Connected vehicles: A boon to insurers?

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Connected vehicles may incent insurers to work with the sharing economy. Accenture’s Michael Costonis examines the impact of connected cars on insurers.

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Connected vehicles: A boon to insurers?

  1. 1. Reach out and touch the future: Accenture connected vehicle solutions
  2. 2. Drivers and passengers increasingly expect access to connected services in their vehicles. The connected vehicle space is a fast-growing market and a strategic priority for the Automotive Industry. At the same time, the diagnostics data that these systems generate can provide OEMs with the insights they need to enhance services in areas such as CRM/marketing, quality, customer services, after sales and R&D. Accenture conducted a global survey of 14,195 consumers across 12 countries to find out what consumers want and how can OEMs fulfill those demands. China France Italy Malaysia South Korea US Brazil Germany Spain UK Indonesia South Africa To know more, visit www.accenture.com/connectedvehicle
  3. 3. 23+29+30+18+L 18+30+29+23+L37+26+22+15+L 11+27+32+30+L Traffic Information Speed Camera Car Park Spaces Weather Information In-Car Search, POI How important is it for you to have the following Connected Navigation Services on your car? How important is it for you to have the following Infotainment Services in your car? (Services that deliver in vehicle real time information services such as web radio or video news through the IVI and access to entertainment content like music, gaming and social networks) 18% 30%29% 23% Productivity Educational (eLearning) Entertainment (internet, music, gaming) Information (news, stocks and sport) 11% 27% 32% 30% 37% 26% 22% 14% 37% 24% 21% 19% ■ Already using ■ Very likely to start using ■ Will consider for future usage ■ Not using, nor interested ■ Already using ■ Very likely to start using ■ Will consider for future usage ■ Not using, nor interested 140+300+300+260= 140+250+250+360= 130+340+340+190= 150+290+300+260= 14%30%30%26% 14%25%25%36% 13%34%34%19% 15%29%30%26% 60+210+240+500= 6%24%50% 21%
  4. 4. 21+39+32+812+36+39+1311+28+31+30 How important is it for you to have the following Convenience Services in your car? (By Convenience services we mean services that allow drivers to activate commands remotely or reduce insurance costs using data on drivers behaviour) 11% 30% 31% 28% Remote Services Vehicle Health report Vehicle Lifecycle Management Second Used Car report 12+36+39+13 12% 13% 39% 36% 13% 12% 37% 37% 21% 8% 32% 39% Which of the following payment models or methods would you prefer to pay for connected services in your car? Monthly fee charged over credit card or paypal Upfront payment in the car price Free basic services subject to in-car advertising Single purchase for a predefined period Payment with partner bonus tools 28% 26% 25% 13% 8% ■ Already using ■ Very likely to start using ■ Will consider for future usage ■ Not using, nor interested
  5. 5. Which of the following is your priority style for Services Usage while driving? Which model/size of car do you drive most often? Middle/ Intermediate Car Compact Car Large Intermediate/ Upper Class Car Mini/Small Car Sports Utility Vehicle (SUV) Luxury Car Vans Use in-vehicle functions only as meant for better driver Use my smartphone/ tablet with full access I value personalized & consistent usage of connectivity 36% 51% 13% 37% 29% 11% 11% 8% 2% 2%
  6. 6. Indicate whether you are using or interested in using the below technologies: ■ Use ■ Would like to use ■ Not interested in it 14+57+29+L29% 17+63+20+L38+51+11+L Surfing the Internet via a monitor in the car In-car feature enabling the ability to read and dictate Emails while driving Operate a smartphone using controls on the steering wheel while driving Streaming music 9+56+35+L 14% 57% 29% 9% 56% 35% 17% 63% 20% 38% 51% 11% Indicate whether you are using or interested in using the below technologies that support drivers while driving/parking their cars: 9+77+14 9% 77% 14% Automated breakdown call- a call made automatically 19+73+8 19% 73% 8% High quality navigation solutions 17+78+5 17% 78% 5% Stolen vehicle recovery tracker 8+81+11 8% 81% 11% eCall 9+60+31 9% 59% 31% Car-to-car communication 20+75+5 20% 75% 4% Car identifies traffic signals, congestion, etc. 14+71+15 14% 71% 15% Full automatic parking assist system 7+85+8 7% 85% 8% A system that stops the car automatically 9+78+13 9% 78% 13% The car stops if a barrier is too close 12+78+10 12% 78% 10% Car parking space detection system 10+68+22 10% 68% 23% Insurance black box ■ Use ■ Would like to use ■ Not interested in it
  7. 7. 11+50+26+9+4 Which of the information technologies/driving support systems listed below would you like to use in your car? Lane changing warning systems/blind spot warning system Front/rear end collision alarm warning 72% Night Vision Device 67% 62% 45% 46% 53% Fatigue warning device Autopilot 54% In-car video camera to record accident incidents Lane-keeping system 11% 50% 26% 9% 4% Using a scale of 5 essential down to 1 not at all important, how important is it for your car to have the same operating system in the dashboard as compared to your devices? ■ Essential ■ Important ■ Neither important nor unimportant ■ Fairly unimportant ■ Not at all important
  8. 8. Which of the following services do you think is important for your passengers (partner, children etc) to have access to in the car? On a scale from 1 to 10 (10 meaning that in-car technology has the greatest influence over the car purchase decision and 1 meaning that the car’s driving performance has the greatest impact on the car purchase decision), what score would you assign for your view? Streaming music for in-car use Surfing the Internet via a monitor in the car Car identifies traffic signals, congestion, accidents, delays, warning the passenger in advance of such situations A system that allows the passenger to stop the car if, for example, the driver suffers a heart attack Front/rear end collision alarm warning Night vision device Fatigue Warning device Access to social media while in the car Lane changing warning systems/ Blind spot warning system In-car feature enabling the ability to read and dictate E-Mails Car-to-car communication Lane-keeping system Autopilot 69% 57% 52% 51% 45% 42% 41% 40% 36% 34% 30% 29% 25% The cars driving performance has the greatest impact The in-car technology has the greatest influence 1 2 3 4 5 6 7 8 9 10 3% 12% 15% 4% 20% 7% 7% 12% 7%12%
  9. 9. About Accenture Accenture is a global management consulting, technology services and outsourcing company, with approximately 281,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page is www.accenture.com. Copyright © 2014 Accenture All rights reserved. Accenture, its logo, and High Performance Delivered are trademarks of Accenture.

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