SlideShare a Scribd company logo

IoT & Insurance

Let's demystify the IoT insurance fake news. Lesson learned through the work with more than 100 insurers, reinsurers and tech players in 15 different countries.

1 of 31
Download to read offline
November 30th 2018
IoT & Insurance:
Entering the age of post truth
Matteo Carbone
Founder and Director, IoT Insurance Observatory
Co-founder, Archimede
@mcins_
2
Telematics is
usage-based
insurance
IoT Insurance is about
how to collect data to find a
profitable underwriting formula
It’s is impossible
for an insurer to
charge fees to
customers for
services
Even in the insurance sector, we are in the age of post truth
Customers don’t want
to share data with us
Converting IoT data into
actionable insights is still a
wish… we are not yet ready to
make smart actions
Telematics are not able to
select risks better than
the credit score
There is no ROI on
Insurance IoT, it is only
premium shrinking
To make insurance IoT
works insurers need to
work with OEMs, GAFA…
Let’s spoil the following presentations of today and tomorrow
3
My experience with IoT insurance
Organizations
In the past 6 years,
I advised almost 100 organizations (Insurer,
Reinsurers, Brokers, Vendors, and Investors) in
more than 15 different countries
on IoT insurance projects
100
Market share
I’ve worked directly with players accounting
for more than 80% of IoT insurance
volumes (number of policies on auto
telematics, smart home, and connected
health/life)
+80%
6 1000
+90 Conferences
I have debated the insurance IoT
opportunity at more than 90
conferences around the word since
December 2015
Papers
I have produced 6 white papers on
Insurance IoT, which have been
co-authored with prestigious
international organizations
(of which 3 are to be published in
the following months)
Hours
Almost 1000 hours discussing
concrete experiences, best
practices and pitfalls with the
executives of the organization
members of the Observatory
4
Telematics and insurance IoT are my passions
Matteo Carbone
InsurTech Investor and co-funder
Founder and Director of the IoT
Insurance Observatory
+11 years strategic consulting
(former Principal with Bain & co.)
Keynote speaker and writer on
insurance innovation
Global InsurTech Influencer
• This Insurance think tank has aggregated more
almost 50 international insurance groups,
institutions and tech firms between Europe and
North America
• The initiative has three concrete outcomes:
‒ The most pragmatic multiclient research
specialized in the insurance IoT domain
‒ One-to-one workshops dedicated to each
member to discuss research outcomes
‒ Plenary symposiums with all the members
together around the same table
I’m helping incumbents to concretely address the IoT opportunity
5
I have created a think tank which provides the members access
to the most relevant insurance IoT knowledge globally
The most pragmatic
multiclient research
specialized in the insurance
IoT domain based on a
constant observation on the
usage of sensors in different
insurance business lines
around the globe
We interpret best practices
and pitfalls for the members
leveraging an experience
built advising almost 100
different organizations in
more than 15 countries on
IoT insurance project
The knowledge is delivered
through workshops
dedicated one-to-one to
each of the organizations
which are members of the
Observatory and plenary
symposiums both in North
America and Europe
Observer Interpreter Storyteller
6
Telematics is
usage-based
insurance
IoT Insurance is about
how to collect data to find a
profitable underwriting formula
It’s is impossible
for an insurer to
charge fees to
customers for
services
Even in the insurance sector, we are in the age of post truth
Customers don’t want
to share data with us
Converting IoT data into
actionable insights is still a
wish… we are not yet ready to
make smart actions
Telematics are not able to
select risks better than
the credit score
There is no ROI on
Insurance IoT, it is only
premium shrinking
To make insurance IoT
works insurers need to
work with OEMs, GAFA…
Let’s spoil the following presentations of today and tomorrow

Recommended

TDI Insurtech Innovation - dtac partnership 17052022.pdf
TDI Insurtech Innovation - dtac partnership 17052022.pdfTDI Insurtech Innovation - dtac partnership 17052022.pdf
TDI Insurtech Innovation - dtac partnership 17052022.pdfThe Digital Insurer
 
PolicyStreet - Insurtech Innovation Award 2023
PolicyStreet - Insurtech Innovation Award 2023PolicyStreet - Insurtech Innovation Award 2023
PolicyStreet - Insurtech Innovation Award 2023The Digital Insurer
 
Singlife Philippines - Insurer transformation Award 2022
Singlife Philippines - Insurer transformation Award 2022Singlife Philippines - Insurer transformation Award 2022
Singlife Philippines - Insurer transformation Award 2022The Digital Insurer
 
Pitch Deck Teardown: Tanbii's $1.5M Pre-seed deck
Pitch Deck Teardown: Tanbii's $1.5M Pre-seed deckPitch Deck Teardown: Tanbii's $1.5M Pre-seed deck
Pitch Deck Teardown: Tanbii's $1.5M Pre-seed deckHajeJanKamps
 
Chubb Asia Pacific Pte. Ltd - Insurer Innovation Award 2022
Chubb Asia Pacific Pte. Ltd - Insurer Innovation Award 2022Chubb Asia Pacific Pte. Ltd - Insurer Innovation Award 2022
Chubb Asia Pacific Pte. Ltd - Insurer Innovation Award 2022The Digital Insurer
 
Kin Insurance - InsurTech Innovation Award 2022
Kin Insurance - InsurTech Innovation Award 2022Kin Insurance - InsurTech Innovation Award 2022
Kin Insurance - InsurTech Innovation Award 2022The Digital Insurer
 
Doxa Holdings pitch deck
Doxa Holdings pitch deckDoxa Holdings pitch deck
Doxa Holdings pitch deckTech in Asia
 
bolttech – Insurtech Innovation Award 2023
bolttech – Insurtech Innovation Award 2023bolttech – Insurtech Innovation Award 2023
bolttech – Insurtech Innovation Award 2023The Digital Insurer
 

More Related Content

What's hot

Pitch Deck Teardown: Nokod Security's $8M Seed deck
Pitch Deck Teardown: Nokod Security's $8M Seed deckPitch Deck Teardown: Nokod Security's $8M Seed deck
Pitch Deck Teardown: Nokod Security's $8M Seed deckHajeJanKamps
 
TechCrunch Pitch Deck Teardown 83 - $30M - Series A - Xyte
TechCrunch Pitch Deck Teardown 83 - $30M  - Series A - XyteTechCrunch Pitch Deck Teardown 83 - $30M  - Series A - Xyte
TechCrunch Pitch Deck Teardown 83 - $30M - Series A - XyteHajeJanKamps
 
Cover Genius - InsurTech Innovation Award 2022
Cover Genius - InsurTech Innovation Award 2022Cover Genius - InsurTech Innovation Award 2022
Cover Genius - InsurTech Innovation Award 2022The Digital Insurer
 
Qonto Teaser - Deep-dive.pdf
Qonto Teaser - Deep-dive.pdfQonto Teaser - Deep-dive.pdf
Qonto Teaser - Deep-dive.pdfC-Innovation
 
Coherent - Insurtech Innovation Award 2023
Coherent - Insurtech Innovation Award 2023Coherent - Insurtech Innovation Award 2023
Coherent - Insurtech Innovation Award 2023The Digital Insurer
 
Utrust: 500 Demo Day Batch 24
Utrust: 500 Demo Day Batch 24Utrust: 500 Demo Day Batch 24
Utrust: 500 Demo Day Batch 24500 Startups
 
Revolut pitch deck
Revolut pitch deckRevolut pitch deck
Revolut pitch deckTech in Asia
 
Digital Insurance - Opportunities in India
Digital Insurance - Opportunities in IndiaDigital Insurance - Opportunities in India
Digital Insurance - Opportunities in IndiaThe Digital Insurer
 
Pitch Deck Teardown: CleanHub's $7M Seed deck
Pitch Deck Teardown: CleanHub's $7M Seed deckPitch Deck Teardown: CleanHub's $7M Seed deck
Pitch Deck Teardown: CleanHub's $7M Seed deckHajeJanKamps
 
AIA China - Insurer Innovation Award 2022
AIA China - Insurer Innovation Award 2022AIA China - Insurer Innovation Award 2022
AIA China - Insurer Innovation Award 2022The Digital Insurer
 
Allianz Partners - Insurer Innovation Award 2022
Allianz Partners - Insurer Innovation Award 2022Allianz Partners - Insurer Innovation Award 2022
Allianz Partners - Insurer Innovation Award 2022The Digital Insurer
 
LinkedIn Pitch Deck - Series B
LinkedIn Pitch Deck - Series BLinkedIn Pitch Deck - Series B
LinkedIn Pitch Deck - Series Bstartuphome
 
The Digital Innovation Award - Cover Genius
The Digital Innovation Award - Cover GeniusThe Digital Innovation Award - Cover Genius
The Digital Innovation Award - Cover GeniusThe Digital Insurer
 
The Digital Innovation Award - bolttech
The Digital Innovation Award - bolttechThe Digital Innovation Award - bolttech
The Digital Innovation Award - bolttechThe Digital Insurer
 
Ark Kapital's $182M pitch deck for AI-driven early-stage investments
Ark Kapital's $182M pitch deck for AI-driven early-stage investments Ark Kapital's $182M pitch deck for AI-driven early-stage investments
Ark Kapital's $182M pitch deck for AI-driven early-stage investments Pitch Decks
 
The Digital Insurer Award - FWD (data AI)
The Digital Insurer Award - FWD (data AI)The Digital Insurer Award - FWD (data AI)
The Digital Insurer Award - FWD (data AI)The Digital Insurer
 
White label neobank 2021
White label neobank 2021White label neobank 2021
White label neobank 2021Vadi Ivanen
 
Yuga Labs Pitch Deck: BAYC founders raised $450M from Andreesen Horowitz
Yuga Labs Pitch Deck: BAYC founders raised $450M from Andreesen HorowitzYuga Labs Pitch Deck: BAYC founders raised $450M from Andreesen Horowitz
Yuga Labs Pitch Deck: BAYC founders raised $450M from Andreesen HorowitzPitch Decks
 

What's hot (20)

Pitch Deck Teardown: Nokod Security's $8M Seed deck
Pitch Deck Teardown: Nokod Security's $8M Seed deckPitch Deck Teardown: Nokod Security's $8M Seed deck
Pitch Deck Teardown: Nokod Security's $8M Seed deck
 
TechCrunch Pitch Deck Teardown 83 - $30M - Series A - Xyte
TechCrunch Pitch Deck Teardown 83 - $30M  - Series A - XyteTechCrunch Pitch Deck Teardown 83 - $30M  - Series A - Xyte
TechCrunch Pitch Deck Teardown 83 - $30M - Series A - Xyte
 
Cover Genius - InsurTech Innovation Award 2022
Cover Genius - InsurTech Innovation Award 2022Cover Genius - InsurTech Innovation Award 2022
Cover Genius - InsurTech Innovation Award 2022
 
Qonto Teaser - Deep-dive.pdf
Qonto Teaser - Deep-dive.pdfQonto Teaser - Deep-dive.pdf
Qonto Teaser - Deep-dive.pdf
 
Coherent - Insurtech Innovation Award 2023
Coherent - Insurtech Innovation Award 2023Coherent - Insurtech Innovation Award 2023
Coherent - Insurtech Innovation Award 2023
 
Utrust: 500 Demo Day Batch 24
Utrust: 500 Demo Day Batch 24Utrust: 500 Demo Day Batch 24
Utrust: 500 Demo Day Batch 24
 
Alan's deck
Alan's deck Alan's deck
Alan's deck
 
Revolut pitch deck
Revolut pitch deckRevolut pitch deck
Revolut pitch deck
 
Bliss deck v1
Bliss deck v1Bliss deck v1
Bliss deck v1
 
Digital Insurance - Opportunities in India
Digital Insurance - Opportunities in IndiaDigital Insurance - Opportunities in India
Digital Insurance - Opportunities in India
 
Pitch Deck Teardown: CleanHub's $7M Seed deck
Pitch Deck Teardown: CleanHub's $7M Seed deckPitch Deck Teardown: CleanHub's $7M Seed deck
Pitch Deck Teardown: CleanHub's $7M Seed deck
 
AIA China - Insurer Innovation Award 2022
AIA China - Insurer Innovation Award 2022AIA China - Insurer Innovation Award 2022
AIA China - Insurer Innovation Award 2022
 
Allianz Partners - Insurer Innovation Award 2022
Allianz Partners - Insurer Innovation Award 2022Allianz Partners - Insurer Innovation Award 2022
Allianz Partners - Insurer Innovation Award 2022
 
LinkedIn Pitch Deck - Series B
LinkedIn Pitch Deck - Series BLinkedIn Pitch Deck - Series B
LinkedIn Pitch Deck - Series B
 
The Digital Innovation Award - Cover Genius
The Digital Innovation Award - Cover GeniusThe Digital Innovation Award - Cover Genius
The Digital Innovation Award - Cover Genius
 
The Digital Innovation Award - bolttech
The Digital Innovation Award - bolttechThe Digital Innovation Award - bolttech
The Digital Innovation Award - bolttech
 
Ark Kapital's $182M pitch deck for AI-driven early-stage investments
Ark Kapital's $182M pitch deck for AI-driven early-stage investments Ark Kapital's $182M pitch deck for AI-driven early-stage investments
Ark Kapital's $182M pitch deck for AI-driven early-stage investments
 
The Digital Insurer Award - FWD (data AI)
The Digital Insurer Award - FWD (data AI)The Digital Insurer Award - FWD (data AI)
The Digital Insurer Award - FWD (data AI)
 
White label neobank 2021
White label neobank 2021White label neobank 2021
White label neobank 2021
 
Yuga Labs Pitch Deck: BAYC founders raised $450M from Andreesen Horowitz
Yuga Labs Pitch Deck: BAYC founders raised $450M from Andreesen HorowitzYuga Labs Pitch Deck: BAYC founders raised $450M from Andreesen Horowitz
Yuga Labs Pitch Deck: BAYC founders raised $450M from Andreesen Horowitz
 

Similar to IoT & Insurance

Connected car & insurance
Connected car & insuranceConnected car & insurance
Connected car & insuranceMatteo Carbone
 
Insurance IoT is about Value Sharing
Insurance IoT is about Value SharingInsurance IoT is about Value Sharing
Insurance IoT is about Value SharingMatteo Carbone
 
How an insurer can stay relevant in the age of data
How an insurer can stay relevant in the age of dataHow an insurer can stay relevant in the age of data
How an insurer can stay relevant in the age of dataMatteo Carbone
 
IoT Insurance Paradigm
IoT Insurance ParadigmIoT Insurance Paradigm
IoT Insurance ParadigmMatteo Carbone
 
The New Connected Claim Paradigm
The New Connected Claim ParadigmThe New Connected Claim Paradigm
The New Connected Claim ParadigmMatteo Carbone
 
Insurance IoT Digital Report
Insurance IoT Digital ReportInsurance IoT Digital Report
Insurance IoT Digital ReportZsófia Kulcsár
 
Are you ready to be an Insurer of Things? How the Internet of Things is chang...
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Are you ready to be an Insurer of Things? How the Internet of Things is chang...
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Accenture Insurance
 
The Insurance IoT Opportunity
The Insurance IoT Opportunity The Insurance IoT Opportunity
The Insurance IoT Opportunity Matteo Carbone
 
IoT - Insurance Industry Adoption
IoT - Insurance Industry Adoption IoT - Insurance Industry Adoption
IoT - Insurance Industry Adoption Ashwani Kumar
 
Insurtech what’s in it for the customer
Insurtech what’s in it for the customerInsurtech what’s in it for the customer
Insurtech what’s in it for the customerMatteo Carbone
 
Internet of Things is Poised to Transform the Insurance Sector
Internet of Things is Poised to Transform the Insurance SectorInternet of Things is Poised to Transform the Insurance Sector
Internet of Things is Poised to Transform the Insurance SectorPaasmer
 
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...Matteo Carbone
 
IoT Insurance Observatory 2019
IoT Insurance Observatory 2019IoT Insurance Observatory 2019
IoT Insurance Observatory 2019Matteo Carbone
 
IoT Insurance Observatory
IoT Insurance ObservatoryIoT Insurance Observatory
IoT Insurance ObservatoryMatteo Carbone
 
The Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTechThe Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTechFinTech Consortium
 
Digital Tech InsurTech Award Presentation
Digital Tech InsurTech Award PresentationDigital Tech InsurTech Award Presentation
Digital Tech InsurTech Award PresentationThe Digital Insurer
 
IoT Insurance Observatory 2021 edition
IoT Insurance Observatory 2021 editionIoT Insurance Observatory 2021 edition
IoT Insurance Observatory 2021 editionMatteo Carbone
 
Auto Insurers' Memento Mori
Auto Insurers' Memento MoriAuto Insurers' Memento Mori
Auto Insurers' Memento MoriMatteo Carbone
 
IoT insurance lessons learned
IoT insurance lessons learnedIoT insurance lessons learned
IoT insurance lessons learnedMatteo Carbone
 
Smarter Auto for the Hyperconnected World
Smarter Auto for the Hyperconnected World Smarter Auto for the Hyperconnected World
Smarter Auto for the Hyperconnected World Matteo Carbone
 

Similar to IoT & Insurance (20)

Connected car & insurance
Connected car & insuranceConnected car & insurance
Connected car & insurance
 
Insurance IoT is about Value Sharing
Insurance IoT is about Value SharingInsurance IoT is about Value Sharing
Insurance IoT is about Value Sharing
 
How an insurer can stay relevant in the age of data
How an insurer can stay relevant in the age of dataHow an insurer can stay relevant in the age of data
How an insurer can stay relevant in the age of data
 
IoT Insurance Paradigm
IoT Insurance ParadigmIoT Insurance Paradigm
IoT Insurance Paradigm
 
The New Connected Claim Paradigm
The New Connected Claim ParadigmThe New Connected Claim Paradigm
The New Connected Claim Paradigm
 
Insurance IoT Digital Report
Insurance IoT Digital ReportInsurance IoT Digital Report
Insurance IoT Digital Report
 
Are you ready to be an Insurer of Things? How the Internet of Things is chang...
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Are you ready to be an Insurer of Things? How the Internet of Things is chang...
Are you ready to be an Insurer of Things? How the Internet of Things is chang...
 
The Insurance IoT Opportunity
The Insurance IoT Opportunity The Insurance IoT Opportunity
The Insurance IoT Opportunity
 
IoT - Insurance Industry Adoption
IoT - Insurance Industry Adoption IoT - Insurance Industry Adoption
IoT - Insurance Industry Adoption
 
Insurtech what’s in it for the customer
Insurtech what’s in it for the customerInsurtech what’s in it for the customer
Insurtech what’s in it for the customer
 
Internet of Things is Poised to Transform the Insurance Sector
Internet of Things is Poised to Transform the Insurance SectorInternet of Things is Poised to Transform the Insurance Sector
Internet of Things is Poised to Transform the Insurance Sector
 
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...
 
IoT Insurance Observatory 2019
IoT Insurance Observatory 2019IoT Insurance Observatory 2019
IoT Insurance Observatory 2019
 
IoT Insurance Observatory
IoT Insurance ObservatoryIoT Insurance Observatory
IoT Insurance Observatory
 
The Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTechThe Singapore FinTech Consortium - Introduction to InsurTech
The Singapore FinTech Consortium - Introduction to InsurTech
 
Digital Tech InsurTech Award Presentation
Digital Tech InsurTech Award PresentationDigital Tech InsurTech Award Presentation
Digital Tech InsurTech Award Presentation
 
IoT Insurance Observatory 2021 edition
IoT Insurance Observatory 2021 editionIoT Insurance Observatory 2021 edition
IoT Insurance Observatory 2021 edition
 
Auto Insurers' Memento Mori
Auto Insurers' Memento MoriAuto Insurers' Memento Mori
Auto Insurers' Memento Mori
 
IoT insurance lessons learned
IoT insurance lessons learnedIoT insurance lessons learned
IoT insurance lessons learned
 
Smarter Auto for the Hyperconnected World
Smarter Auto for the Hyperconnected World Smarter Auto for the Hyperconnected World
Smarter Auto for the Hyperconnected World
 

More from Matteo Carbone

Nationwide Insurance - Using a Decade of Learnings to Create Next-Generation ...
Nationwide Insurance - Using a Decade of Learnings to Create Next-Generation ...Nationwide Insurance - Using a Decade of Learnings to Create Next-Generation ...
Nationwide Insurance - Using a Decade of Learnings to Create Next-Generation ...Matteo Carbone
 
The State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdf
The State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdfThe State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdf
The State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdfMatteo Carbone
 
IoT Insurance Observatory - Summary.pdf
IoT Insurance Observatory - Summary.pdfIoT Insurance Observatory - Summary.pdf
IoT Insurance Observatory - Summary.pdfMatteo Carbone
 
Do you think insurers are not innovative.pdf
Do you think insurers are not innovative.pdfDo you think insurers are not innovative.pdf
Do you think insurers are not innovative.pdfMatteo Carbone
 
IoT Insurance Observatory 2023.pdf
IoT Insurance Observatory 2023.pdfIoT Insurance Observatory 2023.pdf
IoT Insurance Observatory 2023.pdfMatteo Carbone
 
2022-10-sri-wefox-mobility-platforms one page
2022-10-sri-wefox-mobility-platforms one page2022-10-sri-wefox-mobility-platforms one page
2022-10-sri-wefox-mobility-platforms one pageMatteo Carbone
 
IoT Insurance Observatory
IoT Insurance ObservatoryIoT Insurance Observatory
IoT Insurance ObservatoryMatteo Carbone
 
From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...
From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...
From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...Matteo Carbone
 
Vitality drive white paper june 2021
Vitality drive white paper june 2021Vitality drive white paper june 2021
Vitality drive white paper june 2021Matteo Carbone
 
From Risk Transfer to Risk Prevention
From Risk Transfer to Risk PreventionFrom Risk Transfer to Risk Prevention
From Risk Transfer to Risk PreventionMatteo Carbone
 
A new insurance paradigm for the hyperconnected world
A new insurance paradigm for the hyperconnected worldA new insurance paradigm for the hyperconnected world
A new insurance paradigm for the hyperconnected worldMatteo Carbone
 
IoT Insurance Observatory 2020
IoT Insurance Observatory 2020IoT Insurance Observatory 2020
IoT Insurance Observatory 2020Matteo Carbone
 
Connected and Sustainable Insurance
Connected and Sustainable InsuranceConnected and Sustainable Insurance
Connected and Sustainable InsuranceMatteo Carbone
 
2020 IoT Insurance Onservatory
2020 IoT Insurance Onservatory2020 IoT Insurance Onservatory
2020 IoT Insurance OnservatoryMatteo Carbone
 
2019 IoT Insurance Observatory
2019 IoT Insurance Observatory2019 IoT Insurance Observatory
2019 IoT Insurance ObservatoryMatteo Carbone
 

More from Matteo Carbone (20)

Nationwide Insurance - Using a Decade of Learnings to Create Next-Generation ...
Nationwide Insurance - Using a Decade of Learnings to Create Next-Generation ...Nationwide Insurance - Using a Decade of Learnings to Create Next-Generation ...
Nationwide Insurance - Using a Decade of Learnings to Create Next-Generation ...
 
The State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdf
The State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdfThe State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdf
The State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdf
 
IoT Insurance Observatory - Summary.pdf
IoT Insurance Observatory - Summary.pdfIoT Insurance Observatory - Summary.pdf
IoT Insurance Observatory - Summary.pdf
 
Do you think insurers are not innovative.pdf
Do you think insurers are not innovative.pdfDo you think insurers are not innovative.pdf
Do you think insurers are not innovative.pdf
 
IoT Insurance Observatory 2023.pdf
IoT Insurance Observatory 2023.pdfIoT Insurance Observatory 2023.pdf
IoT Insurance Observatory 2023.pdf
 
2022-10-sri-wefox-mobility-platforms one page
2022-10-sri-wefox-mobility-platforms one page2022-10-sri-wefox-mobility-platforms one page
2022-10-sri-wefox-mobility-platforms one page
 
Italy Insurance Forum
Italy Insurance ForumItaly Insurance Forum
Italy Insurance Forum
 
Telematics survey
Telematics surveyTelematics survey
Telematics survey
 
IoT Insurance Observatory
IoT Insurance ObservatoryIoT Insurance Observatory
IoT Insurance Observatory
 
From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...
From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...
From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...
 
Vitality drive white paper june 2021
Vitality drive white paper june 2021Vitality drive white paper june 2021
Vitality drive white paper june 2021
 
From Risk Transfer to Risk Prevention
From Risk Transfer to Risk PreventionFrom Risk Transfer to Risk Prevention
From Risk Transfer to Risk Prevention
 
A new insurance paradigm for the hyperconnected world
A new insurance paradigm for the hyperconnected worldA new insurance paradigm for the hyperconnected world
A new insurance paradigm for the hyperconnected world
 
IoT Insurance Observatory 2020
IoT Insurance Observatory 2020IoT Insurance Observatory 2020
IoT Insurance Observatory 2020
 
Connected and Sustainable Insurance
Connected and Sustainable InsuranceConnected and Sustainable Insurance
Connected and Sustainable Insurance
 
2020 IoT Insurance Onservatory
2020 IoT Insurance Onservatory2020 IoT Insurance Onservatory
2020 IoT Insurance Onservatory
 
IoT Ins Obs '19
IoT Ins Obs '19IoT Ins Obs '19
IoT Ins Obs '19
 
Smart Home Insurance
Smart Home InsuranceSmart Home Insurance
Smart Home Insurance
 
2019 IoT Insurance Observatory
2019 IoT Insurance Observatory2019 IoT Insurance Observatory
2019 IoT Insurance Observatory
 
IoTinsObs
IoTinsObsIoTinsObs
IoTinsObs
 

Recently uploaded

PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024Neil Kimberley
 
Grevault battery storage system manufacturer
Grevault battery storage system manufacturerGrevault battery storage system manufacturer
Grevault battery storage system manufacturerGrevault
 
ZEOTAR EV Prince Team English Presentation
ZEOTAR EV Prince Team English PresentationZEOTAR EV Prince Team English Presentation
ZEOTAR EV Prince Team English PresentationKings Reddys
 
Pernod Ricard presentation at CAGNY 2024
Pernod Ricard presentation at CAGNY 2024Pernod Ricard presentation at CAGNY 2024
Pernod Ricard presentation at CAGNY 2024Neil Kimberley
 
D2 meeting agenda 02.12.24.hehehheeebebepdf
D2 meeting agenda 02.12.24.hehehheeebebepdfD2 meeting agenda 02.12.24.hehehheeebebepdf
D2 meeting agenda 02.12.24.hehehheeebebepdfsundaysantos13
 
Presentation_bagus tentang glaucoma gitu.pptx
Presentation_bagus tentang glaucoma gitu.pptxPresentation_bagus tentang glaucoma gitu.pptx
Presentation_bagus tentang glaucoma gitu.pptxkamismisteri
 
02.22.2024 Email Options in Bloomerang.pdf
02.22.2024 Email Options in Bloomerang.pdf02.22.2024 Email Options in Bloomerang.pdf
02.22.2024 Email Options in Bloomerang.pdfBloomerang
 
Sample Competitors' SWOT Analysis for your SEO Strategy
Sample Competitors' SWOT Analysis for your SEO StrategySample Competitors' SWOT Analysis for your SEO Strategy
Sample Competitors' SWOT Analysis for your SEO StrategyRemar Barquilla
 
Time Management Techniques for increased productivity and goal achievement
Time Management Techniques for increased productivity and goal achievementTime Management Techniques for increased productivity and goal achievement
Time Management Techniques for increased productivity and goal achievementOfficeClip
 
Actionable Fundraising Planning - Slide Presentation.pptx.pdf
Actionable Fundraising Planning - Slide Presentation.pptx.pdfActionable Fundraising Planning - Slide Presentation.pptx.pdf
Actionable Fundraising Planning - Slide Presentation.pptx.pdfBloomerang
 
Construction Documents Guide: Types and Significance in 2024
Construction Documents Guide: Types and Significance in 2024Construction Documents Guide: Types and Significance in 2024
Construction Documents Guide: Types and Significance in 2024caddrafting1
 
SARomics Biostructures 2024 Company Presentation
SARomics Biostructures 2024 Company PresentationSARomics Biostructures 2024 Company Presentation
SARomics Biostructures 2024 Company PresentationSalam Al-Karadaghi
 
SD-WAN_MoD.pptx for SD WAN networks connectivity
SD-WAN_MoD.pptx for SD WAN networks connectivitySD-WAN_MoD.pptx for SD WAN networks connectivity
SD-WAN_MoD.pptx for SD WAN networks connectivitybayusch
 
Cracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptxCracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptxWorkforce Group
 
Truths and Myths of Innovation and Entrepreneurship
Truths and Myths of Innovation and EntrepreneurshipTruths and Myths of Innovation and Entrepreneurship
Truths and Myths of Innovation and EntrepreneurshipYannis Charalabidis
 
Miller Coors Presentation at CAGNY Feb 2024
Miller Coors Presentation at CAGNY Feb 2024Miller Coors Presentation at CAGNY Feb 2024
Miller Coors Presentation at CAGNY Feb 2024Neil Kimberley
 
The Coca-Cola Company Presentation at CAGNY 2024.pdf
The Coca-Cola Company Presentation at  CAGNY 2024.pdfThe Coca-Cola Company Presentation at  CAGNY 2024.pdf
The Coca-Cola Company Presentation at CAGNY 2024.pdfNeil Kimberley
 
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysYour Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysAggregage
 
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...TalentView
 

Recently uploaded (20)

PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024
 
Grevault battery storage system manufacturer
Grevault battery storage system manufacturerGrevault battery storage system manufacturer
Grevault battery storage system manufacturer
 
ZEOTAR EV Prince Team English Presentation
ZEOTAR EV Prince Team English PresentationZEOTAR EV Prince Team English Presentation
ZEOTAR EV Prince Team English Presentation
 
Pernod Ricard presentation at CAGNY 2024
Pernod Ricard presentation at CAGNY 2024Pernod Ricard presentation at CAGNY 2024
Pernod Ricard presentation at CAGNY 2024
 
D2 meeting agenda 02.12.24.hehehheeebebepdf
D2 meeting agenda 02.12.24.hehehheeebebepdfD2 meeting agenda 02.12.24.hehehheeebebepdf
D2 meeting agenda 02.12.24.hehehheeebebepdf
 
2024 Calendar-eXperience MattersThailand
2024 Calendar-eXperience MattersThailand2024 Calendar-eXperience MattersThailand
2024 Calendar-eXperience MattersThailand
 
Presentation_bagus tentang glaucoma gitu.pptx
Presentation_bagus tentang glaucoma gitu.pptxPresentation_bagus tentang glaucoma gitu.pptx
Presentation_bagus tentang glaucoma gitu.pptx
 
02.22.2024 Email Options in Bloomerang.pdf
02.22.2024 Email Options in Bloomerang.pdf02.22.2024 Email Options in Bloomerang.pdf
02.22.2024 Email Options in Bloomerang.pdf
 
Sample Competitors' SWOT Analysis for your SEO Strategy
Sample Competitors' SWOT Analysis for your SEO StrategySample Competitors' SWOT Analysis for your SEO Strategy
Sample Competitors' SWOT Analysis for your SEO Strategy
 
Time Management Techniques for increased productivity and goal achievement
Time Management Techniques for increased productivity and goal achievementTime Management Techniques for increased productivity and goal achievement
Time Management Techniques for increased productivity and goal achievement
 
Actionable Fundraising Planning - Slide Presentation.pptx.pdf
Actionable Fundraising Planning - Slide Presentation.pptx.pdfActionable Fundraising Planning - Slide Presentation.pptx.pdf
Actionable Fundraising Planning - Slide Presentation.pptx.pdf
 
Construction Documents Guide: Types and Significance in 2024
Construction Documents Guide: Types and Significance in 2024Construction Documents Guide: Types and Significance in 2024
Construction Documents Guide: Types and Significance in 2024
 
SARomics Biostructures 2024 Company Presentation
SARomics Biostructures 2024 Company PresentationSARomics Biostructures 2024 Company Presentation
SARomics Biostructures 2024 Company Presentation
 
SD-WAN_MoD.pptx for SD WAN networks connectivity
SD-WAN_MoD.pptx for SD WAN networks connectivitySD-WAN_MoD.pptx for SD WAN networks connectivity
SD-WAN_MoD.pptx for SD WAN networks connectivity
 
Cracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptxCracking the Leadership Shadow Code.pptx
Cracking the Leadership Shadow Code.pptx
 
Truths and Myths of Innovation and Entrepreneurship
Truths and Myths of Innovation and EntrepreneurshipTruths and Myths of Innovation and Entrepreneurship
Truths and Myths of Innovation and Entrepreneurship
 
Miller Coors Presentation at CAGNY Feb 2024
Miller Coors Presentation at CAGNY Feb 2024Miller Coors Presentation at CAGNY Feb 2024
Miller Coors Presentation at CAGNY Feb 2024
 
The Coca-Cola Company Presentation at CAGNY 2024.pdf
The Coca-Cola Company Presentation at  CAGNY 2024.pdfThe Coca-Cola Company Presentation at  CAGNY 2024.pdf
The Coca-Cola Company Presentation at CAGNY 2024.pdf
 
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer JourneysYour Expert Guide to CX Orchestration & Enhancing Customer Journeys
Your Expert Guide to CX Orchestration & Enhancing Customer Journeys
 
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...
Digital Demo Day : Mastering High Volume Recruitment: Leveraging Language Ass...
 

IoT & Insurance

  • 1. November 30th 2018 IoT & Insurance: Entering the age of post truth Matteo Carbone Founder and Director, IoT Insurance Observatory Co-founder, Archimede @mcins_
  • 2. 2 Telematics is usage-based insurance IoT Insurance is about how to collect data to find a profitable underwriting formula It’s is impossible for an insurer to charge fees to customers for services Even in the insurance sector, we are in the age of post truth Customers don’t want to share data with us Converting IoT data into actionable insights is still a wish… we are not yet ready to make smart actions Telematics are not able to select risks better than the credit score There is no ROI on Insurance IoT, it is only premium shrinking To make insurance IoT works insurers need to work with OEMs, GAFA… Let’s spoil the following presentations of today and tomorrow
  • 3. 3 My experience with IoT insurance Organizations In the past 6 years, I advised almost 100 organizations (Insurer, Reinsurers, Brokers, Vendors, and Investors) in more than 15 different countries on IoT insurance projects 100 Market share I’ve worked directly with players accounting for more than 80% of IoT insurance volumes (number of policies on auto telematics, smart home, and connected health/life) +80% 6 1000 +90 Conferences I have debated the insurance IoT opportunity at more than 90 conferences around the word since December 2015 Papers I have produced 6 white papers on Insurance IoT, which have been co-authored with prestigious international organizations (of which 3 are to be published in the following months) Hours Almost 1000 hours discussing concrete experiences, best practices and pitfalls with the executives of the organization members of the Observatory
  • 4. 4 Telematics and insurance IoT are my passions Matteo Carbone InsurTech Investor and co-funder Founder and Director of the IoT Insurance Observatory +11 years strategic consulting (former Principal with Bain & co.) Keynote speaker and writer on insurance innovation Global InsurTech Influencer • This Insurance think tank has aggregated more almost 50 international insurance groups, institutions and tech firms between Europe and North America • The initiative has three concrete outcomes: ‒ The most pragmatic multiclient research specialized in the insurance IoT domain ‒ One-to-one workshops dedicated to each member to discuss research outcomes ‒ Plenary symposiums with all the members together around the same table I’m helping incumbents to concretely address the IoT opportunity
  • 5. 5 I have created a think tank which provides the members access to the most relevant insurance IoT knowledge globally The most pragmatic multiclient research specialized in the insurance IoT domain based on a constant observation on the usage of sensors in different insurance business lines around the globe We interpret best practices and pitfalls for the members leveraging an experience built advising almost 100 different organizations in more than 15 countries on IoT insurance project The knowledge is delivered through workshops dedicated one-to-one to each of the organizations which are members of the Observatory and plenary symposiums both in North America and Europe Observer Interpreter Storyteller
  • 6. 6 Telematics is usage-based insurance IoT Insurance is about how to collect data to find a profitable underwriting formula It’s is impossible for an insurer to charge fees to customers for services Even in the insurance sector, we are in the age of post truth Customers don’t want to share data with us Converting IoT data into actionable insights is still a wish… we are not yet ready to make smart actions Telematics are not able to select risks better than the credit score There is no ROI on Insurance IoT, it is only premium shrinking To make insurance IoT works insurers need to work with OEMs, GAFA… Let’s spoil the following presentations of today and tomorrow
  • 7. 7 Discovery have brought the Vitality approach almost 20 different countries and attracted +19M users… Source: Discovery
  • 8. 8 …ad they have even launched a mobile-only bank which is based on behavioral data Source: Discovery
  • 9. 9 Customers are ready Source: SSI surveys for the IoT Insurance Observatory, US Customers (homeowners) What about you? 27,9% 18,2% 14,3% 15,7% 20,9% 29,6% 37,5% 38,8% 28,6% 33,1% 29,6% 31,8% 26,5% 28,6% 29,2% 7,8% 6,1% 14,3% 7,6% 5,0% 9,1% 14,3% 12,9% 9,2% 50-64 100100 18-34 3 2 1 Definitely I’ll purchase it 100 Over 64 4 100 USA 5 Not interested at all 100 35-49 3.4% What do you think about a home insurance policy offering a security/safety system with an additional annual service fee of $240?
  • 10. 10 Telematics is usage-based insurance IoT Insurance is about how to collect data to find a profitable underwriting formula It’s is impossible for an insurer to charge fees to customers for services Even in the insurance sector, we are in the age of post truth Customers don’t want to share data with us Converting IoT data into actionable insights is still a wish… we are not yet ready to make smart actions Telematics are not able to select risks better than the credit score There is no ROI on Insurance IoT, it is only premium shrinking To make insurance IoT works insurers need to work with OEMs, GAFA… Let’s spoil the following presentations of today and tomorrow
  • 11. 11 More than 99% of the current global insurance telematics policies receive data form aftermarket devices or apps Source of telematics data By number of policies (global market end of 2017) SMARTPHONE 14% OBD 26% WINDSCREEN 3% SELF INSTALLED 22% PROFESSIONALLY INSTALLED 35% Some insurers have developed their after- market connected insurance strategy while you were waiting for the OEM data
  • 12. 12 Who is the most reliable player for providing a bundle of an insurance contract and services? As of today, you are still the most reliable player for providing a bundle of insurance coverages and services! Source: SSI surveys for the IoT Insurance Observatory, US Customers Auto telematics insurance (insurance coverage + services) IoT home insurance (insurance coverage + services) 13%All the customers: Millennials: 23% 5% 8% 56% 70% 59%50%
  • 13. 13 Telematics is usage-based insurance IoT Insurance is about how to collect data to find a profitable underwriting formula It’s is impossible for an insurer to charge fees to customers for services Even in the insurance sector, we are in the age of post truth Customers don’t want to share data with us Converting IoT data into actionable insights is still a wish… we are not yet ready to make smart actions Telematics are not able to select risks better than the credit score There is no ROI on Insurance IoT, it is only premium shrinking To make insurance IoT works insurers need to work with OEMs, GAFA… Let’s spoil the following presentations of today and tomorrow
  • 14. 14 Many insurers are selling the customer IoT-based services with an annual fee REAL CASES A pet insurance providing a tracker, preventive treatments and the right monthly food needed by each dog A home insurance product with additional fees for telematics services (and devices rental) Auto value proposition enlarged with a suite of services telematics based
  • 15. 15 Telematics is usage-based insurance IoT Insurance is about how to collect data to find a profitable underwriting formula It’s is impossible for an insurer to charge fees to customers for services Even in the insurance sector, we are in the age of post truth Customers don’t want to share data with us Converting IoT data into actionable insights is still a wish… we are not yet ready to make smart actions Telematics are not able to select risks better than the credit score There is no ROI on Insurance IoT, it is only premium shrinking To make insurance IoT works insurers need to work with OEMs, GAFA… Let’s spoil the following presentations of today and tomorrow
  • 16. 16 Self-selected risks due to product features An auto telematics value proposition focused on the claims monitoring has a terrific effect on the acquisition of low risk clients Market average (20%) Claims frequency (district average) Black box effect on claims frequency (risk adjusted) Black box impact by district Market average -20% 3.0 6.0 6.5%Market average 4,8% 4.5 REAL CASE Even if two customers seem to be equal based on their characteristics. The one who accepts the telematics value proposition is 20% less risky
  • 17. 17 Telematics is usage-based insurance IoT Insurance is about how to collect data to find a profitable underwriting formula It’s is impossible for an insurer to charge fees to customers for services Even in the insurance sector, we are in the age of post truth Customers don’t want to share data with us Converting IoT data into actionable insights is still a wish… we are not yet ready to make smart actions Telematics is not able to select risks better than the credit score There is no ROI on Insurance IoT, it is only premium shrinking To make insurance IoT works insurers need to work with OEMs, GAFA… Let’s spoil the following presentations of today and tomorrow
  • 18. 18 Reinvented the claim process through the usage of telematics data 10:40 09/06 10:43 10:58 11:40 13:00 09/07 …Assistance on site, collection of additional information First contact with the client for assistance, start of claim management and responsibility definition Adjuster operation in the preferred body shop (geo-located), with crash information shared with the adjuster Prompt definition of the exposure Digital customer interactions and claim tracking Eventual medial visits, with crash information shared with the doctor … Adjudication and negotiation leveraging the objective information obtained form the telematics data Settlement and payment$$$ REAL CASES
  • 19. 19 Enhanced the effectiveness of the claim evaluation and the efficiency of the claim process Who here thinks that this is a tool which will bring benefits to your claim handlers’ activities? Please raise your hand Photo credit: UnipolSai REAL CASE
  • 20. 20 Telematics is usage-based insurance IoT Insurance is about how to collect data to find a profitable underwriting formula It’s is impossible for an insurer to charge fees to customers for services Even in the insurance sector, we are in the age of post truth Customers don’t want to share data with us Converting IoT data into actionable insights is still a wish… we are not yet ready to make smart actions Telematics is not able to select risks better than the credit score There is no ROI on Insurance IoT, it is only premium shrinking To make insurance IoT works insurers need to work with OEMs, GAFA… Let’s spoil the following presentations of today and tomorrow
  • 21. 21 Discovery Insure have use wearable data to influence life policyholder for healthy behaviors by rewarding them with a cup of coffee or a smoothie
  • 22. 22 Telematics is usage-based insurance IoT Insurance is about how to collect data to find a profitable underwriting formula It’s is impossible for an insurer to charge fees to customers for services Even in the insurance sector, we are in the age of post truth Customers don’t want to share data with us Converting IoT data into actionable insights is still a wish… we are not yet ready to make smart actions Telematics is not able to select risks better than the credit score There is no ROI on Insurance IoT, it is only premium shrinking To make insurance IoT works insurers need to work with OEMs, GAFA… Let’s spoil the following presentations of today and tomorrow
  • 23. 23 These are the same kind of benefits achieved with the adoption of the credit score decades ago 02 01 03 04 If he like the proposed price for all the period of coverage, he will purchase the policy and become a policyholder He drives and a driving score is calculated in 2-3 weeks of driving He receives a quotation based both on his data - the traditional ones - and his driving score A customer (not yet a policyholder) download the app and fill in his data TRY-BEFORE-YOU-BUY INSURER ECONOMIC BENEFITS Positive selection Attracting the best risks for each pricing level (leaving the worst to the competitors) Premium leakage reduction Having all the policies underwritten with a more accurate price (smaller clusters) The usage of a driving score at the underwriting stage is NOT usage based insurance
  • 24. 24 A full stack insurtech which is based on this approach has already achieved the unicorn status • Auto telematics insurance carrier (founded in 2015) • $177.5M of funding, last round at $1B evaluation - 5 10 15 20 25 30 35 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Lemonade Root Quarterly gross written premiums ($M)
  • 25. 25 Telematics is usage-based insurance IoT Insurance is about how to collect data to find a profitable underwriting formula It’s is impossible for an insurer to charge fees to customers for services Even in the insurance sector, we are in the age of post truth Customers don’t want to share data with us Converting IoT data into actionable insights is still a wish… we are not yet ready to make smart actions Telematics is not able to select risks better than the credit score There is no ROI on Insurance IoT, it is only premium shrinking To make insurance IoT works insurers need to work with OEMs, GAFA… Let’s spoil the following presentations of today and tomorrow
  • 26. 26 The value creation framework Traditional bottom line Service fees paid by the customer SERVICES
  • 27. 27 The sustainability of these kind of models is enbled by the ability to orchestrate the partners’ contributions Jun-11 Dec-11 Mar-15 Sep-11 Dec-15 Mar-12 Jun-15 Jun-12 Dec-14 Sep-12 Mar-13 Dec-12 Sep-15 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Number of Insured veicles >200,000 cars Discovery scaled-up its telematics book with a value proposition based on the promise to receive back up to 50% of monthly gas spending
  • 28. 28 The value creation framework Incentives and discounts are ways of sharing with the customer part of the value created in order to deliver superior value propositions Traditional bottom line Self selection Claims cost reduction Service fees paid by the customer Bottom line with IoT Discount and incentives to the costumer Value sharing Intermediary additional remuneration Risk reduction Partners contribution More accurate pricing Hardware Services Telematics costs SERVICES RISK SELECTION LOSS CONTROL BEHAVIORAL CHANGE RISK-BASED PRICING
  • 29. 29 RISK SELECTION: • Low-risk customer acquisition due to the storytelling of the IoT insurance product • Improved quality of underwriting process based on sensors data (including constant insights on exposure) • Increased underwriting process efficiency RISK-BASED PRICING • More accurate rating: based on measured "quantity" and "level" of risk exposure • Value propositions more attractive to the customers BEHAVIORAL CHANGE • Indirect impact on risk level through: -positive behavior reinforcement (including gamification) -culture creation • Loyalty systems based on detected behaviors (retention of low risk clients) LOSS CONTROL • Usage of the device information in order to anticipate claim management and improve reimbursement valuation • Initiatives acting directly in real-time on single situations to: -mitigate risks before damages occur -contain damages • LAE reductions • More accurate reserving Value Creation Levers IoT data have a extraordinary impact on the way you assess, manage and transfer risks SERVICES… • …based on sensor data to deliver enlarged value propositions for the clients orchestrating an ecosystem of partners • …concerning information about insurance coverage and insured risks
  • 30. 30 I’m supporting this evolution through the Observatory
  • 31. 31 I’m extremely proud to have served these prestigious organizations through the IoT Insurance Observatory on 2018 To join the Observatory feel free to write to matteo.carbone@IoTinsObs.com