Canadian insurer leverages app-centric IMS usage-based insurance technology to enable accurate mileage capture to deliver mileage-based policyholder premiums.
Waterloo, Ontario, Canada, April 29, 2024 (GLOBE NEWSWIRE) — The Alberta Motor Association Insurance Company (AMAIC), a Canadian insurer serving the province of Alberta, part of the Alberta Motor Association (AMA), has selected IMS, a global leader in insurance telematics and usage-based insurance (UBI) solutions, as the technology provider for the company’s new AMA MyPace pay-as-you-go auto insurance program.
Work-from-home and remote working has been galvanized into North American culture post-pandemic, and consumers are looking for insurance options to meet their changing needs. J.D. Power research shows consumers are increasingly interested in UBI and mileage-based telematics programs that allow insurers to offer an attractive option for cost-conscious low-mileage vehicles.
“Using IMS’s Mileage UBI technology, we are giving AMA MyPace policyholders more control over their monthly bill,” said James Setch, Vice President, Underwriting, Rating and Product at AMAIC. “The product could provide significant savings for hybrid workers, transit commuters, retirees, households with more vehicles than people, and other instances where a vehicle isn’t driven often. The technology allows us to offer an easy and affordable solution for low mileage vehicles and the flexibility for Albertans to choose insurance suited to their lifestyle.”
IMS’s new PAYD (Pay-as-you-drive) technology fuses the proven engagement of One App and the accuracy of OBD-II to deliver the future of mileage-based programs. Specifically, AMA MyPace will leverage IMS’s new Mileage UBI technology and the IMS One App™ interface to allow AMAIC policyholders to see the distance their vehicle has been driven and their monthly premium based on that distance.
“AMAIC’s implementation of the IMS Mileage UBI product in their AMA MyPace program will help AMAIC immediately offer more cost-effective insurance options to their policyholders and increase customer satisfaction as well,” said David Lukens, SVP North America, IMS. “This marks the second telematics program IMS and AMAIC have collaborated on together, with the first being the behavioural-based UBI program, AMA MyRide.”
IMS’s Mileage UBI technology can also offer features and functionality designed to motivate safe driving behaviour inherent to the IMS One App™ mobile telematics experience, such as coaching and rewards and behavioural and distracted driving detection can be implemented to meet the needs of the program.
For more information on AMA MyPace, visit: AMAMyPace.ca
For more information on the IMS Mileage UBI offering, visit: ims.tech/mileage/
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About IMS
IMS is a vehicle and driving data business, delivering enterprise solutions to global insurers, mobility operators and governments. The IMS DriveSync® platform provides the capability for customers to improve their approach to pricing, customer engagement, risk management and claims handling by leveraging telematics data from any source – smartphone apps, aftermarket hardware and OEM embedded units. The company, with offices across the UK, Europe, and North America, has analyzed over 15 billion driving miles and its algorithms are fed by trillions of data points each day.
For more info visit: https://ims.tech/
About Alberta Motor Association
The Alberta Motor Association (AMA) is one of the largest membership organizations in Alberta, representing a million members provincewide. As a leading advocate for traffic safety, travel, consumer protection, and crime prevention, AMA helps protect the things that matter most, cares for and participates in the communities we serve, and represents our members’ needs to industry and government. For more information, visit: https://ama.ab.ca/
