Connected vehicles have the potential to significantly reduce costs for the insurance industry and society by preventing crashes. Insurance companies can track driver behavior through telematics devices to better price premiums, with some offering pay-as-you-drive and pay-how-you-drive models. Connected vehicle technologies may be able to prevent up to 80% of crashes through features like collision avoidance systems and vehicle-to-vehicle communication. A unified in-vehicle connectivity platform could further reduce insurance operating costs and unlock additional value of over $380 per connected vehicle annually for insurance providers.
As the world gets smaller, automotive technologies smarter, and Big Data even bigger, insurance carriers and claims networks would be wise to start making “course corrections” to ensure their survival. Within 10 years, the auto claims landscape will be unrecognizable.
Building privacy into consensual tracking for insurance purposes via an in-ca...Browne Jacobson LLP
Why would you want to be spied on? At Privacy Laws & Business 28th Annual International Conference, 6 July 2015, Helena Wootton talks about the data protection aspects of tracking and monitoring driving habits using a ‘black box’.
Source: Privacy Laws & Business UK report, July 2015 - www.privacylaws.com
iCareU is an innovative usage-based insurance product developed by DeepBiz Technologies for the Indian motor insurance sector. It analyzes driving patterns using GPS, OBD II, and mobile devices to determine premium discounts of up to 30% for customers and reduce claims by up to 60% for insurers. iCareU aims to incentivize safe driving behaviors and make insurance more engagement-driven through real-time tracking and rewards for add-on services. The founders believe this approach can help lower costs for both customers and insurers while increasing loyalty, similar to how mobile phone and life insurance markets evolved in India with increased usage and customization.
Insurers warned about merely ‘playing’ with digital in ey report insurance ...Digital Insurance News
1) An EY report warns insurers that they need to take mobile and digital capabilities more seriously to avoid falling behind, as mobile usage grows exponentially.
2) The report found that only 43% of insurers provide mobile quotes compared to 72% online, and Asian insurers lag in using mobile apps and social media.
3) While most insurers aim to improve their digital strategies and investments, currently almost 80% see themselves as just "playing" digitally rather than being leaders, and two-thirds lack a long-term strategy to realize digital ambitions.
Will fintech newcomers disrupt health and home insurance? Matteo Carbone
Fintech companies are looking to disrupt health and home insurance through new technologies like wearables and connected home devices. Insurers can leverage these technologies to improve risk assessment, offer value-added services, enhance the customer experience, and implement behavior-based pricing models. Examples include Oscar's health insurance app that rewards healthy behaviors, Medibank's wellness services that boost sales, and home insurers installing sensors to better manage risks and offer additional home services. Integrating emerging technologies presents opportunities for insurers to generate value across the insurance lifecycle.
Automobile insurance: Paradigm Shift and DisruptionArjun Bardhan
The auto insurance industry is going through a phase of disruption that could potentially revolutionize the traditional model of insurance operations. There are multiple factors of the changing society that contribute to this paradigm shift. This white paper elaborates four such changes.
1. Millennials & the changing market
2. Telematics and Usage Based Insurance
3. Autonomous Vehicles
4. Technology in automobile claims
E-insurance is mandatory for certain insurance policies according to IRDAI. It allows policies to be stored digitally in an electronic insurance account. Policies for life, health, motor, and travel insurance exceeding certain premium amounts must be in electronic form. Advantages of e-insurance include easy storage of all policies in one place, reduced risk of losing paper policies, and ability to store policies from different insurers together. Individuals can open an e-insurance account by working with an approved repository like CDSL or CAMS and submitting KYC documents.
E-Insurance is an electronic insurance system developed by ESKADENIA that replaces traditional communication methods between insurance companies and various stakeholders. It allows brokers to issue policies, endorsements, and quotations online. The system supports various types of insurance like medical, travel, and general insurance. It provides functionalities for policy management, claims processing, approvals, and communication through SMS.
As the world gets smaller, automotive technologies smarter, and Big Data even bigger, insurance carriers and claims networks would be wise to start making “course corrections” to ensure their survival. Within 10 years, the auto claims landscape will be unrecognizable.
Building privacy into consensual tracking for insurance purposes via an in-ca...Browne Jacobson LLP
Why would you want to be spied on? At Privacy Laws & Business 28th Annual International Conference, 6 July 2015, Helena Wootton talks about the data protection aspects of tracking and monitoring driving habits using a ‘black box’.
Source: Privacy Laws & Business UK report, July 2015 - www.privacylaws.com
iCareU is an innovative usage-based insurance product developed by DeepBiz Technologies for the Indian motor insurance sector. It analyzes driving patterns using GPS, OBD II, and mobile devices to determine premium discounts of up to 30% for customers and reduce claims by up to 60% for insurers. iCareU aims to incentivize safe driving behaviors and make insurance more engagement-driven through real-time tracking and rewards for add-on services. The founders believe this approach can help lower costs for both customers and insurers while increasing loyalty, similar to how mobile phone and life insurance markets evolved in India with increased usage and customization.
Insurers warned about merely ‘playing’ with digital in ey report insurance ...Digital Insurance News
1) An EY report warns insurers that they need to take mobile and digital capabilities more seriously to avoid falling behind, as mobile usage grows exponentially.
2) The report found that only 43% of insurers provide mobile quotes compared to 72% online, and Asian insurers lag in using mobile apps and social media.
3) While most insurers aim to improve their digital strategies and investments, currently almost 80% see themselves as just "playing" digitally rather than being leaders, and two-thirds lack a long-term strategy to realize digital ambitions.
Will fintech newcomers disrupt health and home insurance? Matteo Carbone
Fintech companies are looking to disrupt health and home insurance through new technologies like wearables and connected home devices. Insurers can leverage these technologies to improve risk assessment, offer value-added services, enhance the customer experience, and implement behavior-based pricing models. Examples include Oscar's health insurance app that rewards healthy behaviors, Medibank's wellness services that boost sales, and home insurers installing sensors to better manage risks and offer additional home services. Integrating emerging technologies presents opportunities for insurers to generate value across the insurance lifecycle.
Automobile insurance: Paradigm Shift and DisruptionArjun Bardhan
The auto insurance industry is going through a phase of disruption that could potentially revolutionize the traditional model of insurance operations. There are multiple factors of the changing society that contribute to this paradigm shift. This white paper elaborates four such changes.
1. Millennials & the changing market
2. Telematics and Usage Based Insurance
3. Autonomous Vehicles
4. Technology in automobile claims
E-insurance is mandatory for certain insurance policies according to IRDAI. It allows policies to be stored digitally in an electronic insurance account. Policies for life, health, motor, and travel insurance exceeding certain premium amounts must be in electronic form. Advantages of e-insurance include easy storage of all policies in one place, reduced risk of losing paper policies, and ability to store policies from different insurers together. Individuals can open an e-insurance account by working with an approved repository like CDSL or CAMS and submitting KYC documents.
E-Insurance is an electronic insurance system developed by ESKADENIA that replaces traditional communication methods between insurance companies and various stakeholders. It allows brokers to issue policies, endorsements, and quotations online. The system supports various types of insurance like medical, travel, and general insurance. It provides functionalities for policy management, claims processing, approvals, and communication through SMS.
CBIZ Banking & Financial Services Quarterly Newsletter - Aug 2020CBIZ, Inc.
The August issue of CBIZ's Banking & Financial Services Newsletter includes a conversation with Lori Bettinger, Co-president of Alliance Partners and President of BancAlliance, on the banking sector and opportunity to make loans across other industry sectors. Also covered are underwriter questions to expect with your insurance renewal in this hard market and 8 potential COVID-19 employment liability claims. As always, links to several additional resources and webinars included.
7 Ways Insurance Brokers Should Approach InsurTechSiren Group
“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance.
InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way.
Here are 7 ways of making InsurTech the heart of your business:
- Personalization should span all channels — because your customer is omnichannel and uses multiple touch points in his or her journey with your organization.
- The fragmentation of channels and customer data makes digital and offline personalization extremely challenging.
- A unified data layer helps consolidate “data signals” from across channels to form a complete, 360-degree view of the customer that enables personalized experiences.
- It is imperative to apply ethical standards to how data should be used and joined as you direct your organization toward deeper omnichannel personalization.
Blockchain for automotive: An insight towards the IPFS blockchain-based auto ...IJECEIAES
The advancing technology and industrial revolution have taken the automotive industry by storm in recent times. The auto sector’s constantly growing demand has paved the way for the automobile sector to embrace new technologies and disruptive innovations. The multi-trillion dollar, complex auto insurance sector is still stuck in the regulations of the past. Most of the customers still contact the insurance company by phone to buy new policies and process existing insurance claims. The customers still face the risk of fraudulent online brokers, as policies are mostly signed and processed on papers which often require human supervision, with a risk of error. The insurance sector faces a threat of failure due to losing and misconception of policies and information. We present a decentralized IPFS and blockchain-based framework for the auto insurance sector that regulates the activities in terms of insurance claims for automobiles and automates payments. This article also discusses how blockchain technology’s features can be useful for the decentralized autonomous vehicle’s ecosystem.
Motor insurance: services telematics basedMatteo Carbone
The black box makes it possible for Insurers to enrich their motor insurance value proposition, de-commoditizing the car insurance policy and creating new sources of income
Integrating ict in insurance management design & development of an online ins...Alexander Decker
The document summarizes the design and development of an online insurance system for an East Africa insurance company. Key points:
- The system was developed to create awareness about insurance policies and benefits through an online presence, as the existing manual system was ineffective.
- Requirements for the system were determined through qualitative research methods like interviews and document review with insurance providers and clients.
- The system was built using PHP, WAMP, and MySQL. It allows authorized users to access insurance information and claims through a secure web interface.
- After development, the system's perceived usefulness and ease of use were evaluated through a questionnaire, finding it provided important insurance awareness.
There are several methods of e-insurance including websites run by insurance companies, product portals that aggregate links to insurance sites, point-of-sale portals that sell insurance alongside other products, intermediate brokers that match clients to policies, and aggregators that allow users to compare quotes from different insurers. While only 22% of the insurable population in India currently has insurance coverage, e-insurance has significant scope for growth due to factors like globalization, new market entrants, and changing consumer needs. However, e-insurance also faces challenges such as resistance to change, lack of technology adoption, different regulations across states, and complex insurance processes.
Italian firms have created a telematics "observatory" to promote innovation in insurance related to homes, health, industrial risks, and cars. While online insurance channels have grown, many customers still prefer personal contact. Digital transformation is impacting insurance through increased customer expectations of digital services, more flexible products, collaborations between insurers and other sectors, and insurers providing additional services beyond risk coverage. The observatory aims to represent cutting edge global innovation, provide strategic vision for major initiatives, and stimulate research on issues like privacy and cyber risk. InsurTech startups are bringing innovation to insurance and received $2.5 billion in investments in 2015, up from $0.7 billion in 2014. Insurers'
ITL insurtech 5 value levers for auto telematicsMatteo Carbone
Telematics has the potential to be a major innovation in the auto insurance industry by utilizing five value levers: 1) risk selection, 2) risk-based pricing, 3) value-added services, 4) loss control, and 5) loyalty and behavior modification programs. The document discusses each of these levers in detail and how insurers can use telematics data to better assess risk, set premiums, offer additional services, reduce claims, and incentivize safe driving behaviors. For telematics to be truly transformative, however, insurers must integrate all five levers into a cohesive approach.
InsurTech trends: Connected Insurance as the most relevant one considering TAM and maturity level. It has already shown adoption and material impacts in some markets.
The document discusses an observatory created to study telematics and connected insurance in Italy. It provides the following key details:
- The observatory has 26 insurance companies offering telematics-based motor insurance policies in Italy, with over 4 million black boxes installed. Telematics accounts for 16% of auto insurance contracts.
- 65% of observatory members have seen a material impact of telematics on the Italian auto insurance market. The successful experience is believed to extend to other lines of business.
- The observatory aims to spread innovation in the insurance sector by rationalizing knowledge, giving critical trends analysis, and stimulating discussion on common challenges. It addresses connected insurance topics at plenary meetings.
The world is now hyperconnected. Insurance of the future will use data to enhance customer experiences, impact core insurance processes, create new knowledge and improve sustainability. There are already pioneers in this space, and their stories demonstrate the powerful and increasing role of IoT data in better risk prevention
This document discusses e-insurance and its development and regulation. It first provides statistics on the global insurance industry and defines e-insurance as soliciting, offering, negotiating, and contracting insurance policies online. It then discusses how e-insurance can increase efficiency by reducing costs. The objectives are to review e-commerce practices in developing countries' insurance and discuss IT use in insurance. It outlines personal and commercial e-insurance coverage areas and issues. Regulations aim to supervise e-insurance operations and ensure transparency while competition rules still apply online.
The future of mobility – insurance considerations CREDSUK
Laurenz Gerger, Policy Adviser, Motor, ABI
Commission on Travel Demand Shared Mobility Inquiry – Evidence Session 4
16 July, Royal Automobile Club
The fourth evidence session covered both the context in which the shared mobility inquiry sits and the policy options which could be deployed to accelerate sharing and other wider initiatives which they might connect to.
The Impact of Big Data and Artificial Intelligence (AI) in the Insurance SectorΔρ. Γιώργος K. Κασάπης
Big data and artificial intelligence (AI) are two words that are widely used when discussing the future of business. The potential for applying them in diverse aspects of business has caught the imagination of many, in particular, how AI could replace humans in the workplace. Big data and AI could customise business processes and decisions better suited to individual needs and expectations, improving the efficiency of processes and decisions.
As big data and AI (also called machine learning) are increasing being employed in the insurance sector, the great benefits that are expected also come with risks. The granularity of data has the potential to give insights into a variety of predictable behaviours and incidents. Given that insurance is based on predicting how risk is realised, having access to big data has the potential to transform the entire insurance production process.
This report examines both the benefits and risks big data and AI can bring to the insurance industry. In particular, this reports discusses how the OECD Recommendation on Artificial Intelligence and the European Commission’s Independent High-Level Expert Group on Artificial Intelligence’s (HLAG AI) Ethics Guidelines for Trustworthy AI should be considered in the context of the insurance sector.
The report concludes with policy areas in which policy makers may consider action in the insurance sector in relation to big data and AI going forward.
Connected and Self-Driving Vehicles Spark Industry ConvergenceRay Pun
We live in a connected world where industries and organizations are partnering to serve the consumer. Organizations are responding to major trends including the Internet of Things, urban mobility and the automotive revolution that will lead to:
• More than 190 million connected vehicles by 2021.
• Massive growth in big data.
• Ready or not, self-driving vehicles are coming.
As part of a J.D. Power and Acxiom research study, consumers were asked to share their opinions about self-driving and connected vehicles.
The document discusses how data and technology are transforming the insurance industry. It covers topics like how insurers are using data from telematics, health apps, and other sources to better assess risk and offer more personalized premiums. This allows for pricing tailored to individuals based on their behavior rather than just demographics. However, increased data collection also raises privacy concerns for consumers about what data is being collected and how it will be used and secured. Insurers are aiming to address these concerns through transparency about their data practices while harnessing new sources of data to improve their business.
Connected Vehicles and Government: A Catalyst To Unlock the Societal Benefits...Andreas Mai
This document discusses how connecting vehicles can unlock societal benefits and economic value. It argues that governments can act as a catalyst by: 1) introducing smart road pricing that reflects the true costs of transportation, 2) building and operating roadside infrastructure for intelligent transportation systems, and 3) establishing public-private partnerships or privatizing certain road operations. Connecting even a third of vehicles could create over $100 billion in annual value for the U.S. and help make mobility more affordable worldwide.
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...Matteo Carbone
The document discusses how expanding telematics programs for auto insurance can significantly improve insurers' combined ratios and profitability. It outlines that telematics programs have the potential to lower combined ratios by 5 percentage points if offered to all policyholders through a value-added services model focused on safe driving rewards and services. The document also describes the necessary technology architecture and considerations for making such an expanded telematics program cost-effective and scalable.
CBIZ Banking & Financial Services Quarterly Newsletter - Aug 2020CBIZ, Inc.
The August issue of CBIZ's Banking & Financial Services Newsletter includes a conversation with Lori Bettinger, Co-president of Alliance Partners and President of BancAlliance, on the banking sector and opportunity to make loans across other industry sectors. Also covered are underwriter questions to expect with your insurance renewal in this hard market and 8 potential COVID-19 employment liability claims. As always, links to several additional resources and webinars included.
7 Ways Insurance Brokers Should Approach InsurTechSiren Group
“InsurTech” is a term used quite often these days – a spin-off of the even more popular word “FinTech.” It refers to technologies and platforms. These platforms can help optimize any of the principles for success or requirements of insurance.
InsurTech encompasses companies that provide insurance, but engage technology in a user-centric way.
Here are 7 ways of making InsurTech the heart of your business:
- Personalization should span all channels — because your customer is omnichannel and uses multiple touch points in his or her journey with your organization.
- The fragmentation of channels and customer data makes digital and offline personalization extremely challenging.
- A unified data layer helps consolidate “data signals” from across channels to form a complete, 360-degree view of the customer that enables personalized experiences.
- It is imperative to apply ethical standards to how data should be used and joined as you direct your organization toward deeper omnichannel personalization.
Blockchain for automotive: An insight towards the IPFS blockchain-based auto ...IJECEIAES
The advancing technology and industrial revolution have taken the automotive industry by storm in recent times. The auto sector’s constantly growing demand has paved the way for the automobile sector to embrace new technologies and disruptive innovations. The multi-trillion dollar, complex auto insurance sector is still stuck in the regulations of the past. Most of the customers still contact the insurance company by phone to buy new policies and process existing insurance claims. The customers still face the risk of fraudulent online brokers, as policies are mostly signed and processed on papers which often require human supervision, with a risk of error. The insurance sector faces a threat of failure due to losing and misconception of policies and information. We present a decentralized IPFS and blockchain-based framework for the auto insurance sector that regulates the activities in terms of insurance claims for automobiles and automates payments. This article also discusses how blockchain technology’s features can be useful for the decentralized autonomous vehicle’s ecosystem.
Motor insurance: services telematics basedMatteo Carbone
The black box makes it possible for Insurers to enrich their motor insurance value proposition, de-commoditizing the car insurance policy and creating new sources of income
Integrating ict in insurance management design & development of an online ins...Alexander Decker
The document summarizes the design and development of an online insurance system for an East Africa insurance company. Key points:
- The system was developed to create awareness about insurance policies and benefits through an online presence, as the existing manual system was ineffective.
- Requirements for the system were determined through qualitative research methods like interviews and document review with insurance providers and clients.
- The system was built using PHP, WAMP, and MySQL. It allows authorized users to access insurance information and claims through a secure web interface.
- After development, the system's perceived usefulness and ease of use were evaluated through a questionnaire, finding it provided important insurance awareness.
There are several methods of e-insurance including websites run by insurance companies, product portals that aggregate links to insurance sites, point-of-sale portals that sell insurance alongside other products, intermediate brokers that match clients to policies, and aggregators that allow users to compare quotes from different insurers. While only 22% of the insurable population in India currently has insurance coverage, e-insurance has significant scope for growth due to factors like globalization, new market entrants, and changing consumer needs. However, e-insurance also faces challenges such as resistance to change, lack of technology adoption, different regulations across states, and complex insurance processes.
Italian firms have created a telematics "observatory" to promote innovation in insurance related to homes, health, industrial risks, and cars. While online insurance channels have grown, many customers still prefer personal contact. Digital transformation is impacting insurance through increased customer expectations of digital services, more flexible products, collaborations between insurers and other sectors, and insurers providing additional services beyond risk coverage. The observatory aims to represent cutting edge global innovation, provide strategic vision for major initiatives, and stimulate research on issues like privacy and cyber risk. InsurTech startups are bringing innovation to insurance and received $2.5 billion in investments in 2015, up from $0.7 billion in 2014. Insurers'
ITL insurtech 5 value levers for auto telematicsMatteo Carbone
Telematics has the potential to be a major innovation in the auto insurance industry by utilizing five value levers: 1) risk selection, 2) risk-based pricing, 3) value-added services, 4) loss control, and 5) loyalty and behavior modification programs. The document discusses each of these levers in detail and how insurers can use telematics data to better assess risk, set premiums, offer additional services, reduce claims, and incentivize safe driving behaviors. For telematics to be truly transformative, however, insurers must integrate all five levers into a cohesive approach.
InsurTech trends: Connected Insurance as the most relevant one considering TAM and maturity level. It has already shown adoption and material impacts in some markets.
The document discusses an observatory created to study telematics and connected insurance in Italy. It provides the following key details:
- The observatory has 26 insurance companies offering telematics-based motor insurance policies in Italy, with over 4 million black boxes installed. Telematics accounts for 16% of auto insurance contracts.
- 65% of observatory members have seen a material impact of telematics on the Italian auto insurance market. The successful experience is believed to extend to other lines of business.
- The observatory aims to spread innovation in the insurance sector by rationalizing knowledge, giving critical trends analysis, and stimulating discussion on common challenges. It addresses connected insurance topics at plenary meetings.
The world is now hyperconnected. Insurance of the future will use data to enhance customer experiences, impact core insurance processes, create new knowledge and improve sustainability. There are already pioneers in this space, and their stories demonstrate the powerful and increasing role of IoT data in better risk prevention
This document discusses e-insurance and its development and regulation. It first provides statistics on the global insurance industry and defines e-insurance as soliciting, offering, negotiating, and contracting insurance policies online. It then discusses how e-insurance can increase efficiency by reducing costs. The objectives are to review e-commerce practices in developing countries' insurance and discuss IT use in insurance. It outlines personal and commercial e-insurance coverage areas and issues. Regulations aim to supervise e-insurance operations and ensure transparency while competition rules still apply online.
The future of mobility – insurance considerations CREDSUK
Laurenz Gerger, Policy Adviser, Motor, ABI
Commission on Travel Demand Shared Mobility Inquiry – Evidence Session 4
16 July, Royal Automobile Club
The fourth evidence session covered both the context in which the shared mobility inquiry sits and the policy options which could be deployed to accelerate sharing and other wider initiatives which they might connect to.
The Impact of Big Data and Artificial Intelligence (AI) in the Insurance SectorΔρ. Γιώργος K. Κασάπης
Big data and artificial intelligence (AI) are two words that are widely used when discussing the future of business. The potential for applying them in diverse aspects of business has caught the imagination of many, in particular, how AI could replace humans in the workplace. Big data and AI could customise business processes and decisions better suited to individual needs and expectations, improving the efficiency of processes and decisions.
As big data and AI (also called machine learning) are increasing being employed in the insurance sector, the great benefits that are expected also come with risks. The granularity of data has the potential to give insights into a variety of predictable behaviours and incidents. Given that insurance is based on predicting how risk is realised, having access to big data has the potential to transform the entire insurance production process.
This report examines both the benefits and risks big data and AI can bring to the insurance industry. In particular, this reports discusses how the OECD Recommendation on Artificial Intelligence and the European Commission’s Independent High-Level Expert Group on Artificial Intelligence’s (HLAG AI) Ethics Guidelines for Trustworthy AI should be considered in the context of the insurance sector.
The report concludes with policy areas in which policy makers may consider action in the insurance sector in relation to big data and AI going forward.
Connected and Self-Driving Vehicles Spark Industry ConvergenceRay Pun
We live in a connected world where industries and organizations are partnering to serve the consumer. Organizations are responding to major trends including the Internet of Things, urban mobility and the automotive revolution that will lead to:
• More than 190 million connected vehicles by 2021.
• Massive growth in big data.
• Ready or not, self-driving vehicles are coming.
As part of a J.D. Power and Acxiom research study, consumers were asked to share their opinions about self-driving and connected vehicles.
The document discusses how data and technology are transforming the insurance industry. It covers topics like how insurers are using data from telematics, health apps, and other sources to better assess risk and offer more personalized premiums. This allows for pricing tailored to individuals based on their behavior rather than just demographics. However, increased data collection also raises privacy concerns for consumers about what data is being collected and how it will be used and secured. Insurers are aiming to address these concerns through transparency about their data practices while harnessing new sources of data to improve their business.
Connected Vehicles and Government: A Catalyst To Unlock the Societal Benefits...Andreas Mai
This document discusses how connecting vehicles can unlock societal benefits and economic value. It argues that governments can act as a catalyst by: 1) introducing smart road pricing that reflects the true costs of transportation, 2) building and operating roadside infrastructure for intelligent transportation systems, and 3) establishing public-private partnerships or privatizing certain road operations. Connecting even a third of vehicles could create over $100 billion in annual value for the U.S. and help make mobility more affordable worldwide.
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Ins...Matteo Carbone
The document discusses how expanding telematics programs for auto insurance can significantly improve insurers' combined ratios and profitability. It outlines that telematics programs have the potential to lower combined ratios by 5 percentage points if offered to all policyholders through a value-added services model focused on safe driving rewards and services. The document also describes the necessary technology architecture and considerations for making such an expanded telematics program cost-effective and scalable.
The technology is in place to build more efficient, convenient and safer transport solutions. But there will be challenges to overcome, in terms of industry cooperation and trust on a sharing ecosystem.
Connectivity is causing a shift in business models from products to services, with data being the key asset affecting this change. As such, the transport industry is experiencing a seismic shift in technology, regulation and user behavior, which will force all key actors to reassess their business models.
Connectivity has already started to make an impact in the world of transport. The first phase focused on transactional connectivity, where data would be sent in the case of a traffic incident. Now, the focus of the second phase is on being connected, including sending and receiving data, and the ability to share it between companies and industries.
The technology is in place to build more efficient, convenient and safer transport solutions based on passenger vehicle-centric ecosystems. But there will be challenges to overcome, in terms of cooperating with new partners from different industries, gaining user trust, ensuring quality, reliability and security of data and controlling its flow in a highly shared environment. This paper takes a closer look at these challenges, and what will be required to move past them.
Connected Vehicles--Automotive: From Building Cars to Selling Personal Travel...Andreas Mai
The document discusses how automotive manufacturers can adapt their business models for connected vehicles. It argues that connecting vehicles through a unified communications platform could help automakers reduce costs, tap new revenue streams, and better serve modern customers. This would allow vehicles to become "personal digital assistants on wheels" and help automakers sell personalized in-vehicle experiences rather than just transportation. A factory-installed communications platform could also improve safety by enabling features like vehicle-to-vehicle communication and integrating nomadic devices securely.
Connected Car Insurance USA 2016 is a two-day conference that will address the most pressing issues in the auto insurance industry related to connected vehicles and telematics. The conference will feature over 800 senior executives, 70 expert industry speakers, and 30 business-focused sessions. Key topics to be discussed include developing consumer-centric insurance solutions for the connected mobility era; adapting to advances in technologies like advanced driver assistance systems and autonomous vehicles; approaches to data analytics, portability, and security; leveraging partnerships with automakers; and utilizing telematics data to improve the claims process. The goal of the event is to help insurers and other stakeholders navigate the evolving connected car landscape and insurance ecosystem.
With the advancement in automobile technology, vehicles are now autonomous and more connected with our mobile devices than ever. Insurance companies around the world are more and more attracted to the concept of Pay How You Drive (PHYD). Today, in the motor insurance space, there are more than 165 deployments across 35 countries, representing approximately 5 million policies. The growth is exciting and promising.
This article outlines how PHYD can encourage better driving behavior and also suggest an effective solution that has the potential to reduce claims cost/ policy administration and price policies more effectively.
With the advancement in automobile technology, vehicles are now autonomous and more connected with our mobile devices than ever. Insurance companies around the world are more and more attracted to the concept of Pay How You Drive (PHYD). Today, in the motor insurance space, there are more than 165 deployments across 35 countries, representing approximately 5 million policies. The growth is exciting and promising.
This article will outline how PHYD encourages better driving behavior and also suggests an effective solution that has the potential to reduce claims cost/ policy administration and price policies more effectively.
Cars with access to the Internet, also known as connected cars, are gaining popularity in the automobile industry. Download the Special Report by Aranca here!
Connected cars a rising trend in the global automobile sectorAranca
Connected cars with internet access are gaining popularity, expected to account for 75% of new car shipments by 2020. Connected cars provide benefits like entertainment, navigation, and safety features through technologies installed by automakers in collaboration with mobile networks. However, cybersecurity concerns around unauthorized access and privacy issues present challenges to adoption of connected cars.
Nationwide Insurance - Using a Decade of Learnings to Create Next-Generation ...Matteo Carbone
The document discusses Nationwide's efforts to expand usage-based insurance (UBI) programs beyond simple discount-only approaches. It summarizes Nationwide's two main UBI programs, SmartRide and SmartMiles, which use telematics data collected from mobile apps and OBD devices to provide discounts and pay-per-mile premiums. The document also discusses how Nationwide is exploring integrating telematics data across other insurance processes and using it to offer discounts on other insurance products like homeowners insurance. Nationwide's programs demonstrate the potential for telematics to more accurately price insurance and positively impact customer behaviors.
The full potential of insurance telematicsMatteo Carbone
Auto telematics represents the most mature insurtech use case, as it has already passed the test and experimentation phase within the innovation unit. It is currently being used an instrument for daily work within motor insurance business units. In this domain, Italy is an international best practice example
Digitization of the Automotive Industry: Connecting The New Mobility Value ChainAndreas Mai
The Internet of Everything is set to create $ 700 Billion benefits in personal transportation globally and will transform industries along the transportation value chain.
The race to win the future mobility business has begun. Will automakers win this race by digitizing their business with a new value chain ecosystem, or will “The Valley” win this race by transporting their virtual business models into the physical business of getting people to where they want, faster and at lower cost? This presentation will provide perspectives on some of the critical success factors and who controls them, at least for now…
1) Connected cars and telematics data will have a significant impact on the auto insurance industry in the coming years. However, the timeline and extent of disruption is uncertain and will depend on factors like technology readiness, customer acceptance, and regulation.
2) While claims costs may decrease as auto safety technologies advance, insurers will still face pressure on costs from factors like increased miles driven and higher severity accidents. Premium shrinkage is not guaranteed and will follow complex competitive dynamics.
3) OEMs do not have a clear competitive advantage over insurers in the insurance field. Succeeding in insurance will be challenging for OEMs due to lack of experience with underwriting, claims, distribution and local regulatory
Is there a future for telematics in the Middle East?Frederik Bisbjerg
"Telematics as a car insurance product has never really taken off in the region, but there is a potential for a higher adoption rate with the right business model, says Mr Frederik Bisbjerg of Qatar Insurance Company."
Connected Vehicles—Service Providers: Service Providers at a Crossroads Andreas Mai
This document discusses the opportunities and challenges for service providers in the emerging connected vehicles industry. It argues that connecting vehicles could generate over $50 billion in annual revenue for service providers by 2022 as nearly 300 million cars transmit over 400 million gigabytes of data per month. However, service providers must develop new business models to avoid commoditization and fund the hardware and connectivity needed to securely connect vehicles across networks. Cooperation with automakers will be key to ensuring vehicles can roam across carriers and technologies.
IRJET- A Review Paper on Insurance Telematics for Vehicle InsuranceIRJET Journal
This document reviews previous research on insurance telematics for vehicle insurance. It begins with an abstract that outlines how vehicle insurance provides economic protection against accidents but current pricing models charge all drivers the same regardless of mileage or driving behavior. It then reviews literature on usage-based insurance models that base premiums on mileage (PAUD) or driving behavior (PHUD) monitored via telematics. Gaps in previous research are identified as a lack of automatic data collection, continuous driver monitoring, differentiation of safe/unsafe drivers, and alcohol detection. The document proposes future research objectives to address these gaps such as developing systems for automatic tracking, continuous monitoring, differentiation of drivers, and alcohol testing to provide more accurate risk assessment for insurance companies.
The document discusses the connected car market and opportunities for investment. It defines connected cars as vehicles that use technologies like telematics, artificial intelligence, and connectivity to provide safety, comfort and entertainment features. Today's connected cars allow for infotainment, navigation, device connectivity and roadside assistance. The market is evolving to include vehicle-to-vehicle and vehicle-to-infrastructure connectivity, partial autonomy, and future fully autonomous vehicles. While consumer willingness to pay for connected services is low, the enterprise market around fleet management, insurance telematics, and automotive software provides more promising investment opportunities, as seen in recent funding deals and exits that have targeted the enterprise.
Progressive Insurance implemented a mobile field service strategy using wireless technology to improve their claims processing, field force automation, pricing models, and customer satisfaction. They equipped claims adjusters with laptops and digital cameras to expedite claims processing directly at accident sites. This reduced processing times from months to hours. Progressive also tested capturing real-time driving data using GPS devices and cellular phones to implement usage-based pricing models tailored to individual driving behaviors. Overall, the mobile strategy helped Progressive improve efficiency, reduce costs, enhance the customer experience, and maintain their competitive edge in the insurance industry.
Similar to Connected Vehicles—Insurance: The Business of Preventing Crashes (20)
The Odyssee of the Auto Industry - Suppliers Changing Manufacturing FootprintAndreas Mai
This study provides a perspective on the next “destination” of “The Odyssey of the Auto Industry” and the implications for automotive suppliers in North America.
In what appears to be an endless journey to capture new growth opportunities and lower production costs, the automotive industry is now heading East. Asia, especially China, and Eastern Europe have become powerful magnets attracting companies and investments.
The size of the new markets, the speed at which they are opening and the scale of the auto industry’s investments out-pace anything experienced in the past. The migration of the automotive industry now takes place in a truly global economy where the competitiveness of each supplier is measured against its peers from around the world, and where the choice of global manufacturing locations is a competitive factor.
Autonomous Vehicles and P3s: Vision of the FutureAndreas Mai
Keynote Andreas Mai, Executive Vice President Market Development & Digital Innovation, Keolis North America @ The Annual CCPPP National Conference in Toronto, November 6, 2018
We are in the early stages of a massively disruptive transformation of the transportation of people and goods. While autonomous technology is getting most of the attention today, an avalanche of digital technologies is driving much more exponential disruptions that have the potential to break the historic barriers between currently separated modes of personal, public and goods transportation and to topple the traditional business architectures of transportation companies. This presentation highlights some of the most disruptive trends and how new business models for public private partnerships could significantly reduce the cost of transportation for families and society.
$5 Trillion Economic Value at Stake: Digitization of Road Transportation Andreas Mai
We are in the early stages of a massively disruptive shift to electric, connected, shared (“uberization”) and self-driven vehicles. Over the next ten years, the digitization of the transportation of people and goods has the potential to create $11.4 Trillion of economic value globally. During the same time, $6.4 Trillion of value is migrating to other stakeholders, resulting in a net present value of $5 Trillion. The underlying economic model integrates over 450 effects from numerous academic and industry studies into a comprehensive financial model that describes the flow of money between the potential “winners and losers” of this transformation of road transportation.
This presentation highlights key results of the study to assist business leaders and policy makers with their innovation, investment and partnership strategies to secure the benefits and minimize the collateral damage from the imminent disruption of the transportation industry.
IoE = New Partners & Business Models @ ITS World Congress 2014Andreas Mai
The Internet of Everything will expand markets and will spawn businesses valued at US $ 14 Trillion. Key areas of innovation will be the automotive and intelligent transportation systems industries. Studies show that each connected vehicle can create $1,400 in benefits each year. Key stakeholders like automotive manufacturers and suppliers, mobile, telematics and infotainment service providers, and insurance companies and governments recognize the benefits of connecting vehicles, and are designing new business and technology architectures to get a piece of the big connected vehicle pie. This presentation shows potential win-win business and technology architectures that could help accelerate the broad deployment of vehicle connectivity through cross-industry partnerships.
SAE 2014 - Cyber Security: Mission Critical for the Internet of CarsAndreas Mai
Connected vehicles are becoming rolling data centers. More attack surfaces expose vehicles to cyber threats that have become common in the IT industry. Connected vehicles will require an end-to-end security architecture spanning from chip level to cloud based security services that protect vehicles over the entire life cycle.
CES 2014 - Autonomous Connected VehiclesAndreas Mai
The document discusses autonomous vehicles and how technology can transform transportation. It notes that autonomous vehicles could reduce transportation costs on average by $550-$420 per vehicle per year through reduced insurance, operation costs, and time spent in traffic. The document also discusses how consumers globally trust autonomous vehicles, especially in emerging markets, and how transportation and communication costs take a large portion of personal income in many countries that could potentially be reduced.
Internet of Cars, Andreas Mai, Cisco SystemsAndreas Mai
Connecting vehicles will create the Internet of Cars, transform the automotive industry, enable big data infomediaries, and spawn new businesses.
Management Briefing Seminars, Traverse City August 5, 2013
13 03-28-scv-its-advisory-cisco-perspective-fAndreas Mai
This document discusses how connecting vehicles to the internet and each other can provide societal benefits. It outlines the history of connectivity technologies and growth of the internet of things. Connecting vehicles to share safety, traffic, and diagnostic data can improve transportation efficiency and experiences while creating new business opportunities. The document discusses various transportation and mobility business models that could be enabled by vehicle connectivity through technologies like vehicle-to-vehicle and vehicle-to-infrastructure communication.
The Business Case for Connected Vehicles: Executive Summary Andreas Mai
This document provides an executive summary of the business case for connecting vehicles. It outlines that the current personal transportation system is inefficient and costly, both financially and environmentally. Connecting vehicles internally and to an external communications network could help address these issues and create new business opportunities. The benefits of vehicle connectivity include reduced traffic congestion, fewer accidents, lower insurance costs, and new revenue streams for automakers and insurers. Governments play a key role by implementing smart road pricing to capture societal cost savings and incentivize further connectivity investments.
The Internet of Cars: Spawning New Business ModelsAndreas Mai
The document discusses how connecting vehicles to the internet ("Internet of Cars") can unlock new business models and $1,400 in benefits per vehicle per year. It describes how internet-connected services can lower insurance and operating costs for users, reduce traffic and increase productivity. Auto manufacturers and service providers can gain new profit streams. The internet takes transportation services like safety, efficiency and travel experience online. New applications for smarter road pricing, parking and mobility on-demand are emerging.
The Internet of Cars: Spawning New Business ModelsAndreas Mai
The document discusses how connecting vehicles to the internet, or the "Internet of Cars", could unlock significant economic benefits. It estimates that the internet of cars could provide $1,400 in benefits per vehicle per year through services provided by internet-connected vehicles. These benefits would be realized by vehicle users through lower costs, drivers through increased productivity, and society through reductions in crashes, traffic, and emissions. The document outlines how connecting vehicles could transform the automotive industry and spawn new business models and opportunities for players across the transportation ecosystem.
11 10 18 Cisco Its Wc Internet Of Cars FAndreas Mai
This document discusses the potential for connected vehicle technology to transform transportation. It notes that current transportation systems are inefficient and unsafe, resulting in high costs from accidents, congestion, and environmental impacts. The document envisions future transportation systems that are smart, networked, and use intelligent technologies to provide safer, more efficient mobility through services like connected traffic management, smart road pricing, and vehicle-to-vehicle communication. These changes could be driven by government policy and create new opportunities for generating revenue through transportation services and data.
EV Charging at MFH Properties by Whitaker JamiesonForth
Whitaker Jamieson, Senior Specialist at Forth, gave this presentation at the Forth Addressing The Challenges of Charging at Multi-Family Housing webinar on June 11, 2024.
Charging Fueling & Infrastructure (CFI) Program Resources by Cat PleinForth
Cat Plein, Development & Communications Director of Forth, gave this presentation at the Forth and Electrification Coalition CFI Grant Program - Overview and Technical Assistance webinar on June 12, 2024.
Charging and Fueling Infrastructure Grant: Round 2 by Brandt HertensteinForth
Brandt Hertenstein, Program Manager of the Electrification Coalition gave this presentation at the Forth and Electrification Coalition CFI Grant Program - Overview and Technical Assistance webinar on June 12, 2024.
Charging Fueling & Infrastructure (CFI) Program by Kevin MillerForth
Kevin Miller, Senior Advisor, Business Models of the Joint Office of Energy and Transportation gave this presentation at the Forth and Electrification Coalition CFI Grant Program - Overview and Technical Assistance webinar on June 12, 2024.
Understanding Catalytic Converter Theft:
What is a Catalytic Converter?: Learn about the function of catalytic converters in vehicles and why they are targeted by thieves.
Why are They Stolen?: Discover the valuable metals inside catalytic converters (such as platinum, palladium, and rhodium) that make them attractive to criminals.
Steps to Prevent Catalytic Converter Theft:
Parking Strategies: Tips on where and how to park your vehicle to reduce the risk of theft, such as parking in well-lit areas or secure garages.
Protective Devices: Overview of various anti-theft devices available, including catalytic converter locks, shields, and alarms.
Etching and Marking: The benefits of etching your vehicle’s VIN on the catalytic converter or using a catalytic converter marking kit to make it traceable and less appealing to thieves.
Surveillance and Monitoring: Recommendations for using security cameras and motion-sensor lights to deter thieves.
Statistics and Insights:
Theft Rates by Borough: Analysis of data to determine which borough in NYC experiences the highest rate of catalytic converter thefts.
Recent Trends: Current trends and patterns in catalytic converter thefts to help you stay aware of emerging hotspots and tactics used by thieves.
Benefits of This Presentation:
Awareness: Increase your awareness about catalytic converter theft and its impact on vehicle owners.
Practical Tips: Gain actionable insights and tips to effectively prevent catalytic converter theft.
Local Insights: Understand the specific risks in different NYC boroughs, helping you take targeted preventive measures.
This presentation aims to equip you with the knowledge and tools needed to protect your vehicle from catalytic converter theft, ensuring you are prepared and proactive in safeguarding your property.
Implementing ELDs or Electronic Logging Devices is slowly but surely becoming the norm in fleet management. Why? Well, integrating ELDs and associated connected vehicle solutions like fleet tracking devices lets businesses and their in-house fleet managers reap several benefits. Check out the post below to learn more.
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Expanding Access to Affordable At-Home EV Charging by Vanessa WarheitForth
Vanessa Warheit, Co-Founder of EV Charging for All, gave this presentation at the Forth Addressing The Challenges of Charging at Multi-Family Housing webinar on June 11, 2024.