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IoT Insurance Observatory

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IoT Insurance Observatory

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The IoT Insurance Observatory mission is to promote a profitable IoT adoption in the insurance sector.
The six annual editions have aggregated more than 130 organizations.
Tech players and Insurance companies, including:
* 4 of the top 5 Reinsurers
* 11 of the top 15 European Insurance Groups
* 10 of the top 15 US P&C Insurance Groups

The IoT Insurance Observatory mission is to promote a profitable IoT adoption in the insurance sector.
The six annual editions have aggregated more than 130 organizations.
Tech players and Insurance companies, including:
* 4 of the top 5 Reinsurers
* 11 of the top 15 European Insurance Groups
* 10 of the top 15 US P&C Insurance Groups

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IoT Insurance Observatory

  1. 1. IoT Insurance Observatory Initiative presentation
  2. 2. 2 The Observatory mission is to promote a profitable IoT adoption Insurance IoT Observatory is a six-year-old think tank specialized on the insurance IoT with the participation of top executives from the most relevant Insurers, Reinsurers, and Tech players in the IoT insurance arena The Observatory is about connecting people and ideas in order to spread the innovation culture throughout the insurance market with three concrete outcomes: • A global multiclient research on the insurance IoT paradigm • One-to-one workshops to each member • Plenary symposiums with all the members Some international insurance best practices have successfully integrated IoT in their insurance value chain and achieved positive ROIs. These insurer’s business transformation journeys show how strategy matters more than size The Observatory speaks the insurance business units’ language but has the innovation units’ soul Our approach HOLISTIC INTEGRATION STRUCTURED USAGE CONNECTION COLLECTION RESEARCHING INTERPRETING STORYTELLING REFLECTING Information Organization Knowledge Development Insurance IoT Wisdom sharing Constant Scouting
  3. 3. 3 The annual Observatory editions in figures hours of one-to-one workshops over the six annual editions of the Observatory plenary symposiums between North America and Europe insurance companies, including: 4 of the top 5 Reinsurers 11 of the top 15 European Insurance Groups 10 of the top 15 US P&C Insurance Groups international publications tech players and vendors 2610 30 7 45 85 Worked directly with players accounting for more than 80% of global IoT insurance volumes (number of insurance policies with telematics, smart home/buildings, and connected health/life)
  4. 4. 4 The think tank membership provides access to the most globally relevant insurance IoT knowledge 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 The most pragmatic multiclient research specialized in the insurance IoT domain based on a constant observation of the usage of sensors in different insurance business lines around the globe We interpret best practices and pitfalls for the members leveraging experience built on advising hundreds of organizations in almost 20 different international countries on IoT insurance projects Storyteller
  5. 5. 5 The 2022 Observatory members
  6. 6. 6 We cover all the insurance business lines Business lines Cross-business line topics Personal auto Homeowner Life & Health Commercial auto Property General liability Workers’ compensation Employee benefits Extended warranty Personal lines Commercial lines Senior living Agriculture Retail Manufacturing Construction Marine Behavioral change Selling services and improving customer experience IoT architecture Continuous Underwriting IoT-based innovation journey (IoT and leadership capabilities) Go to market Real time risk mitigation Ecosystems ROI management Digital twins & usage of new knowledge about clients and risk MedMal
  7. 7. 7 Cross- business line topics We help Observatory members to address the insurance IoT opportunity • Insurance IoT vision and strategy • Reasons for adopting IoT into the insurance business • Current insurance IoT state of adoption • Deep dive (international best practices, local opportunities, expected future development) on the following IoT use case: ‒ Enhance Customer Experience ‒ Create Value on Insurance Core Processes ‒ Develop New Knowledge ‒ Improve Sustainability • Deep dive on leadership capabilities (international success stories, pitfalls): ‒ Vision and strategy ‒ Usage of IoT as enabler for business performances ‒ Engagement ‒ Governance ‒ Continuous innovation • Key aspects for execution: ‒ Go to market and partnership ‒ People, skills, and processes ‒ IoT architecture ‒ Data sources and sensors • Focus on critical issues and constraints: ‒ Compliance and privacy ‒ Operational risks (security and data confidentiality) What learnings are obtained by members? • Understanding the business reasons for adopting the insurance IoT paradigm • Understanding the role of leadership capabilities in the IoT-based business transformation • Identifying the different insurance IoT use cases and their contribution for providing a strategic advantage to your business • Identifying approaches to execute a profitable IoT-based business transformation • Assessing customer readiness for different value propositions • Assessing your company’s readiness for the IoT journey • Understanding best practices for enhancing IoT capabilities and leadership capabilities in your insurance IoT program • Identify the challenges of insurance IoT programs (both in the design, execution, and continuous evolution) and methods for addressing them
  8. 8. 8 Three different options for your one-to-one workshops A deep-dive on the insurance IoT key trends covered by the Observatory’s research dedicated to your colleagues A strategic discussion about your IoT insurance initiatives and go-to-market with your executives A presentation at any of your private events dedicated to a group of your distributors, partners, or investors
  9. 9. 9 One-to-one workshops to deep-dive the more relevant aspects for your company 20 Earned additional service fees Security/ Safety o Remote monitoring and emergency services to provide peace-of-mind Care o Remote monitoring and assistance focused on specific health and wellbeing needs directly connected to households: ‒ Chronic patients ‒ Post surgery patients ‒ Elders ‒ Kids ‒ Pets Solar panel Lighting Intrusion alarm Heating/ cooling Thermostat Flower control Computers & electronics Mould detector Camera Refrigerator and freezer Fire detection Camera Lock Electric meter Vacuum cleaner Washing machine Heat exchanger Auto value proposition enlarged with a suite of services telematics based Home security and safety and a platform of care services a la carte Alert in case speed limits are exceeded Client assistance and personalized case management in case of crash Highway/parking area tolling Alert if the car is hit when parked Weather alert based on geo-localization Road or medical assistance via dedicated button Automatic assistance to the client on the premises in case of severe accident Simplified claim notification, including automatic form fill-in based on telematics data Claim certification at client’s disposal Short- time theft cover Parking localiza- tion Bodyguard for emergency outside the car when parked Antitheft service if the box is removed/ uninstalled Stolen vehicle recovery Alert in case the vehicle is moved when the engine is off (e.g. tow- away) Alert if the car is hit when parked 1 3 2 4 5 6 7 8 9 10 11 12 13 14 15 16 ed 48 IoT-based solutions Real time Reporting Other information about risk exposure Claim management • Collisionand machine breakdown detection (and position tracking) for proactive claim management and assistance • Set of objective information for claim handling (including in court) Hazard (indecent and near miss) and remediation action detection Risk selection • Amount and context of usage as input for UW decisions (policy cancellation, change of policy conditions, reinsurance, …) • Detected hazard and remediation actions to support UW decisions (policy cancellation, change of policy conditions, reinsurance, …) • Logged/missed inspection and safety tasks as input for UW decision (policy cancellation, change of policy conditions, reinsurance, …) Behavioral change • Detected hazards and remediation actions as inputs to the loss control team for the delivery of risk prevention services to this policyholder • Logged/missed inspection and safety tasks as input to the loss control team/supervisors and to employee behavioral change programs Safety (inspection/ maintenance) task completion Real-time risk mitigation • Asset condition monitoring and warning dispatch • Risky situation (incoming collision) detection and alerts to the employee • Anti-theft solutions • Alerts to supervisors for missed inspection and safety tasks Pricing • Amount and context of usage as input for the renewal pricing calculation • Detected hazard and remediation actions as input for renewal pricing calculation • Logged/missed inspection and safety tasks as input for the renewal pricing calculation 4 5 1 2 6 Prevention Claims Continuous UW Expensive agri-machines listed in the farm inventory are a target for IoT solutions 6 Telematics usage on commercial auto is at infancy Source: IoT Insurance Observatory, represented the level of maturity of the most advanced market for each business lines • First pilots focused on one single use case • Roll out by few pioneers (with some volumes) • More pilots and product lunches, by greatest part of players by using a "me-too" approach • Only few top players understand IoT full potential (UW, claims, VAS), define their own approach (e.g. big data) and push to sell more • Commercial offer differentiation • IoT potential fully understood and increased commercial push by all players • Differentiating solutions / providers over top players • Telematics approach is the standard for the insurance business • Relationship consolidation between top players and providers, cross-country diffusion of best practices Incubation phase Growth phase Maturity phase Exploration phase Learning phase “What is the ROI of the use case?" "Does the approach make sense?" “What is the best way to do it at my company?" “How to extract more value from the data?" Personal Auto Commercial Auto Commercial Buildings Homeowner IIoT and Workers’ Comp 25 Active rewards & Apple Watch Active Rewards Baseline before program introduction Vs. Vs. 100 Level of physical activity (indexes as 100 the baseline before the program introduction) 137 179 100 131 167 Source: Incentives and physical activity, Rand - 2018 This approach has showed a significant effectiveness in increasing the physical activity level 34 The governance of economics of the IoT insurance paradigm is complex and also requires a strong support from your financial department Cash back, rewards, .. Commission to distributors $ Iot costs (hardware amortization, installation, operative costs) $ Insurer costs Claims ($) Discount valve Premiums ($) Service fees ($) Service subsidization valve Insurer profitability Loss ratio valve Products, cash back, .. From partners Other shared value valve POLICYHOLDERs $ $ Benefits from the insurance IoT use cases Iot Mastery Pressure Gauge Partner contribution valve Sources: IoT InsuranceObservatory 126 Service fees paid by the customer Traditional bottom line Street value of the IoT services Value sharing IoT costs Hardware Services Risk prevention Enhanced Claim Management Continuous Underwriting Bottom line with IoT Street value of the IoT services Discount and incentives to the customer Intermediary remuneration Source: IoT Insurance Observatory Partners’ contributions Real-time mitigation Behavioral Change Risk selection Pricing sophistic. To achieve a positive ROI you will need to combine deep business function expertise and cross-functional initiatives A key element is to deeply understand business needs
  10. 10. 10 Peer discussions at plenary symposiums May 12th ’22 NJ 8.50 - 9.30 Innovation is the new Risk Management: AXA XL Construction Ecosystem - Hall (AXA XL) 9.30 - 10.00 IoT usage to Innovate Med Mal Insurance – Antier (Relyens) 10.00 – 10.30 7 Trends in Insurance Telematics - Morse (CMT) 10.30 - 11.00 OEM data in the evolution of commercial telematics, Maco (The Floow) 11.20 - 11.50 Durable Insurtech: Wearables as the unfair adv- antage – Elhawary (Kinetic) and Anderson (Nationwide) 11.50 - 12.20 IoT - Moving to what matter most: Engagement, Retention, and Prevention, Pockard (Earnix) 13.20 – 14.00 Methodical Approach to Drive Business Value with Analytics and IoT - Maddali (Telenav) 14.00 – 14.30 Empowering the Industry's Next with Swiss Re Solutions- Pasricha (Swiss Re) 14.30 – 15.00 How telematics helps manage real-time driver risk and accelerate claims proces- sing – Yeoman (Concirrus) 14.30 – 15.00 Smart home insurance roundtable - Bales (Notion), Jacobs (Nationwide), Paharia (Allstate), Orbann (Travelers) and Anderson (Catalyit) LAST SESSIONS Dec 2nd ’21 Hartford 9.00 - 9.45 Tried and failed with IoT? Ting: Practical and powerful insurance IoT that scales to deliver prevention, engagement and telematics data, Marshall - Whisker Labs 9.45 - 10.30 Internet of Things in Construction, Bush – Insight Risk Technologies 11.00 – 11.30 “Allstate’s Journey with Telematics”, MacInnis – Allstate 11.30 - 12.00 “Dynamic UBI Programs through Aligned Pricing Personalization Excellence”, Pockard - Earnix 12.00 - 12.30 Cracking the code for Commercial Telematics – an aggregation solution”, Yeoman - Concirrus 13.15 - 14.30 Becoming a Digital Insurer of the Future”, Karthikeyan – ValueMomentum; Followed by a roundtable on the IoT architecture (Samela -The Hartford; Reale – Travelers) 14.30 - 15.00 Single-digit adoption, billion-dollar problems, and why carriers are the secret to accelerating wins in commercial P&C”, Fung- A-Wing - Kairos Click to view Dec 14th ’21 Milan 10.00 - 10.30 “Jeniot: an international Mobility solutions provider”, Busetto – Generali 10.30 - 11.00 “Dynamic UBI Programs through Aligned Pricing Personalization Excellence”, Howland - Earnix 11.00 – 11.30 “How it is done in Poland. Specifics of the motor insurance market and case studies of telematic insurance offers” – Przybylska and Kozlowski, Telematics Tecnologies 11.30 - 12.00 "The last decade was Telematics (IOT) for Cars, will this decade be telematics (IOT) for the home" – Ahmed, Locket 13.00 - 14.00 IoT and Cargo Insurance Roundtable – Ben-Ami, Concirrus; Marques, Porto Seguro; Kern, Swiss Re 14.00 - 14.30 “Long term trends and learnings from digital wellness programs in insurance” – Bewley, Evo and Matisonn, Vitality 14.30 - 15.00 “Using Satellite Data for ‘connected property’ claims” – Panchaud, Concirrus 15.00- 15.30 Telematics fireside chat – Lovati, UnipolSai 15.30 - 16.30 Personal Auto Telematics Roundtable – Theron, Discovery; Bernardo Santos, IBM; Rizzotto, Intesa Sanpaolo Assicura; Click to view Click to view May 19th ’22 Milan 9.20 - 10.05 Welcome to IBM - Margutti (IBM) How are you preparing to thrive? - Danesi (IBM) IBM Vision: the future of insurance - Bieck (IBM) 10.05 - 10.35 How smart hardware can boost your telematics product, Kenber and Vollmer (Swiss Re) 10.35 – 11.05 Seven trends in insurance Telematics, Ivanov (CMT) 11.30 - 12.00 IoT and Real time data to support Risk Management in industrial risks, Zanardi (Axa XL) 12.00 - 12.30 IoT in agribusiness: precision farming and insurance in the cutting edge of innovation, Menghi (Neosurance) 12.30 - 13.00 How telematics helps manage real-time driver risk and accelerate claims processing, Dewar (Concirrus) 13.00 – 13.30 Health promotion and disease prevention: Why behavioural science matters, Cabrignac (Scor) 14.20 – 15.00 Focus on Healthcare -Skordby (IBM) Focus on Automotive - Velichety (IBM) 15.00 – 15.30 Building winning connected insurance products using OEM data, James and Chalk (The Floow) 15.30 – 16.30 Telematics roundtable Quartara (Societe Generale Insurance), Foti (HDI), Lassa (Scor), Del Bo (Movinx), Beninati (Reale Group); Kisvarday (Earnix) Sep 20th ’22 Vegas 8:30- 8:55 The Smart Home Revolution – How Home Telematics Will Re-Invent Insurance, Kirkpatrick (State Farm) 8:57- 9:22 HDVI SHIFT 2.0 & INSURTECH 2.0– Witte (HDVI) 9:24 - 9:46 Commercial Auto Insurance Innovation in Mexico: Jooycar and SwissRe, Labbe (Jooycar) and Briggs (Swiss Re) 9:48 - 10:10 Nationwide is partnering with Razor Tracking for its Agribusiness Bond (Nationwide) 10:12- 10:34 New Models in Analyzing EV through telematics” McMahon (CMT) 11:04- 11:19 The Power of Telematics - Pockard (Earnix) 11:21- 11:43 How Smart Home Can Drive Risk Mitigation and Behavior Change, Bales (Notion) 11:45- 12:07 Moving from recovery to resilience: IoT to reduce the risk of flooding for commercial and municipal properties, DeMarco (Microsoft) 12:09- 12:54 Roundtable on the usage of OEM data in the auto insurance sector: Hernandez (Nationwide), Marlow (Allstate), Turner (The Hartford), Monteforte (The Floow) 12:54- 13:16 A Decade of Learning, Listening, and Enhancing, Stover (Nationwide) Oct 13th ’22 Rome 10.00- 10.15 Introduction - Battista (Net Insurance) 10.15- 10.45 Net Sure: a new proposition for the connected home - Pittana and Vignoletti (Net Insurance) 10.45 -11.15 From ICE to EV – understand- ding the changing risk landscape - Wörle (Swiss RE) 11.15- 11.45 Next: the future of mobility - Serra (Generali) and Bergamini (Telepass) 12.15- 12.45 Innovation is Change, Myszkowski (Talanx) 12.45- 13.45 Roundtable on the insurance industry innovation: Genovese (Swiss Re), Vandewattijne (Ageas), Antier (Relyens), Myszkowski (Talanx) 14.30- 15.00 The maturity of the autonomous driving and the challenges of the insurance sector: the experiences in Italy of Reale Group - Beninati (Reale Group) 12.15- 12.45 Combining OEM and smartphone data to enhance and create new propositions - Monteforte (The Floow) 15.30- 16.00 How risk expertise is empowered by technology to tackle risks and help customers in a world that is becoming more and more uncertain (focus on moving assets) - Marinoni and Klimczak (Axa XL) Click to view Click to view Click to view
  11. 11. 11 Peer discussions at plenary symposiums LAST SESSIONS
  12. 12. 12 The connected and sustainable insurance December '16 Connected Insurance Observatory Unveiling the full potential of telematics May ‘17 Swiss Re Smart Home Insurance April ‘19 American Family Insurance & IoT Insurance Observatory Attractive UBI Business Models for US Consumers July ‘20 Cambridge Mobile Telematics & IoT Insurance Observatory Some of the IoT Insurance papers published with Observatory members The Best Connected Insurance Value Proposition for Europe Feb ‘21 Cambridge Mobile Telematics & IoT Insurance Observatory
  13. 13. 13 Future of Insurance August ‘16 Business Reporter Connected Insurance Report December ‘18 Insurance Nexus & IoT Insurance Observatory Some of the media visibility opportunities offered to the Observatory members and their executives From Risk Transfer to Risk Prevention May ’21 The Geneva Association Insurance Is Getting Connected August ’21 Carrier Management Thought leadership articles ‘18-’19 Different medias
  14. 14. 14 Observatory members Direct and constant exposure to hundreds of key executives involved in the IoT programs within the members of the IoT Insurance Observatory (including 3 of the top five European insurance groups, 5 of the top ten US P&C insurers, and 3 of the top five global reinsurers) Direct access to tens of thousand global executives involved with insurance innovation (32K newsletter subscribers and 200K LinkedIn and Twitter followers) Carbone’s direct network of insurance executives Visibility towards hundreds of thousand readers of the insurance medias featuring Observatory’s contents Global insurance executives Observatory members and their executives have a unique visibility within the insurance innovation arena
  15. 15. 15 Some quotes from the Observatory participants It gives telematics and IoT an awesome platform for collaboration, teaching, and knowledge sharing The initiative provided though-provoking contents. The deep dive sessions were clear and stimulated great engagement within the organization Our journey has been going ‘hand in hand’ with your support and the insightful conversations held over those years at the IoT Insurance Observatory, including our joint papers When you read a press release or hear a speech at conference, you see only the shining side. It is great to have the rationalization that connects dots, and investigates also what has not worked well We appreciate the insights, examples, and best practices you and the Observatory community bring forward to help us shape our journey A great support in rationalizing the different opportunities for using IoT data in our business and defining a roadmap for our business transformation Relevant opportunity to approach unique contents about connected insurance – both from actuarial angle and customer angle - and to discuss them with Insurance Executives, Associations and the Regulator The Observatory is creating value for us. We met insurers that have started to work with us. It is also useful to have a constant update on the markets around the world Rich information as well as thought provoking analysis and perspective. An unbiased platform that focuses on truly learning and embracing IoT. His ability to bring others together and to share thoughts and experiences is extremely valuable Insurer Insurer Reinsurer Insurer Insurer Insurer IT provider IoT Insurtech startup Insurer
  16. 16. 16 Contacts Matteo.carbone@iotinsobs.com +39 (334) 622- 0378 +1 (929) 309-6026 Matteo Carbone Founder and Director of the IoT Insurance Observatory Keynote speaker and writer on insurance innovation Global InsurTech Influencer (Top 2 InsurTech Influencer by InsurtechNews, Top 2 InsurTech Influencer by Right Relevance, Top 10 InsurTech Influencer and top 4 insurtech influencers in the fintech community by Onalytica, Top 20 Influencer in Geoinsurance by Conirium) www.IoTinsObs.com
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