to develop a successful UBI program.
Sprint's 3G network provides connectivity, while hardware companies supply the plug-and-play devices. The application portal is showcased through customizable solutions; alerts and data hosting platforms; and order taking, device management, provisioning account for operations, and logistics. Finally, customer care is enabled through after-sales support and project management."Sprint's integrated insurance solutions will empower small- to medium-sized insurance companies, enabling them to offer end users direct control of their insurance premiums," said Frost & Sullivan Industry Analyst Niranjan Manohar. "This is likely to influence governments to provide further tax discounts to insurance companies and policyholders adopting this method." Sprint's in-house UBI program expertise allows it to keep track of customers, and the data transmitted through its wireless carrier to its own servers help prevent fraudulent claims. As usage-based systems facilitate dynamic risk calculation, it can bring about positive changes in users' driving behavior, reduce accidents and, ultimately, increase the insurance provider's profits.