Intelligent Mechatronic Systems (IMS), a connected car and insurance telematics solution provider, has been chosen by Amica Mutual Insurance Co. as its partner for an on-demand insurance telematics program. Amica’s upcoming program will be powered by IMS’ DriveSync connected car platform, and it will be made available to policyholders this summer.
The partnership comes at an opportune time for an on-demand digital auto insurance offering, benefiting from substantial growth in the telematics market and surging consumer interest for on-demand services. PTOLEMUS, an insurance strategy consulting firm, revealed in its May 2017 quarterly report that the UBI global market grew by 32 percent in 2016 to 14 million policies. More than half of those policies are based in North America, and up to one-third of all new auto policies are telematics-based.
Demand for telematics and digital insurance offerings is coupled with surging consumer interest in on-demand products and services. The Harvard Business Review has reported that the on-demand economy is attracting more than 22.4 million consumers annually – worth $57.6 billion in spending.
“Amica and IMS share a common vision to be leaders in delivering the future of digital insurance and telematics-based offerings that provide policyholders the ability to choose new insurance products that meet their needs,” said Ben Mellino, Amica’s assistant vice president of sales and client services.
Amica will provide an update on its consumer-facing program, first launched in Oregon, later this summer.
