Multiplying Returns from Usage-based Insurance Programs

Kamesh Meduri

Enterprise Architect, Insurance Technology Group, BFSI, TCS

Venkat Seshadri

Head, Insurance Research and Innovation, BFSI, TCS

Telematics-enabled, usage-based insurance (UBI) programs such as pay-as-you-drive (PAYD) and pay-how-you-drive (PHYD) are ubiquitous and growing across geographies. However, the current state of UBI fails to factor in the evolution of regulation, technology, and consumer behavior resulting in inaccurate pricing and lost opportunities. Insurers need to take a mobility centric approach ushering in a shift from a pay-how-you-drive to a pay-how-you-move (PHYM) model in motor insurance.

Some of the critical aspects that insurers will need to focus on to define their strategy include:

Transparent pricing strategy: Consumption based approach to reduce expenses
New consumer behaviors: Adoption of a well configured PHYM product to cover varying risks
Digital technology enablers: Insurance telematics enables increased accuracy of scoring models
Minimal data mindset: Storage of anonymized data only
Data analytics: Data provision from advanced driver-assistance systems

About the authors

Kamesh Meduri

Kamesh Meduri is Chief Architect with TCS Banking and Financial Services (Central Europe) unit and has over 20 years of experience in the insurance and retail banking domains.

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Venkat Seshadri

Venkat Seshadri heads Insurance Research and Innovation for TCS’ Banking, Financial Services and Insurance (BFSI) business unit

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TCS works hand in hand with world-leading investors.

TCS is here to make a difference through technology.

We’re in it for good, driving positive change for the benefit of all.

Recent News

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

TCS works hand in hand with world-leading investors.

Multiplying Returns from Usage-based Insurance Programs

Kamesh Meduri

Enterprise Architect, Insurance Technology Group, BFSI, TCS

Venkat Seshadri

Head, Insurance Research and Innovation, BFSI, TCS

About the authors

Kamesh Meduri

Venkat Seshadri

Transformation starts here

TCS is here to make a difference through technology.

We’re in it for good, driving positive change for the benefit of all.

Recent News

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

TCS works hand in hand with world-leading investors.

TCS is here to make a difference through technology.

We’re in it for good, driving positive change for the benefit of all.

Recent News

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

TCS works hand in hand with world-leading investors.

Multiplying Returns from Usage-based Insurance Programs

Kamesh Meduri

Enterprise Architect, Insurance Technology Group, BFSI, TCS

Venkat Seshadri

Head, Insurance Research and Innovation, BFSI, TCS

About the authors

Kamesh Meduri

Venkat Seshadri

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