TrueMotion, the leader in providing mobile Usage Based Insurance (UBI) services, today announced Ted Gramer as Chief Executive Officer. With more than 20 years in the insurance and finance industries, Gramer’s experience and knowledge will accelerate TrueMotion’s aggressive growth in the global insurance space.
Gramer spent more than a decade with Liberty Mutual Insurance in a variety of executive leadership positions, including Executive Vice President & Chief Claims Officer and Executive Vice President of Liberty International. Most recently, Gramer was the Managing Director for Global Property at Solera, a global leader in data and software for automotive, home ownership and digital identity management. Gramer holds a Bachelor of Science in Management from Bentley University, an MBA from the MIT Sloan School of Management and is a Chartered Financial Analyst (CFA).
“Ted’s experience in insurance, analytics and early stage companies is a perfect fit for TrueMotion,” said Scott Griffith, chairman and co-founder of TrueMotion. “He’s a former insurance executive who understands the practical challenges carriers face attracting new customers, managing emerging loss trends and struggling to simplify the claims process. He also has years of experience applying big data and innovation across different industries in the U.S. and internationally. We couldn’t be happier to have him on board.”
TrueMotion’s mobile apps use the sensors built into smartphones (iOS and Android) plus data science to objectively capture driver behavior (hard braking, acceleration, distraction, etc.) and give the driver a score at the end of each trip. The company uses machine learning and signal processing techniques to filter out non-car trips (train, bus, bike, etc.), and its patented approach identifies whether someone is actually behind the wheel or in the passenger seat. In addition to the mobile apps, TrueMotion offers a big data platform that provides comprehensive driving activity, individual scores and analytics to inform customer insights.
“After decades of declining accident frequency, consumers and insurance carriers are beginning to see the financial and human toll of distracted driving,” said Gramer. “TrueMotion uses the same mobile phones that cause the problem to change behavior and make our roads safer. I’m excited to be part of such a talented and passionate team tackling this problem.”
In the first quarter of this year, 27,000 drivers who use TrueMotion technology logged 68 million miles and reduced their distracted driving by 20 percent per trip. This is a significant reduction in unsafe driving that is now a leading cause of injuries, deaths and costly auto repairs.