|IMS technology may decrease drivers’ insurance rates and premiums.|
Guelph, Ontario — March 17, 2014 — The Co-operators has unveiled the en-route Auto Program in Ontario, a program the company says will allow for more customized auto insurance and lower premiums for safe drivers.
The program is based on usage-based insurance (UBI) technology developed by Intelligent Mechatronic Systems (IMS), and beginning April 2, 2014 clients who sign up will receive an automatic five percent discount and could earn up to 25 percent off their auto insurance, depending on their driving behaviour.
A small wireless telematics device is plugged into a vehicle’s port to track participating clients’ driving in real time. The range of collected data includes instances of sudden braking and rapid acceleration, total distance driven and times of day. The collected information as part of the program will only be used to reward safe drivers and will never result in premium increases.
“The en-route Auto Program is as customized as auto insurance gets,” says Kathy Bardswick, President and CEO of The Co-operators. “It’s an innovative program that not only allows your premiums to reflect your personal driving behaviour, but also provides you with reports you can use to become a safer driver.”
Participating clients can access their driving data online, including routes traveled, mileage, travel time, sudden braking and acceleration, as well as coaching tips, through the myenroute Dashboard. The information can be used by drivers to improve their driving behaviour, which could in turn result in more savings.
“Our insurance clients recognize the value UBI brings to their policyholders because it enables personalized auto insurance premiums based on individual driving behaviour,” says Dr. Otman Basir, CEO of IMS. “Our UBI Intelligence solution, powered by the DriveSync connected car platform, is both scalable and cost-effective; empowering insurance clients to quickly deploy programs for their policyholders.”
The en-route Auto Program will be available in Ontario as of April 2, 2014. Upon enrolment in the program, a five percent discount is applied automatically. When the policy comes up for renewal, and once the vehicle has passed 125 days and 1,000 km, the discount will be recalculated based on the data collected.