Frost & Sullivan Recognizes Sprint Integrated Insurance Solutions
Sprint (NYSE: S) has received the 2013 North American Customer Value Enhancement Award in Usage-based Insurance (UBI). Sprint Integrated Insurance Solutions has been recognized for providing value to auto insurance carriers, as well as their customers. Specifically, Frost & Sullivan's analyst stated that Sprint has provided a complete turnkey service, enabling its clients to offer solutions with integrated devices and platforms for multiple applications. It offers customers the flexibility to partner with multiple members of the UBI value chain.
“We are very excited to receive this prestigious recognition from Frost & Sullivan,” said Wayne Ward, vice president-M2M and Connected Transportation, Sprint. “We are collaborating with industry-leading companies to help insurance carriers offer more options and help the policyholders drive more responsibly. Sprint is committed to making transportation safer through our dependable and continually improving network.”
Integrated Insurance Solutions from Sprint gives insurance carriers the ability to offer policy holders personalized discounts based on their driving habits. The vehicle is fitted with a small device that easily plugs into the diagnostic port. It captures vehicle information and driver behavior data, which is transmitted over the Sprint wireless network. A cloud-based system analyzes the data with driver-scoring software that enables insurance carriers to improve driver risk assessments, reduce costs and improve profitability.
With Integrated Insurance Solutions from Sprint, insurance carriers and participating policyholders have access to detailed analytical data about driving behavior. In addition to “pay-as-you-drive” program discounts, insurance carriers can also offer policyholders value-added services such as Web-based tools that let them monitor their vehicles' health, get tips on how their driving behavior can be adjusted to be more fuel-efficient, and even monitor their vehicles' location.
Frost & Sullivan's research reveals that the key factors that have contributed to Sprint's excellence in customer value enhancement are: 1) commitment to deliver superior customer value, 2) unique benefits for insurance carriers, and 3) the ability to incorporate value-added services.
“The market for automotive passenger and commercial fleet insurance is at a competitive stage, where differences in product offering among insurance providers pose the biggest challenge,” said Niranjan Manohar, industry analyst-Frost & Sullivan. “Fuel economy and emission norms are finding greater magnitude and are the most sought-after attributes in the North American automotive industry. Insurance companies are swarmed by accident insurance claims due to risky driving behavior, while fleet management companies and managers report to Frost & Sullivan that they are feeling the pressure due to non-fuel-efficient driving habits, which lead to higher insurance premiums. Usage-based insurance is being considered by many insurance companies as an alternative to help reduce their claims or curb insurance premiums levied on policyholders.”
“Sprint has assembled the necessary components so that insurers have a single point of contact for all UBI-related needs,” said Ward. “As a mobile integrator, we work with companies like Agnik, Any Data and Modus to create smarter wireless solutions that change the way people work and live.”
About Frost & Sullivan Customer Value Enhancement Award
The Frost & Sullivan Customer Value Enhancement Award is presented each year to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment that customers make in its services or products. This award recognizes the company's inordinate focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and ultimately, customer-base expansion.
Sprint's Network Vision
UBI is just one example of how Sprint is leveraging its wireless network and advancing machine-to-machine (M2M) technology. Sprint has been at the forefront of M2M technology with more than 12 years of experience in this wireless industry revolution.
As M2M technology continues to grow, it will be able to benefit from the all-new Sprint network, which is being deployed in markets across the country. The Network Vision initiative is designed to enhance customers' network experience with faster data speeds, improved voice quality and easier connectivity. Sprint expects to be mostly complete with Network Vision by the end of 2013.
About Sprint Nextel
Sprint Nextel offers a comprehensive range of wireless and wireline communications services bringing the freedom of mobility to consumers, businesses and government users. Sprint Nextel served more than 55 million customers at the end of 2012 and is widely recognized for developing, engineering and deploying innovative technologies, including the first wireless 4G service from a national carrier in the United States; offering industry-leading mobile data services, leading prepaid brands including Virgin Mobile USA, Boost Mobile, and Assurance Wireless; instant national and international push-to-talk capabilities; and a global Tier 1 Internet backbone. The American Customer Satisfaction Index rated Sprint No. 1 among all national carriers in customer satisfaction and most improved, across all 47 industries, during the last four years. Newsweek ranked Sprint No. 3 in both its 2011 and 2012 Green Rankings, listing it as one of the nation's greenest companies, the highest of any telecommunications company. You can learn more and visit Sprint at www.sprint.com or www.facebook.com/sprint and www.twitter.com/sprint.
Randy Spolter, 703-592-8507