How Do You Sort Through All the Choices and Find the Right Telematics Service Provider (TSP) for Your Business?
If you’re new to telematics insurance or in the process of evaluating and selecting a Telematics Service Provider (TSP), here are some guidelines to help you find the best one for a smooth deployment. Complexity and rapid change characterize the UBI sector.
To stay abreast of the latest developments, enlist an organization skilled in this area to help create a realistic roadmap for the program, assess hardware and software options, and engineer a smooth deployment at launch time. Finding a TSP compatible with your internal team and conversant with current practices in the industry can make the extended process typical to a large-scale telematics insurance initiative substantially easier. The following list will help identify the capabilities and characteristics of a professional telematics service provider and should be referenced throughout the selection process to ensure you have a basis for your final decision.
A WELL-QUALIFIED TELEMATICS SERVICE PROVIDER SHOULD:
1. Demonstrate Knowledge and Expertise in the Field
Actual customer experience is a vital component and necessary prerequisite for developing different telematics insurance programs.
2. Commit to Helping You Realize Success
The right TSP is not only someone you can learn from but is also committed to supporting and working with you.
3. Be Partner-focused, not Focused on Transactions
The most efficient way to ensure a successful launch with all critical angles covered is through collaboration and cooperation with a partner focused TSP.
4. Share Your Vision for the End Results of the Program
Work with your potential TSP to create and agree on key performance indicators (KPIs) early on in order to keep your strategy on track. They enable you to manage, control and achieve desired business results.
5. Outline Clear Objectives, Directions and Project Plans
Your TSP should be able to define a clear process, based on a project roadmap, including a fully described deployment process and a clearly expressed strategy.
6. Achieve Executional Excellence
Only an experienced and professional TSP will possess and provide the necessary resources to adequately carry out the project.
7. Extend Honesty, Trust, and Respect to You Throughout the Project
Your TSP should be driven by a relentless commitment to excellence and best-in-class service.
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Best Practices and Guidelines for Insurance Telematics and UBI
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