| Qualcomm Announces a New Telematics Solution for the Auto Insurance Market |
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09/09/2010 15:32 (521 Day 00:25 minutes ago) | |||||
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The FINANCIAL -- Qualcomm Enterprise Services Europe BV, a wholly owned subsidiary of Qualcomm Incorporated (NASDAQ: QCOM), one of the leading providers of business-to-business wireless enterprise applications and services, on September 9 announced the launch of the Pay-As-You-Drive (PAYD) and Pay-How-You-Drive (PHYD) services, two new telematics solutions for the auto insurance market.
PAYD and PHYD enable these insurance companies to correlate the cost of motoring insurance directly to vehicle use measured against time, distance and place. This new, user-based insurance solution will be commercially available in the autumn of 2010.
These new telematics solutions will be demonstrated in London this week at Innovation Qualcomm 2010 (IQ2010). The PAYD and PHYD solutions will give auto insurance companies access to a full suite of features, ranging from standard data, such as accurate kilometers/miles, reporting to complete accounts of the time of day and types of road driven and to detailed reports, statistics and alerts on driving behavior. This information will allow insurance companies to improve the accuracy of their customer segmentation by identifying those drivers representing higher risks and implement accident prevention strategies targeting these drivers, as well as launch differentiating services to acquire new customers. The PAYD and PHYD solutions will also enable auto insurance companies to access reliable and accurate data in the event of crashes, claims and frauds.
The development and introduction of these new services for the car insurance market represents a significant step for Qualcomm Enterprise Services, which has traditionally developed and implemented fleet management solutions specifically for the transportation and logistics industry. Qualcomm’s experience and expertise in the field of vehicle-data capture and driver-behavior monitoring provide the foundation upon which these auto insurance-specific telematics solutions are being designed.
“With these new services, we are positioning ourselves as a technology provider and collaborator for firms in the auto insurance industry,” said Bill Karnazes, managing director for Qualcomm Enterprise Services Europe. “With our new solutions, these insurance companies can fine-tune their offerings and develop a new type of pay-how-you-drive policies based on driving behavior, taking into account a set of complex variables.”
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