Waterloo, Ontario, Canada – July 15, 2020 – IMS (Insurance & Mobility Solutions) is providing the telematics technology solution behind the ‘Fahr & Spar’ usage-based insurance program launched by ADAC Autoversicherung AG, the car insurance brand of Germany’s leading motoring organization ADAC.
The program, ADAC Fahr + Spar, is a telematics-enabled insurance product where policyholders are rewarded with a 10% discount on their premium after app activation and transferring the initial 100 recorded kilometres (approximately 60 miles); and the ability to earn up to 30% of their premium in cashback, depending on their driving behavior.
ADAC Fahr + Spar is powered by a combination of IMS’ smartphone app running in parallel with IMS’ recently announced Wedge beacon (all rebranded by ADAC as DriveDot) – both designed and delivered by IMS to provide high-quality, real time data that provide an indication of the driving style across braking, acceleration and speed.
Bob Skerrett, CEO of the Insurance Solutions division of IMS, said: “The low-cost connectivity afforded by telematics via smartphone apps is driving the continued growth of usage-based insurance, and the addition of the DriveDot beacon ensures that the data harvested is more accurate and reliable than a mobile-only approach.”
As well as providing the app and the beacon, IMS will operate the scoring and administration platform and provide aggregated scores back to the insurer. Journey details like timestamps or locations will remain solely private to the registered driver, and not be visible to the insurer.
The ADAC Allgemeiner Deutscher Automobil-Club e.V., (General German Automobile Club), has more than 21.2 million members and is the largest automobile club in Europe, and the second largest worldwide. It is one of Germany’s best-known brands, thanks to its omnipresent yellow roadside assistance vehicles, which are known as ‘yellow angels’.
Skerrett said: “ADAC is a prestigious organization with a high reputation and strong customer values, so we are thrilled to be associated with them through this project. We have an exciting roadmap of additional capabilities coming to our telematics platform, including class-leading experience in the identification of collisions and subsequently use of this data to deliver better claims outcomes for the insurer and policyholder alike. In the wake of Covid-19, we are seeing a pronounced spike in demand for this kind of solution, and more broadly we expect usage-based insurance to really resonate with policyholders wanting more flexibility and control over their auto insurance.”
