application of digital technology in insurance...
TRANSCRIPT
APPLICATION OF DIGITAL TECHNOLOGY IN INSURANCE
INDUSTRY
Presentation
AREAS IN WHICH DIGITAL TECHNOLOGY CAN BE APPLIED IN INSURANCE INDUSTRY
•Marketing and sales
•Underwriting
• Finance and accounting
•distribution
INTRODUCTION
• Everyone needs insurance, therefore it shouldn`t becomplicated or tricky
• That is the reason why across the world, entrepreneurs arerising to meet the challenge of making it affordable and simplefor all
• To eliminate the difficulties and excessive expenses surroundingcar insurance, many InsurTech companies offer solutions tolower costs through use of data collection by telematics orproviding comparison services to help clients find the cheapestoptions available to them
Cont.…….
• InsurTech starts ups are revolutionalizing the way insurancecompanies are run by creating a new level of transparencybetween industry and client
• In addition to some InsurTech companies:
• Leverage technology to transform the car insurance industry:
• Accuscore Driveway Friendsurance
• RenewBuy Viva Drive
• Drive Spotter etc
Cont.…….
•Accusore:Utilises a smart phone app, telematics deviceand video cameras to provide drivers with accuratedriving predictions to ensure the most effective loss-prevention programme for commercial insurers
•City mile is a usage-based platform which collects driverdata and works to better driver behaviour
Cont.…….
• Claim Di: is a mobile application for facilitating communication and claims between drivers and insurance companies
• The drivers or car owners can download claim Di and shake the phone near the phone of another party who also uses claim Di
• The insurance companies of both sides will issue claim reports via the claim Di application, drivers can then separate immediately without the need to wait for surveyors
Cont.…….
•Cover Hound is an insuTech company for consumersand businesses to compare and purchase insurance,including car insurance, built to deliver accurate andactionable rates from US carriers based on specificneeds
•Cuvva was launched as an IOS app that enables theuser to sign up, get a quote and buy cover in less than10 minutes
Cont.…….
• Cuvva offers a completely digital experience run from asmart phone
• It is totally new type of UK car insurance that gets userscovered on a car for only as long as they need it-from asingle hour to a whole day
• Driver spotter: aims to keep the roads safe by utilising real-time analytics
• First, data is collected from a dash camera, then it isanalysed and drivers receive a feedback
Cont.…….
•Drive way is a cloud-based, smart phone-only Artificialintelligence(AI) which assesses driver behaviour-basedpremiums for insurers and provides safe drivers withan opportunity to save money
• Friendsurance is P2P insurance company based on ashareconomy approach where small groups arerewarded for not having any claims at the end ofevery year
Cont.…….
•Goji: combines the personalised comparison shoppingexperience of a a local agent with the ease andconvenience of buying car insurance directly from acarrier.•Guevara: offers a whole new way to think about car
insurance, any money left in the pool at the end of theyear stays with the group and lowers everyone`s pricenext year•Users that keep claims low can save up to 80%
Cont.…….
• Insuremyrental car.com: offers insurance covering lossdamage(LDW) up to $100,000 if the car is damaged or stolen
• Daily policies start at $5.00 per day compared with thecoverage at the rental desk which costs around $22 perrental day
• The website will also offer single annual policies starting at$17.50 and annual policies starting at 93.99
• Annual policies offer particularly good value for regular users
RENEWBUY
• Is a motor insurance company that allows to renew carinsurance in a couple of minutes providing quotes
•RenewBuy focuses on car and bike insurance and aims tooffer the lowest premiums and issue your policy instantly
• The platform works best in real time and provides thebest available price specific for the vehicle model
SNAPSHEET
• This provides virtual claims technology to personal andcommercial auto insurance carriers
• The Chicago based company services auto insurancecarriers through Snapsheet`s virtual insurance claimsExchange platform, which improves the estimationprocess for auto repairs from virtual photo submissionto optimize the estimating processing through finalrepairs and payment
Cont.…….
• Snapsheet currently serves 45 plus insurance carriers
• From 2015 to 2016, Snapsheet achieved 100% YOYgrowth
Cont.…….
• Lemonade is P2P platform revolutionalising insuranceby taking a fixed fee from monthly payment, payingfor some expenses and then using the rest of it to payout claims
• Left over premiums are given back at the end of theyear
METROMILE
•Has created a device that captures mileage data todetermine how much a person should pay for their carinsurance policy• Free plug in devices ordinary cars into smart cars• The device works with metromile`s smart phone
app(Metronome) which diagnoses the health of thecar, location and offers tips to help the user with theirdaily commute
Cont.…….
•Octo- is a telematics company specialising in providingdata from high-tech analytics
•Okchexian: is a china-based company with theintention of reinventing car insurance andencouraging better drivers through the use of Smartphones
Cont.…….
• Ta Certo is an online insurance broker specialising insales of car insurance, health insurance, travel insuranceand other financial products
• It is dully authorised by the superintendent of privateinsurance(SUSEP)
• Through their online portal, buyers can compareinsurance from insurers like Allianz, AIG, MAPFRE, etcand buy them over a call or online
Cont.…….
• The company claims to provide an online innovativeservice to learn about, compare and purchasefinancial products and services
• The Flow: uses advanced technology to process datafrom various sensers and guarantees accurate data
• It uses different criteria to calculate insurance risk
Cont.…….
• The Zebra-is a large Quote comparison platformwhich focuses on car insurance
•Car owners can anonymously compare dozens ofinsurance companies in real time and begin seeingestimated quotes with as little as two pieces ofinformation
•Real-time updates provide a transparent shoppingexperience
Cont.…….
• Trou-allows clients to choose what they insure andchange at any time
•Claims are made through text messages for convenience
• True motion-is a smart phone-only usage-basedinsurance platform that helps increasing adoption,reducing costs and collecting better data to drive riskalgorithms
Cont.…….
•Viva drive-offers a Paas to analyse drive data, providefeedback to drivers and encourage safer driving throughgamification and rewards
•Wunelli-has a large data base of driver stats steemingfrom this extensive research to grant drivers andcompanies alike easy access to accurate data etc
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