EIS, a core and digital platform provider for insurers, today announced the introduction of EIS UBI, a new Usage-Based Insurance software solution that makes it easy for insurers to price, underwrite, and service drivers based on how far, how well, when, and even why they drive. The first iteration of the new offering is EIS UBI for Ridesharing, which bridges the traditional divide between personal and commercial lines and provides drivers with continuous coverage.
“With EIS UBI, we are solving one of the biggest challenges to insurers as consumers increasingly demand coverage tailored to fit their lifestyle, be it infrequent drivers seeking mileage-based policies, safe drivers who want to be rewarded for their good driving habits, or drivers earning income from ridesharing, carsharing, and other commercial uses,” said Joel Yarde, Technology Marketing Lead, EIS. “EIS UBI enables insurers to innovate and deliver products for specific uses, take better advantage of telematics, and deliver a great customer experience.”
Through seamless integration of data from a wide variety of telematics and mobile devices, EIS UBI can support multiple models, including miles only, driver behavior, change of use, or any combination of these and other factors.
“The pandemic has been a catalyst for the UBI market, as insurers across the size spectrum look to ramp up programs. Programs to support various telematics and usage-based-insurance initiatives, including ridesharing, are becoming increasingly important,” said Mark Breading, Partner, SMA. “It is vitally important that modern core platforms like EIS offer new capabilities to support these programs.”
Solution for Ridesharing
The first iteration of the new solution is EIS UBI for Ridesharing, which solves the challenge insurers currently face in accurately underwriting and pricing based on “why” the car is in use. Rideshare drivers may cycle through four phases that cross over commercial and personal lines of coverage: off the clock, on the clock waiting for the first customer, pickup and driving to the destination, and on route to the next pickup. However, typical rideshare policies cover only stages with riders in the car.
EIS UBI for Ridesharing enables insurers to provide continuous coverage with accurate rates and premium billing according to each phase of use, whether personal or commercial. Furthermore, it allows companies to embed insurance offers directly into the driver experience through their driver app and enable real-time or near real-time interactions. EIS UBI for Ridesharing is already in use by one insurer to provide quotes and service to drivers of a top-three global ridesharing company.
The foundation of EIS UBI is the robust and extensive event-driven architecture of EIS Suite that makes thousands of policy, billing, claims, and customer management tasks, transactions, and interactions available for creating usage-based insurance products. EIS UBI is the next generation of usage-based insurance capabilities available in EIS’ PolicyCore policy administration platform.
This enables EIS clients to innovate for various scenarios, from providing unified coverage for vehicles or equipment used for personal and agricultural use to public and private carsharing and commercial fleet.
“EIS UBI provides insurers with the tools to create and deploy usage-based products for today’s sharing economy, and to ‘future proof’ their offering as new models of car usage emerge,” said Yarde. “EIS clients have embraced the capability to create new auto coverages and use EIS UBI as a platform to test-and-learn new product innovations.”