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Bain Observatory on Telematics, Connected
Insurance & Innovation
Matteo Carbone
Principal, Bain
Context
2
• Data provided from Telematics and Internet of Things
represent an extraordinary opportunity for Companies in order to:
- Improve risk selection
- Innovate pricing definition processes
- Sell additional services (following to the de-risking process on several
lines)
- Move from just paying claims to a more proactive role, fundamental
element for profitability improvements
- Engage customers (enhance communication frequency and value)
• The approach has been concretely used (in Italy but also within
other markets) in motor insurance business (black box)
• Italian insurance market, pioneer in motor business:
- Has a relevant experience either in terms of penetration (~15%
penetration) or in defining the approach to the market
- Is going into the next innovation wave with home and health
telematics offering definition
• Bain Telematics, Connected Insurance & Innovation
Observatory is aimed at spreading innovation culture over the
insurance market with the associates, allowing them to get a great
opportunity
We want to create a connection among Companies and
stakeholders interested in participating to this new
model
3
We strongly believe that the successful experience on
motor telematics in Italian market can be extended to
other business lines
4
The Observatory is available to share with Connected
Insurance's Stakeholders an innovative think tank
5
Telematics are the most disruptive transformation occurred
during last 10 years in the Italian motor insurance market
6
Jumped at
15,5% at
Q3 2015
Telematics penetration has grown, especially in regions
with higher average premiums…
7
Source: Telematics, Connected Insurance & Innovation Observatory, Ivass Data
…but with high variance at the same premium level
8
Source: Telematics, Connected Insurance & Innovation Observatory, Ivass Data
The Observatory is available to share with Connected
Insurance's Stakeholders an innovative think tank
9
Raw data isn’t smart…based on the Italian experience,
the strategic partnership with a TPS is key to enable the
Insurer's innovation
10
Source: Telematics, Connected Insurance & Innovation Observatory
Mobile first: Which rules for the smartphone?
11
Telematics
Smartphone
based
Smartphone as one
of the data sources
within a telematics
approach
User experience:
mobile first!
• Opportunity to use only the smartphone sensors to gather the telematics
data
• Mobile app to manage:
- the trip automatic-start
- data gathering
- M2M data transmission (smartphone to cloud)
• Mobile apps to create try before you buy funnel for the customer before a
policy purchase (policy with an aftermarket telematics box)
• Hybrid smartphone & hardware (beacon or "light" OBD/box), approach
to gather the driving behaviors
• Smartphone sensors to gather contextual data, able to enrich the
telematics data coming from the black box
• Insurer's app as key touch point of the customer experience:
- Communication channel to provide information about the telematics
policy and engage the client improving his behaviors
- Front end for all the telematics value added services to the driver
- Mobile sales channel for contextual cross selling
MOTOR EXAMPLE
Source: Telematics, Connected Insurance & Innovation Observatory
Connected health: radical innovation of the tradtional
Health insurance business model
12
Source: Telematics, Connected Insurance & Innovation Observatory
Risk mitigation
(how)
Target (who)
Healthy behavior steering
Healing process monitoring
Illness
presence
check
Service quality/price monitoring
Early warning identification
Service
(what)
With illness
Chronic/ elderly
At risk
Health
Indemnity
Medical service
supply
Medical
Expenses
Discount price purchase (negotiated by the company)
Traditional positioning Health
Insurance company
Company
strategic role
(why)
The Observatory is available to share with Connected
Insurance's Stakeholders an innovative think tank
13
How will you boost the penetration on the smaller
premiums?
Fonte: Osservatorio Bain Telematics, Connected Insurance & Innovation;
Mistery shopping Bain in Agenzia
14
Euro (59-y.o. living in Milan, Volvo C30)
Quotation in Agency
MTPL
Net saving1 6%
Including
16,5%
discount on
MTPL (new
business
incentive)
"Mandatory"
assistance
Box yearly fee
Maximized MTPL discount, charging a
cost component to end client
New data source: In the next 20 years, both aftermarket black
boxes and other devices will coexist, all with a material presence
Insurers must
manage this
complexity within
their telematics
programs
Fonte: Osservatorio Bain Telematics, Connected Insurance & Innovation 15
Sharing views about connected insurance topics
Privacy Rules
Data portability
Data standardiziartion
…
ILLUSTRATIVE
Data Ownership
Fonte: Osservatorio Bain Telematics, Connected Insurance & Innovation 16
Cyber risk
Connected insurance landscape
Motor Ecosystem
E-health Ecosystem
Insurance
Company
Client
Security
Thermostat
Water Detection
Smoke Detection
Energy
management
Appliances control
Infotainment
Wearable
Remote monitoring
Remote health advice
Smartwatch
Wellnessapp
Self
quantification
EMRs
E-shop food & grocery
E-pharmacyEducation
Navigation
Infotainment Road/park charging
Diagnostic &
maintenance
Crashassistance
Education
eCalls
Stolen vehicle recovery
Domotics Ecosystem
Data
Matteo.carbone@bain.it

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Connected Insurance Observatory

  • 1. Bain Observatory on Telematics, Connected Insurance & Innovation Matteo Carbone Principal, Bain
  • 2. Context 2 • Data provided from Telematics and Internet of Things represent an extraordinary opportunity for Companies in order to: - Improve risk selection - Innovate pricing definition processes - Sell additional services (following to the de-risking process on several lines) - Move from just paying claims to a more proactive role, fundamental element for profitability improvements - Engage customers (enhance communication frequency and value) • The approach has been concretely used (in Italy but also within other markets) in motor insurance business (black box) • Italian insurance market, pioneer in motor business: - Has a relevant experience either in terms of penetration (~15% penetration) or in defining the approach to the market - Is going into the next innovation wave with home and health telematics offering definition • Bain Telematics, Connected Insurance & Innovation Observatory is aimed at spreading innovation culture over the insurance market with the associates, allowing them to get a great opportunity
  • 3. We want to create a connection among Companies and stakeholders interested in participating to this new model 3
  • 4. We strongly believe that the successful experience on motor telematics in Italian market can be extended to other business lines 4
  • 5. The Observatory is available to share with Connected Insurance's Stakeholders an innovative think tank 5
  • 6. Telematics are the most disruptive transformation occurred during last 10 years in the Italian motor insurance market 6 Jumped at 15,5% at Q3 2015
  • 7. Telematics penetration has grown, especially in regions with higher average premiums… 7 Source: Telematics, Connected Insurance & Innovation Observatory, Ivass Data
  • 8. …but with high variance at the same premium level 8 Source: Telematics, Connected Insurance & Innovation Observatory, Ivass Data
  • 9. The Observatory is available to share with Connected Insurance's Stakeholders an innovative think tank 9
  • 10. Raw data isn’t smart…based on the Italian experience, the strategic partnership with a TPS is key to enable the Insurer's innovation 10 Source: Telematics, Connected Insurance & Innovation Observatory
  • 11. Mobile first: Which rules for the smartphone? 11 Telematics Smartphone based Smartphone as one of the data sources within a telematics approach User experience: mobile first! • Opportunity to use only the smartphone sensors to gather the telematics data • Mobile app to manage: - the trip automatic-start - data gathering - M2M data transmission (smartphone to cloud) • Mobile apps to create try before you buy funnel for the customer before a policy purchase (policy with an aftermarket telematics box) • Hybrid smartphone & hardware (beacon or "light" OBD/box), approach to gather the driving behaviors • Smartphone sensors to gather contextual data, able to enrich the telematics data coming from the black box • Insurer's app as key touch point of the customer experience: - Communication channel to provide information about the telematics policy and engage the client improving his behaviors - Front end for all the telematics value added services to the driver - Mobile sales channel for contextual cross selling MOTOR EXAMPLE Source: Telematics, Connected Insurance & Innovation Observatory
  • 12. Connected health: radical innovation of the tradtional Health insurance business model 12 Source: Telematics, Connected Insurance & Innovation Observatory Risk mitigation (how) Target (who) Healthy behavior steering Healing process monitoring Illness presence check Service quality/price monitoring Early warning identification Service (what) With illness Chronic/ elderly At risk Health Indemnity Medical service supply Medical Expenses Discount price purchase (negotiated by the company) Traditional positioning Health Insurance company Company strategic role (why)
  • 13. The Observatory is available to share with Connected Insurance's Stakeholders an innovative think tank 13
  • 14. How will you boost the penetration on the smaller premiums? Fonte: Osservatorio Bain Telematics, Connected Insurance & Innovation; Mistery shopping Bain in Agenzia 14 Euro (59-y.o. living in Milan, Volvo C30) Quotation in Agency MTPL Net saving1 6% Including 16,5% discount on MTPL (new business incentive) "Mandatory" assistance Box yearly fee Maximized MTPL discount, charging a cost component to end client
  • 15. New data source: In the next 20 years, both aftermarket black boxes and other devices will coexist, all with a material presence Insurers must manage this complexity within their telematics programs Fonte: Osservatorio Bain Telematics, Connected Insurance & Innovation 15
  • 16. Sharing views about connected insurance topics Privacy Rules Data portability Data standardiziartion … ILLUSTRATIVE Data Ownership Fonte: Osservatorio Bain Telematics, Connected Insurance & Innovation 16 Cyber risk Connected insurance landscape Motor Ecosystem E-health Ecosystem Insurance Company Client Security Thermostat Water Detection Smoke Detection Energy management Appliances control Infotainment Wearable Remote monitoring Remote health advice Smartwatch Wellnessapp Self quantification EMRs E-shop food & grocery E-pharmacyEducation Navigation Infotainment Road/park charging Diagnostic & maintenance Crashassistance Education eCalls Stolen vehicle recovery Domotics Ecosystem Data