Irrelevancy is only a choice for an Insurer, not his inevitable destiny. Insurtech can make the insurance sector stronger and therefore more capable of achieving its strategic goal: to protect the way people live.
Onramp key takeaways:
1) Same Insurtech brutal truths
2) The future of the Insurers will be insurtech
3) Reasons why for adopting IoT in the insurance sector
4) The IoT Insurance Observatory mission
IoT is a terrific opportunity for the insurance sector.
But the average understanding of this opportunity in the different markets is low, and it is common to hear superficial comments by analysts in the various markets.
Let's demystify some myths!
Some insurers will succeed in the connected car war and they will stay relevant in the life of their clients. Some players have already started their journey…
Have auto insurers to die? ..or to become irrelevant?
It is not their inevitable destiny; it is only a choice.
Auto insurers can be proactive, take the bull by the horns, stay relevant and become frequent in the life of their customer
All the insurance players will be insurtechMatteo Carbone
Insurtech keynote speech at the Paris Fintech forum.
Demystifying some insurtech myths and setting the level of ambition for the innovation effort of insurance companies
The reasons why for adopting IoT in the insurance sector are:
1) frequency of interaction
2) value creation
3) knowledge creation
4) sustainability
An incredible opportunity for the insurance sector
Onramp key takeaways:
1) Same Insurtech brutal truths
2) The future of the Insurers will be insurtech
3) Reasons why for adopting IoT in the insurance sector
4) The IoT Insurance Observatory mission
IoT is a terrific opportunity for the insurance sector.
But the average understanding of this opportunity in the different markets is low, and it is common to hear superficial comments by analysts in the various markets.
Let's demystify some myths!
Some insurers will succeed in the connected car war and they will stay relevant in the life of their clients. Some players have already started their journey…
Have auto insurers to die? ..or to become irrelevant?
It is not their inevitable destiny; it is only a choice.
Auto insurers can be proactive, take the bull by the horns, stay relevant and become frequent in the life of their customer
All the insurance players will be insurtechMatteo Carbone
Insurtech keynote speech at the Paris Fintech forum.
Demystifying some insurtech myths and setting the level of ambition for the innovation effort of insurance companies
The reasons why for adopting IoT in the insurance sector are:
1) frequency of interaction
2) value creation
3) knowledge creation
4) sustainability
An incredible opportunity for the insurance sector
The Connected Insurance Observatory is think tank specialized on telematics and insurance IoT. It is engaging insurers, distributors, institutions and tech players with the goal to spread a culture of innovation throughout the insurance sector
The IoT Insurance Observatory has continued to grow both in Europe and North America.
More than 40 prestigious organizations – Insurers, Reinsurers and Tech players – have joined this think tank and contributed with their thoughts to the activities. Together with the production of the most pragmatic insights about the IoT adoption in the insurance sector (auto telematics, connected properties, connected health and life, IoT workers' compensation), the onboarding of new members is going to continue in the next months.
The IoT Insurance Observatory has continued to grow both in Europe and North America.
More than 50 prestigious organizations – Insurers, Reinsurers and Tech players – have joined this think tank and contributed with their thoughts to the activities. Together with the production of the most pragmatic insights about the IoT adoption in the insurance sector (auto telematics, connected properties, connected health and life, IoT workers' compensation), the onboarding of new members is going to continue in the next months.
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
Let's demystify the IoT insurance fake news.
Lesson learned through the work with more than 100 insurers, reinsurers and tech players in 15 different countries.
The paper provides a concrete and pragmatic view of the smart home opportunity for insurers: a deep-dive into key aspects of the smart home trend, the implications for the US home insurance market, and into customer preferences. The paper concludes with a list of “must-have” elements for an insurer in order to deliver the promise of a smart home value proposition.
The first think tank dedicated to the Connected Insurance (Telematics & Insurance IoT), the most relevant insurTech trend (representing around 80% of the $16,5B invested on IsurTech globally as of today)
The IoT Insurance Observatory is a four year old think tank specialized in insurance IoT
The Observatory generates and promotes innovation in the insurance sector: representing the cutting edge of global innovation; offering a strategic vision to exploit the insurance IoT full potential; stimulating research and debate between the participants.
The Singapore FinTech Consortium - Introduction to InsurTechFinTech Consortium
When you hear of “insurance”, the words “innovation” and “technology” would not come to mind intuitively – but they should now. At this day and age, insurance technology has the potential to affect nearly every essential insurance function, ranging from distribution methods to actuarial number crunching. InsurTech is now being implemented across every stage of the insurance value chain.
InsurTech 2016 Conference is a global gathering of the world's leading thinkers and doers in Insurance innovations and technology. It's a gathering of the planet's businesses, large and small, who are being impacted by new innovations to want to meet the demands of the insurance market.
This year, over 300 attendees will make the trip from all corners of the globe to hear from 80 industry thought leaders who will deliver the knowledge you're looking for to succeed in this arena.
InsurTech 2016 will assure that you meet the top insurance and technology professionals - leading 22 interactive and insightful sessions across all the insurtech spectrum, including:
Digital distribution channel
Blockchain
Data Analytics
Wealth Management
IoT & Telematics
Auto Tech
Health Tech & Wearables
Book your delegate ticket now for additional 15% Discount @ http://bit.ly/2bmXVxG
The Connected Insurance Observatory is think tank specialized on telematics and insurance IoT. It is engaging insurers, distributors, institutions and tech players with the goal to spread a culture of innovation throughout the insurance sector
The IoT Insurance Observatory has continued to grow both in Europe and North America.
More than 40 prestigious organizations – Insurers, Reinsurers and Tech players – have joined this think tank and contributed with their thoughts to the activities. Together with the production of the most pragmatic insights about the IoT adoption in the insurance sector (auto telematics, connected properties, connected health and life, IoT workers' compensation), the onboarding of new members is going to continue in the next months.
The IoT Insurance Observatory has continued to grow both in Europe and North America.
More than 50 prestigious organizations – Insurers, Reinsurers and Tech players – have joined this think tank and contributed with their thoughts to the activities. Together with the production of the most pragmatic insights about the IoT adoption in the insurance sector (auto telematics, connected properties, connected health and life, IoT workers' compensation), the onboarding of new members is going to continue in the next months.
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
Let's demystify the IoT insurance fake news.
Lesson learned through the work with more than 100 insurers, reinsurers and tech players in 15 different countries.
The paper provides a concrete and pragmatic view of the smart home opportunity for insurers: a deep-dive into key aspects of the smart home trend, the implications for the US home insurance market, and into customer preferences. The paper concludes with a list of “must-have” elements for an insurer in order to deliver the promise of a smart home value proposition.
The first think tank dedicated to the Connected Insurance (Telematics & Insurance IoT), the most relevant insurTech trend (representing around 80% of the $16,5B invested on IsurTech globally as of today)
The IoT Insurance Observatory is a four year old think tank specialized in insurance IoT
The Observatory generates and promotes innovation in the insurance sector: representing the cutting edge of global innovation; offering a strategic vision to exploit the insurance IoT full potential; stimulating research and debate between the participants.
The Singapore FinTech Consortium - Introduction to InsurTechFinTech Consortium
When you hear of “insurance”, the words “innovation” and “technology” would not come to mind intuitively – but they should now. At this day and age, insurance technology has the potential to affect nearly every essential insurance function, ranging from distribution methods to actuarial number crunching. InsurTech is now being implemented across every stage of the insurance value chain.
InsurTech 2016 Conference is a global gathering of the world's leading thinkers and doers in Insurance innovations and technology. It's a gathering of the planet's businesses, large and small, who are being impacted by new innovations to want to meet the demands of the insurance market.
This year, over 300 attendees will make the trip from all corners of the globe to hear from 80 industry thought leaders who will deliver the knowledge you're looking for to succeed in this arena.
InsurTech 2016 will assure that you meet the top insurance and technology professionals - leading 22 interactive and insightful sessions across all the insurtech spectrum, including:
Digital distribution channel
Blockchain
Data Analytics
Wealth Management
IoT & Telematics
Auto Tech
Health Tech & Wearables
Book your delegate ticket now for additional 15% Discount @ http://bit.ly/2bmXVxG
The Observatory generates and promotes innovation in the insurance sector: representing the cutting edge of global innovation; offering a strategic vision to exploit the insurance IoT full potential; stimulating research and debate between the participants.
The seven annual Observatory editions in figures:
- 2738 hours of one-to-one workshops
- 32 plenary symposiums between North America and Europe
- 87 insurance companies (including 4 of the top 5 Reinsurers, 11 of the top 15 European Insurance Groups, and 10 of the top 15 US P&C Insurance Groups)
- 51 tech players and vendors
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 think tank membership provides access to the most globally relevant insurance IoT knowledge
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
IoT Insurance 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 and telematics insurance arena
The think tank membership provides access to the most globally relevant insurance IoT knowledge, and its goal is to promote a profitable IoT adoption in the insurance industry.
Unbundling the Insurance Value Chain - Disruption in the Insurance Sector - The 7th. International Istanbul Insurance Confrence - Prof. Dr. Selim YAZICI (2016)
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Accenture Insurance
The traditional business model for insurance, though still a tremendous source of revenue, is becoming less sustainable in the long term due largely to the rapid innovation that the Internet of Things is driving throughout the economy. Yet, in the midst of this disruption there is opportunity. Insurers will need to dramatically reshape their business model, combining insurance with technology, ecosystem services and partners.
Insurers' journeys to build a mastery in the IoT usageMatteo Carbone
Insurance IoT is a social good!
Because:
🔵 Expected losses can be reduced structured programs with both real-time mitigation actions to solve a specific situation, and behavioral change mechanisms to promote safer behaviors (both in personal and commercial lines)
🔵 Rate can be matched to risks better:
- Smaller and more accurate pricing clusters allow a large part of profiles to receive a lower rate
- Even with the ability to price the individual probability of loss (cluster of one) the insurance foundation isn’t canceled (The risk of each policy will contribute to the expected losses of the portfolio; The premiums paid by many lucky policyholders will be used to pay the claims of the few unlucky policyholders who had an accident in a period of coverage)
🔵 IoT data can be used to increase the effectiveness and efficiency of the claim process, so improving the combined ratio ceteris paribus
⏩ Large part of the policyholders will pay less (and portfolios currently difficult to insure will become more insurable)
Insurance IoT (and telematics) is not about providing a discount
Insurance IoT (and telematics) is about creating economic value using the data and sharing part of this value with policyholders (and agents & brokers)
An integrated holistic adoption of the IoT paradigm is a game changer for your insurance business and a social good:
◾ it allows to improve the availability and affordability of insurance coverages
◾while allowing the sector to write a profitable business
Below you can enjoy a selection of best practices in both personal and commercial lines - written with some of the IoT Insurance Observatory members - that have already started to obtain results from their IoT business transformation journeys
Are you Ready to be an Insurer of Things?accenture
The traditional business model for insurance, though still a tremendous source of revenue, is becoming less sustainable in the long term because of the rapid innovation that the Internet of Things is driving throughout the economy. The risk for insurance is becoming a mere commodity.
But, the disruptive technologies of the Internet of Things are an opportunity for insurers who act quickly to define new roles and create a connected offering model. In this environment, it is critical to be an innovator across the entire insurance value chain and also to be effective operating across a broader partner ecosystem.
The Insurance of Things - How IoT Will Disrupt The Insurance IndustryAtooma Inc
Thanks to the technological convergence which the Internet of Things is, a lot of data is being generated by people and objects. But Big Data is valuable only as long as it is actionable. This amount of available data can and will have a strong impact on every industry in the next few years, providing new opportunities to improve business intelligence and make smarter decisions.
Business insider estimates that there will be 18 billion connected devices by 2018. While considering IoT on a consumer level, Strategy Analytics claims we will have 4,3 smart devices per person on the planet by 2020. Such a horizontal distribution of the internet of things allows insurance companies to estabilish a new dialogue with their customers. On the other hand, it will allow them to design tailor made solutions based on internet of things based analytics.
Integrated killer applications for connected insurance Andrea Silvello
DigitalTech International was founded to leverage on the experience of the Italian innovative telematics cluster and design a new generation of disruptive digital solutions. Founded by Andrea Silvello, 15 years of experience in strategy consulting, including Bain & Co. and BCG and Luciano Pezzotta, Lead Consultant of Blue Ocean Strategy in the Asia-Pacific. Incubated by Business Support SpA, a high-growth European “boutique” strategy consulting and financial advisory firm and ECSI Consulting a global innovation consultancy.
We are the first connected insurance service provider for the insurance carriers at a global level on all the personal lines (car, home, health and life). Our solution is a plug & play SaaS which enables Insurers to manage the insurance IoT value chain from data gathering to service delivery with a smartphone-based cross-business line customer-centric solution. Such solution relies on an ecosystem of partners that are connected to the different lines of the “Connected Insurance”.
Our solution transforms old insurance institutions in insurtech players
The creation of an efficient insurance IoT use-case requires a great suite of services and our platform is able to orchestrate different modules and all the ecosystem of partners required by each insurer.
Similar to How an insurer can stay relevant in the age of data (17)
IoT is a game changer for many insurance activity. An increasing number of success stories are emerging at a global level. The IoT Insurance Observatory is committed to support a profitable usage of IoT in the Insurance sector
More Than an Observer - Carbone Still Igniting Industry’s IoT PassionMatteo Carbone
Insurance IoT Observatory is a seven-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
The Observatory engage constantly hundreds of key executives involved in the IoT programs within the members of the think tank (including 3 of the top five European insurers, 5 of the top ten US P&C insurers, 2 of the top three Japanese insurers, the largest Australian insure, one of the top two Brasilian insurers and 3 of the top six global reinsurers).
Some figures about our seven editions:
- 2920 hours of one-to-one workshops over the five annual editions of the Observatory
- 34 plenary symposiums between North America and Europe
-7 international publications
The State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdfMatteo Carbone
State Farm's vision about the platform play and the smart home strategy is a fundamental area for any personal line insurance carrier in the future. IoT is a necessary capability, not a nice to have!
Global insurance think-tank, which has put together executives from more than 50 insurance groups, Institutions and the Internet of Things ecosystem, to discuss the great potential of the most mature Insurtech trend, as well as the challenges it poses to the insurance business. The focus is on any insurance solution based on sensors for collecting data on the state of an insured risk and telematics for remote transmission and management of the data collected.
𝗬𝗼𝘂𝗿 𝗽𝗼𝗹𝗶𝗰𝘆𝗵𝗼𝗹𝗱𝗲𝗿𝘀 𝗮𝗿𝗲 𝗿𝗲𝗮𝗱𝘆 𝗳𝗼𝗿 𝘁𝗲𝗹𝗲𝗺𝗮𝘁𝗶𝗰𝘀‼️
...𝗮𝗿𝗲 𝘆𝗼𝘂 𝘁𝗼𝗼❓
https://www.linkedin.com/posts/matteocarbone_telematics-readiness-activity-7024698841979400192-BGYc?utm_source=share&utm_medium=member_desktop
results of the survey done by Swiss Re and IoT Insurance Observatory on 10000 policyholders.
The telematics sponsors are people who are likely or very likely to recommend a telematics motor insurance app to a friend. This cluster is equally comprised of men and women and includes mostly millennials (23–41 years old) and people in Generation X (42–57 years old). They love driving and walking, but they don't shy away from using public transport. Telematics sponsors represent 54% of our sample.
From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...Matteo Carbone
The Geneva Association and the Insurance IoT Observatory looked at the transformation of traditional insurance risk transfer to technology-driven risk mitigation and prevention services.
Risk prevention is an IoT-based uses case able to create a positive impact to all the stakeholders: avoiding the accidents to the policyholders, improving the insurance bottom line, and generating positive externalities to the society
A (false) myth I have heard frequently at conferences is that insurers are not yet able to use IoT data to take smart actions
Instead, there are different success stories about-based risk prevention in different insurance business lines bit.ly/RiskPreventionPaper
One of the best practices in changing driver behaviors is Discovery Limited
Having seen the early steps of this approach, since it’s launch on 1 June 2011, and the journey over the following years, I’ve been always impressed by their innovation journey
Each annual product review has been a thought-provoking presentation: I consider myself extremely luck for this opportunity to learn directly from Anton and Francois and all the team
#Insurtech case histories are frequently fascinating storytelling and make people feel self-satisfied, instead in this paper you will find facts and figures about prevented accidents and profitable auto #insurance portfolios
I love this #telematics story...concrete and fact based!
A new insurance paradigm for the hyperconnected worldMatteo Carbone
IoT adoption is a strategic choice that requires a multi-year commitment to develop the specialistic insurance IoT competencies and the leadership competencies needed to transform the way business is currently being done.
Although IoT has not yet been systematically addressed by the large majority of insurers, several early adopters have already concretely demonstrated the potential of using this technology in the insurance sector.
These successful player journeys show IoT’s extraordinary potential to generate value for insurers, policyholders, and even the entire society.
Insurance IoT is a new way of thinking about the activity of assessing, managing, and transferring risks. This new way of thinking for the insurance business fits with a world that is going to be more and more hyperconnected, a trend that insurers can neither stop or ignore.
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Personal Brand Statement:
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chapter 10 - excise tax of transfer and business taxation
How an insurer can stay relevant in the age of data
1. June 19th 2018
How an insurer can stay relevant
in the age of data
Matteo Carbone
Founder and Director, IoT Insurance Observatory
@mcins_
2. 2
Why did we come here?
Insurance is about protecting the way people live
Since 1347 Insurance has been a contract
where someone promises to indemnify another
against loss or damage from am uncertain event
as long as premium is paid to obtain this coverage
Insurtech can make the insurance sector stronger and therefore more
capable of achieving its strategic goal: to protect the way people live!
How can
InsurTech
help do
this?
3. 3
Assessing, managing and transferring risks are the core activities
of an Insurer
Insurtech is the “superpower”
for assessing, managing and transferring risks
4. 4
All the insurance players will be InsurTech
It’s unthinkable for an insurance
company today not to pose the question of
how to evolve its own model by thinking of
which modules within their value chain
should be transformed or reinvented
via technology and data usage
I believe all the players in the
insurance arena will be InsurTech,
meaning organizations where technology
will prevail as the key enabler of the
achievement of their strategic goals
5. 5
I love insurance
Matteo Carbone
InsurTech Investor and co-funder
• I’ve co-funded Archimede Spac (Special
Purpose Acquisition Company)
• The company has the objective to set-up of the
first Insurtech Insurance Carrier of the Italian
market
- a new independent carrier for non-life
non-motor bancassurance
- characterized by an “InsurTech inside”
strategic mode
• It has raised €47M and is listed on the stock
exchangesince May 21st
6. 6
Insurtech
enabled
products
Archimede: Bancassurance, InsurTech inside
Embedded
technology in the
value chain to
“make better” the
insurer’s job
Set-up foreseen in the 2022 plan period
Pervasive Insurtech approach
enabling the whole insurance value chain
Starting as add-
on/ cross-selling
on client-base
Mixed
«Open-platform
core-satellite»
Innovation
model
Stand-alone
development
Innovative
distribution
channel support
API
Bancassurance
platform
7. 7
I love insurance
Matteo Carbone
InsurTech Investor and co-funder
Founder and Director of the IoT
Insurance Observatory
+11 years strategic consulting
(former Principal with Bain & co.)
Keynote speaker and writer on
insurance innovation
Global InsurTech Influencer
• This Insurance think tank has aggregated more
than 40 international insurance groups,
institutions and tech firms between Europe and
North America
• The initiative has three concrete outcomes:
‒ The most pragmatic multiclient research
specialized in the insurance IoT domain
‒ One-to-one workshops dedicated to each
member to discuss research outcomes
‒ Plenary symposiums with all the members
together around the same table
I’m helping incumbents to concretely address the IoT opportunity
8. 8
The most pragmatic
multiclient research
specialized in the
insurance IoT domain
One-to-one workshops
dedicated to each member
to discuss the research
outcomes
Plenary symposiums
with all the members
together around the
same table
I have created a think tank which provides the members access
to the most relevant insurance IoT knowledge globally
9. 9
The protection of a connected home: how could it look in a
few years?
The prevention of the
risks which could occur
to the house
Proactive actions to
limit the damages
and fix them
The monetary
reimbursement will be
necessary only in case of a
"service failure"
For a monthly fee someone will offer the consumer:
10. 10
Will Insurers be relevant in this kind of future? ILLUSTRATIVE
Supermarket
Relevance
Frequency
Hair dresser
Telecom operator
Traditional insurer
Doctor
Dentist
Social media
Real estate agent
Notary
Search engine
Bank
Credit card provider
Lower risks to
cover, invisible
insurance ancillary
to a product
purchase, …)
11. 11
My experience on IoT insurance
Organization
In the past 6 years,
I advised more than 90 organizations
(Insurer, Reinsurers, Brokers, Vendors, and
Investors) in more than 15 different
countries
on IoT insurance projects
90
Market share
I’ve worked directly with players accounting for
more than 80% of IoT insurance volumes
(number of policies on auto telematics, smart
home, and connected health)
+80%
6 +800
+80 Conferences
I have debated the insurance IoT
opportunity at more than 80
conferences around the word since
December 2015
Papers
I have produced 6 white papers on
Insurance IoT, which have been
co-authored with prestigious
international organizations
(3 are to be published in the
following months)
Hours
More than 800 hours discussing
concrete experiences, best
practices and pitfalls with the
executives of the organization
members of the Observatory
12. 12
Will Insurers be relevant in this kind of future? ILLUSTRATIVE
Supermarket
Relevance
Frequency
Hair dresser
Telecom operator
Traditional insurer Insurance Iot
Doctor
Dentist
Social media
Real estate agent
Notary
Search engine
Bank
Credit card provider
Irrelevancy is only a choice for an Insurer, not his inevitable destiny!
Insurance IoT is
about connecting the
insurance sector with
clients and their risks
Lower risks to
cover, invisible
insurance ancillary
to a product
purchase, …)
13. 13
Each Insurer can create and sell his own insurance IoT value
proposition: insurance contract + IoT data + services
The Insurance players have a unique competitive
advantage vs any other IoT players:
• Because the same data used to deliver services allows to
improve the insurance activity (assess, manage and transfer
risks)
• This way IoT allows to create value on the insurance P&L
• This value can be shared with the client creating a valuable
bundle between insurance coverages and IoT solutions
Value sharing
Connected
insurance
pardigm
The bigger the difference between insurance premium and service
cost, the higher the potential of the insurance IoT approach
14. 14
Value
Creation
Levers
IoT data can have a extraordinary impact on the way
you assess, manage and transfer risks
SERVICES…
• …based on sensor data to deliver enlarged value propositions
for the clients orchestrating an ecosystem of partners
• …concerning information about insurance coverage and
insured risks
15. 15
Earned additional service fees
A home insurance
product with an
additional annual fee for
professional safety and
security services (and
devices rental),
REAL CASE
Safety/Security
oRemote monitoring
and emergency
services to provide
peace-of-mind
Property services
oConcierge with a
platform of certified
services providers to
manage the house:
‒Home maintenance
‒Home services
(cleaning, gardening,
ironing …)
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
integrated with optional
property services offered
“a la carte” by an
ecosystem of partners
16. 16
The value creation framework
Traditional
bottom line
Hardware
Services
IoT
costs
Service
fees paid
by the
customer
Contribution
of partners
17. 17
Value
Creation
Levers
IoT data can have a extraordinary impact on the way
you assess, manage and transfer risks
RISK SELECTION:
• Low-risk customer acquisition due to the storytelling
of the IoT insurance product
• Improved quality of underwriting process based on
sensors data (including constant insights on exposure)
• Increased underwriting process efficiency
SERVICES…
• …based on sensor data to deliver enlarged value propositions
for the clients orchestrating an ecosystem of partners
• …concerning information about insurance coverage and
insured risks
18. 18
Self-selected risks due to product features
An auto telematics
value proposition
focused on the
claims monitoring
has a terrific effect
on the acquisition of
low risk clients
Market
average
(20%)
Claims frequency (district average)
Black box effect
on
claims frequency
(risk adjusted)
Black box impact by district
Market
average
-20%
3.0 6.0 6.5%Market
average
4,8%
4.5
REAL CASE
Even if two customers seem to
be equal based on their
characteristics. The one who
accepts the telematics value
proposition is 20% less risky
19. 19
The value creation framework
Traditional
bottom line
Risk self
selection
Service
fees paid
by the
customer
Partners
contribution
Hardware
Services
IoT
costs
20. 20
RISK SELECTION:
• Low-risk customer acquisition due to the storytelling
of the IoT insurance product
• Improved quality of underwriting process based on
sensors data (including constant insights on exposure)
• Increased underwriting process efficiency
Value
Creation
Levers
IoT data can have a extraordinary impact on the way
you assess, manage and transfer risks
LOSS CONTROL
• Usage of the device information in order to anticipate claim
management and improve reimbursement valuation
• Initiatives acting directly in real-time on single situations to:
-mitigate risks before damages occur
-contain damages
• LAE reductions
• More accurate reserving
SERVICES…
• …based on sensor data to deliver enlarged value propositions
for the clients orchestrating an ecosystem of partners
• …concerning information about insurance coverage and
insured risks
21. 21
Enhanced the effectiveness of the claim evaluation
and the efficiency of the claim process
Crash dynamics reconstructed
through telematics data are
represented “near real time”
to the claim handlers on their
desktops
Photo credit: UnipolSai
REAL CASE
22. 22
The value creation framework
Traditional
bottom line
Risk self
selection
Claims cost
reduction
Service
fees paid
by the
customer
Partners
contribution
Hardware
Services
IoT
costs
23. 23
Value
Creation
Levers
IoT data can have a extraordinary impact on the way
you assess, manage and transfer risks
RISK SELECTION:
• Low-risk customer acquisition due to the storytelling
of the IoT insurance product
• Improved quality of underwriting process based on
sensors data (including constant insights on exposure)
• Increased underwriting process efficiency
BEHAVIORAL CHANGE
• Indirect impact on risk level through:
-positive behavior reinforcement
(including gamification)
-culture creation
• Loyalty systems based on detected
behaviors (retention of low risk clients)
LOSS CONTROL
• Usage of the device information in order to anticipate claim
management and improve reimbursement valuation
• Initiatives acting directly in real-time on single situations to:
-mitigate risks before damages occur
-contain damages
• LAE reductions
• More accurate reserving
SERVICES…
• …based on sensor data to deliver enlarged value propositions
for the clients orchestrating an ecosystem of partners
• …concerning information about insurance coverage and
insured risks
24. 24
Nudged clients to less risky behavior
Instant rewards to
life policyholders
for performed
healthy behaviors
REAL CASE
25. 25
The value creation framework
Traditional
bottom line
Risk self
selection
Claims cost
reduction
Service
fees paid
by the
customer
Change
of behavior
Partners
contribution
Hardware
Services
IoT
costs
26. 26
RISK SELECTION:
• Low-risk customer acquisition due to the storytelling
of the IoT insurance product
• Improved quality of underwriting process based on
sensors data (including constant insights on exposure)
• Increased underwriting process efficiency
RISK-BASED PRICING
• More accurate rating: based
on measured "quantity"
and "level" of risk exposure
• Value propositions more
attractive to the customers
BEHAVIORAL CHANGE
• Indirect impact on risk level through:
-positive behavior reinforcement
(including gamification)
-culture creation
• Loyalty systems based on detected
behaviors (retention of low risk clients)
LOSS CONTROL
• Usage of the device information in order to anticipate claim
management and improve reimbursement valuation
• Initiatives acting directly in real-time on single situations to:
-mitigate risks before damages occur
-contain damages
• LAE reductions
• More accurate reserving
Value
Creation
Levers
IoT data can have a extraordinary impact on the way
you assess, manage and transfer risks
SERVICES…
• …based on sensor data to deliver enlarged value propositions
for the clients orchestrating an ecosystem of partners
• …concerning information about insurance coverage and
insured risks
27. 27
Minimizing the premium leakage
12.00
24.00
20.00
6.00
A cheap telematics auto
insurance for teenagers,
eventual night hour driving
charged on top on their
credit card by km
REAL CASE
28. 28
The value creation framework
Incentives and discounts are ways of sharing with the customer part of the
value created in order to deliver superior value propositions
Traditional
bottom line
Risk self
selection
Claims cost
reduction
Service
fees paid
by the
customer
Bottom line
with IoT
Discount
and
incentives
to the
costumer
Value
sharing
Intermediary
additional
remuneration
Change
of behavior
Partners
contribution
More
accurate
pricing
Hardware
Services
IoT
costs
29. 29
Who is the most reliable player for providing a bundle of an
insurance contract and services?
You are the most reliable player for providing a bundle of
insurance coverages and services !
Source: SSI survey for the IoT Insurance Observatory, European markets (Italy, France, UK, Germany, Spain, Austria)
Auto telematics insurance
(insurance coverage + services)
IoT home insurance
(insurance coverage + services)
5%All the
customers:
Millennials: 8%
4%
7%
65% 54%
49%59%
30. 30
I believe (some) insurers will succeed in the IoT war and they
will stay relevant in the life of their clients
These insurers will create their insurance IoT proposition:
insurance contract + IoT data + services
Photo credit: Jay Byers
31. 31
I’m supporting this evolution through the Observatory
Objectives
Scouting and rationalizing
qualitative/quantitative
knowledge on Insurance IoT
Sharing a critical point of view of
key trends and spreading
innovation culture
Encouraging members to discuss
experiences and exchange ideas
about innovation
The scope
Any insurance solution based on sensors for collecting data on the state of an insured
risk and telematics for remote transmission and management of the data collected
Health
and life
Industrial risks and
workers’ comp
Auto… Home and
commercial property
32. 32
I’m extremely proud to serve these 41 Prestigious Organizations
with the North American and European IoT Insurance Observatories
To join the Observatory feel free to write to matteo.carbone@iotinsobs.com