Intelligent Mechatronic Systems (IMS) has been chosen by Amica Mutual Insurance Co as its partner for an on-demand insurance telematics program. It is known that Intelligent Mechatronic Systems is connected car and insurance telematics solution provider while Amica Mutual Insurance is an automotive insurer in the United States. 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. The Harvard Business Review has also reported that the on-demand economy is attracting more than 22.4 million consumers annually – worth $57.6 billion in spending.