Tech Mahindra, a specialist in digital transformation, consulting and business re-engineering, today announced the launch of Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers.

It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages. The platform is flexible to fit to the growing needs of global insurance enterprises, where the market is expected to grow USD 100 billion plus by the end of the decade.

''Global insurers and reinsurers are increasingly looking towards telematics-based insurance products in the pursuit of competitive and differentiated offerings in the marketplace,'' said Ravi Vasantraj, head, BFSI, Tech Mahindra. ''Tech Mahindra's UBI solution can assure substantial and continuous cost savings through process efficiencies. Through our connected solutions, we deliver high quality services to our financial services clients.''

Shares of the company declined Rs 36.55, or 1.38%, to settle at Rs 2,621.15. The total volume of shares traded was 37,887 at the BSE (Tuesday).