Telematics

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Presented at ORBiT Real Time Days 2014
Panel discussion by:
Debbie Olsen, Quindell
Clinton D'Souza, CGI
Blair Currie, IMS
Paul-Andre Savoie, Baseline Telematics
Patrick Vice, Frank Cowan

A well-constructed panel of experts unravel the mystery of telematics for us. We need to understand why this will be important for our customers, what will be the impact on brokers and what we as insurance experts need to know.

Published in: Internet, Business, Technology
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Telematics

  1. 1. TELEMATICS Debbie Olsen, Quindell Clinton D’Souza, CGI Blair Currie, IMS Paul-Andre Savoie, Baseline Telematics Patrick Vice, Frank Cowan www.orbitcanada.ca
  2. 2. What Brokers Need to Know about Telematics ORBIT Education Days
  3. 3. List of Slides • How it works – the variety of technologies • What it is – the variety of offers & solutions • Why does insurance care so much? • Why it’s important to you – the future
  4. 4. How it works – 7 Steps (Device) 1. Receive Device 3. Configure SIM Card in Device via Text (SMS) 4. Insert configured Device into vehicle OBD port 5. Raw Data transmits automatically and directly 6. To secure data servers in the cloud for processing 7. Results: Secure Private User access 24/7 to online portal results via any device. 2. Insert 3G SIM Card with Mobile Bill Plan for data and text
  5. 5. 5 The Potential to Turn Underwriting on its Head Description Mnemonic Value ANSI GPS position report (“breadcrumb”) GEO_LOCATION 0x0121 DATETIMEGPS Start of trip (engine on or hybrid powering drive-train) TRIP_START 0x0122 TRIPSTART_ODO End of trip (engine off or hybrid no longer powering drive train) TRIP_END 0x0123 TRIPEND Idle time (zero speed concurrent with non-zero RPM) IDLE 0x0124 INTDATETIMEGPS Geofence boundary crossing GEOFENCE 0x0126 HEADING or FOOTING 60-80 second pre-collision data for RPM, SPEED and THROTTLE (for accident reconstruction) BLACK_BOX 0x0128 Time accumulated in each of 4 speed bands (per trip) MULTI_THRESHOLD 0x0129 MULTI_THRESHOLD Fuel consumption SAE_FUEL 0x002F INTDATETIMEGPS Longitudinal acceleration/deceleration (includes collision detection) OID_ACCEL_LONG 0x3801 INTDATETIMEGPS 64_DATETIMEGPS Lateral acceleration/deceleration (hard cornering, hard acceleration and hard braking) OID_ACCEL_LAT 0x3802 INTDATETIMEGPS Vertical acceleration/deceleration (rough road detection) OID_ACCEL_VERT 0x3803 INTDATETIMEGPS Battery voltage level OID_SAE_BATTERY 0x600A ASN1_BYTE Odometer OD_SAE_ODOMETER 0x6050 32_DATETIMEGPS Vehicle Identification Number (reported only once at boot-up, if available) OID_SAE_VIN 0xE082 OCTSTR
  6. 6. Public Telematics offers in the Canadian Auto P&C industry Company In Production Announced Solution Provider Comments Industrial Alliance – captive agent  Baseline Telematics True UBI, PP, but PLPD and Quebec only Desjardins – direct The Personal - direct  iMetrik Discount only; PP, Customers may not be faithfully installing the devices CAA - direct  Quindell Non-insurance - Roadside assistance IBAO - broker  Quindell Discount only; offered under nda to multiple insurers The Co-operators – captive agent  IMS Discount only; PP, just launched Ingenie – is a brokerage  Quindell Targeted Young driver program as in the U.K., PP SGI - broker  Baseline Telematics Safer Roads ; motorcycles Intact – broker Belair - direct  OCTO Discount only; just launched 6
  7. 7. 7 Why is Telematics in P&C hotter than ever? Source: Fergusson, D., Swain‐Campbell, N., & Horwood, J. (2003). Risky driving behaviour in young people: prevalence, personal characteristics and traffic accidents. Australian and New Zealand journal of public health, 27(3), 337-342. Usage and Behaviour Correlate with Incident Frequency Transportation research board (TRB) in 2007 Washington meeting: “exposure to the feedback generated over 40% reduction in crash rates” http://www.oryarok.org.il/webfiles/audio_files/072173_Musicant_Lotan_Toledo.pdf
  8. 8. 8 Dynamic Geofencing • Boundaries drawn where there is street-level access to GPS satellites • On-board device detects when vehicle crosses boundary • Boundaries can be changed at any time • Can be used to evaluate U.S. or out-of-province exposure
  9. 9. The global marketplace is ready for widespread adoption of UBI Percentage interested in UBI 9 80% 50%51%52%69% ITALY SPAIN FRANCE GERMANY USA
  10. 10. Why it’s important – the future The Internet of Things
  11. 11. Telematics 1 Do you think telematics is here to stay and why? 2 Is telematics a personal lines only solution? 3 What opportunities and threats do you think telematics creates for brokers? 4 Will the data be “portable” enough for a broker to qualify for a telematics discount immediately with the new company?
  12. 12. Telematics 5 This refers to privacy and consent; who controls what data is being collected and can a client say “give it back”? 6 How can brokers bring value in a Telematics world? 7 How different will the pricing be for Telematics clients? 8 How will brokers explain the different options to consumers?
  13. 13. Telematics 9 When a telematics client calls in for a quote, what will be involved for a broker get a rate for them with multiple carriers? 10 Will all clients have to go to Telematics to ensure a competitive price? 11 How has the Telematics worked in a broker environment in other areas? 12 How does the data that is collected get to my BMS?
  14. 14. Telematics 13 How will I know if my client is using Telematics so that when they want a quote to do a change of vehicle, I will know how to quote them? 14 What do you think is next?

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