Insurance Telematics USA Panel presentation

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Insurance Telematics USA 2013
“Winning through Differentiation”
September 4, 2013
Why differentiate?
• All telematics programs
starting to look alike
• Consumers can’t tell
the difference
• Growth is only possible
by doing something
different
– Differentiation
– Segmentation
Ideas for differentiation
• Vary the audience
• Think of past, present
and future
• Work towards your
business goals
• Lots of details
Differentiation options
• Creating an offering
– Simple
• Distance
• Location
• Seasonality and rare usage
– Complex
• Behavioral
– Psychographic
– Demographics
– Coaching
• Contextual knowledge
– Weather, traffic
Program progression
• Give yourself the best
start possible
– Meet your business goals
– Prepare yourself for
increased competition
– Ensure your solution
can leverage the future
of telematics
Be goal oriented
• Use telematics to
surpass your goals
–
–
–
–
–
Pricing models
Customer relationships
Driver education and coaching
Increasing risk tolerances
Market penetration
Program details
• Involve as many parts of your
organization as possible
• Don’t forget your agents,
brokers, member services, etc…
Segmentation
• Personal lines
–
–
–
–
Broad base
Young drivers
Mature drivers
Non standard
• Commercial/Profession
al Lines
– “Behaviormatics™”
Young drivers programs
• Value for insurance carriers
– Risky segment
• Value for parents
– Peace of mind
• Value for teens
– Safety and independence
Mature drivers programs
• Value for insurance carriers
– Risky segment
• Value for guardians
– Peace of mind
• Value for elderly
– Safety and independence
Fleet program
• Value to the carrier
– Method to enhance business
• Value to the fleet
owner & manager
– Better understanding of drivers
– Immediate cost savings
• Value to the driver
– Education & coaching
Multiple segments
• An insurance carrier can
target multiple segments
with same platform
– e.g., Young Drivers
+ Usage-Based Insurance
Premium services
• Value added services
help overcome key
barriers to UBI growth
– Consumer adoption
– Business model
Main Barriers to UBI Program
Growth
12%
15%
43%
30%
Making the economics work
Customer adoption
Management support
Source: Telematics Update Survey 2012
Understanding the data
Consumer Adoption
• Augment the value
of the telematics
proposition
• Start with pricing
• Go beyond pricing
– Connected car services
– Rewards & recognition
Business Model
• Premium services can reduce
the insurance carriers costs
– Policyholders will pay for value
in their connected vehicles
– Third parties will pay to lease
part of the OBD-II port
Value of Premium Services
• Telematics-Enhanced
Roadside Assistance
• Vehicle Health Monitoring
& Reporting
• Automatic Crash
Notification
• Voice Powered In-Car
Infotainment
• Connected Car services
are going mainstream
Think beyond data
• Leverage Connected Car
technology as CRM Tool
• Increase revenue potential
and reduce program costs
• Control high risk behavior
– i.e. Texting & Driving
• Make adoption of UBI easier
On-going differentiation
• Differentiation is not a
single step, it is achieved
in an ongoing process
• Continuous innovation
–
–
–
–
Data acquisition
Analytics
Connectivity
UBI within the connected
vehicle ecosystem
Differentiating Elements:
A Driver-Centric Perspective
Context-Relevant
Representation
Advanced
Analysis and
Visualization
Smart Data
Acquisition
Advanced
Traveler-Centric
Feedback Loops
Smart Data Acquisition:
Relevant In-Vehicle Enablers
For Diverse Needs
Data Quality and Context-Relevant
Representation
Extracting Value with Advanced
Analysis and Visualization
Extracting Value with Advanced
Analysis and Visualization
Frontal impact
Algorithms to Understand Driving
and Driver Behavior
• Moving beyond harsh braking and acceleration
• … Toward understanding driver intent
Data, Intelligence, and Feedback
• Data management
–
–
–
–
–
–
–
Density
Diversity
Frequency
Quality
Longevity
Latency
Privacy
– …
• Data transformation
–
–
–
–
–
Insights
Intelligence
Decisions
Actions
…
Coffee taste wheel
Summary
• Business objectives, goals, strategies and measures
will drive the selection of insurance telematics
• Differentiation is the key to success
– Stand out from the crowd
– Provide advantages over the competitors
– Develop a roadmap of innovation
Conclusion
• The IMS DriveSync
platform provides for
all this differentiation
• www.intellimec.com/IT
USA for Presentation
and Collateral resources
Download
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