insurance telematics usa - chicago
Post on 21-Oct-2014
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The future of insurance telematics will involve smartphones - here are some of our views...TRANSCRIPT
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Insurance Telematics - USA
Manjit Rana – Co-‐Founder Ingenin
ingenin .COM
‘Smart’phones
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let me invite you to what is (probably) the most amazing story of
our >me
‘ o u r ’
Copyright Ingenin UK LLP 2012
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However, we must begin at Chapter 2 and miss all the intro bits (story for really began a couple of
years ago)
Copyright Ingenin UK LLP 2012
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Our story is called ‘Smartphones are Made for Insurance’ but could
easily have been… ‘smartphones make
insurance a piece of cake’
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In our story all characters and events
are true to life
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Smartphones are made for FUN
SMARTPHONES ARE MADE FOR COMMERCE
Earlier edi>ons of our story are best sellers
the world over
SMARTPHONES ARE MADE FOR
MAKING FRIENDS
Smartphones are made for BANKING
Copyright Ingenin UK LLP 2012
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‘Smartphones are Made for Insurance’
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To your customers, the smartphone is likely the most
aLrac>ve personal device ever made.
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customer interac>on with digital services and devices via smartphones will con>nue to explode 2013-‐2015
these interac5ons form
Personal Digital
Ecosystems or ‘PDE’s’
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This is what a typical Driver PDE looks Like (i.e. the mobile data
services we use in cars)
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Examples of smartphone services trying to get our aLen>on and become part
of our Driver PDE
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How do these new smartphone services perform for drivers?*
DESIRABILITY
5/10 USEABILITY
5/10 LONGEVITY
3/10 EFFECTIVENESS
5/10
*Ingenin Research 2012 Copyright Ingenin UK LLP 2012
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How do these new smartphone services perform for insurers?*
BETTER PRICING
7/10 COST
REDUCTION
4/10 FRAUD
REDUCTION
4/10 CUSTOMER RETENTION
3/10 *Ingenin Research 2012
Copyright Ingenin UK LLP 2012
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‘must begin and end by suppor>ng the needs of drivers of every type’
crea>ng effec>ve smartphone services for insurers… So…
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‘must begin and end by combining driver science, inven>ve use of smartphone tech and deep knowledge of insurer challenges’
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‘must begin and end by crea>ng services that genuinely and naturally work for drivers as part of their evolving driver PDE and deliver
measurable value for insurers’ Copyright Ingenin UK LLP 2012
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Design to AVOID driver distrac>on – use non visual communica>on where possible
Design a system which RESPONDS to the driver and driving circumstances – automate where possible
Design for USE – Apps installed, kept and used must deliver immediate and future value
Design for the FUTURE – easier to evolve a driver solu>on rather than replace it
Thoughts… For Effec>ve Solu>ons
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DriveGen
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In the UK, delayed FNOL and poor scene of incident data costs insurers £100’s of millions
Insurers have tried countless ways to address this massive challenge
We are working with leading insurers to help them solve a big portion of this challenge with
their customers’ smartphones
DriveGen is a good example of applying the principles already outlined to provide value to
drivers and their insurers
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• DriverPro • DriverSOS • Incident analysis
Via the MIQAR Scene of Accident repor>ng plaborm
“An effective solution must generate, record and communicate to an insurer (me), timely and
accurate scene-of-accident intelligence”
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.COM
DriveGen
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1. Be first to take control of a customers’ claim 2. Gather accurate intelligence relating to the incident
• MIQAR or ‘Mobile Intelligent Quick Accident Repor>ng’ • MIQAR services integrated with the DriveGen smartphone App • When an accident occurs, DriveGen alerts the insurer and
provides the insurer with analysis of the incident
Interpreting accident reporting, a problem worthy of the great Mr. Holmes
“Watson, what probable methods can help an insurer take control of a customers’ motor claim at the point and time of an incident?”
CHALLENGES:
The MIQAR system:
Copyright Ingenin UK LLP 2012 ingenin
.COM
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OVER TO YOU…
Copyright Ingenin UK LLP 2012
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Copyright Ingenin UK LLP 2012 ingenin
.COM
ingenin .COM
Thank You