InsurTech solutions serve as a modernization of traditional insurance. InsurTech solutions produce more customizable and bite-sized insurance products to cater to every lifestyle. The digitalization of insurance companies reduce paper-based documentation, creating convenience for the consumers or optimizing the pricing of insurance to an accurate premium. The solution leverages on telematics to personalize the insurance premium pricing according to the consumer’s behavior. The insurance premium is priced according to the risk determined through raw data collected about the consumer’s behavior, for instance, charging a higher premium for riskier driving habits. This solution allows for insurance companies to have personalized insurance plans that results in less fluctuations and stable profits. This solution also incentivizes less risky behavior, resulting in lower claims and saves cost. This solution also integrates digital reporting capabilities, resulting in a more streamlined claims processing system, reducing claims management costs. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

1. Creating a high-touch and community-driven
insurance business
Case study
Context:
An insurer launched a car insurance. Soon, the
insurer found out the margin is low and claims
costs were high. The insurer was looking for a
mobile solution that enables better risk-
adjusted pricing and consumption over
standardized product.
The insurer also needed a digital accident
reporting and integration with vendors to
decrease accident claims management costs.
Recommended platform:
• Providing detailed skill and behavior-based
analysis, and reporting for individual driver
and trip
• Scoring drivers according to their driving
patterns and skills observed
• Real-time tracking of driver’s behaviors and
route, without telematics device
• Community dashboards for self-screening
and benchmarking
• Digital accident reporting solution on
mobile phone
Client impact:
• New to insurance customers who are
“confident about their driving skills”
• Use of latest technologies, including OCR or
OMR
• Community angle, increasing CLTV
• Big data collection can be analyzed to
optimize insurance product
Contact us
Solution methodology
Potential clientele
Pay as you drive Pay-as-you-drive service for low mileage drivers
Pay as how
you drive
Discounted insurance premiums for safe drivers;
risky drivers charged a premium with full
transparency
Online
accident claim
Reporting accident details through mobile app
Challenges faced by insurers
No view on customer preference
and lifestyle changes
Escalating value of claims
management costs
Huge data volumes, data diversity
and real-time data
Customer behavior favoring use of
mobile apps; leveraging mobile for
telematics
UserPlatformInsurance
company
Policy
administration
To C
Data
analysis
system
To B
Desk
Driver report
Pricing and risk
adjustment
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

2. EY | Assurance | Tax | Transactions | Advisory
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