Monthly digital innovation digest by Initio. Issue #22, special focus on Innovation in Car Insurance & Mobility.

1. DIGITAL & INNOVATION DIGEST
CAR INSURANCE FOCUS
# 22 December 2020
27/11/2020

2. 27/11/2020 2
01
02
CAR INSURANCE THAT MAKES YOU TAKE
THE CAR LESS OFTEN
Digital Innovation Digest #22
3
7
TOYOTA INSURANCE: CONNECTED
INSURANCE FOR HYBRID VEHICLES03 12
INITIO & THE SQUARE GROUP
05 20
INSOORE UBERIZES PHOTOJOURNALISM
FOR THE BENEFIT OF AUTO CLAIMS
MANAGEMENT.
CAURA: THE DASHBOARD OF YOUR CAR04 16
Special Focus on
Innovation in car insurance

3. 01CAR INSURANCE THAT MAKES
YOU TAKE THE CAR LESS OFTEN

4. 27/11/2020 4
• With the health crisis as a catalyst, all economic sectors are forced to adapt.
The insurance sector is no exception.
• Suncorp is reinventing auto insurance with a policy specifically tailored to
drivers who also regularly travel by public transit, bicycle or on foot.
• The product is called "Bingle go".
• Suncorp is one of the largest general insurance group in Australia. servicing
over nine million customers across Australia and New Zealand and holding a
reported $96 billion in assets.
• Bingle go is initially distributed on a trial basis in three major cities (Sydney,
Brisbane, Adelaide) and only to existing clients.
Source : insurancebusinessmag.com, September 1st
Car insurance that makes you take the car less often
EXECUTIVE SUMMARY

5. 27/11/2020 5
Car insurance that makes you take the car less often
PRACTICALLY SPEAKING
Customers changing
habits
Environmental issues have
generated a real interest
in "soft" mobility.
Encouraging, financially if
necessary, the adoption of
more responsible
practices.
100% digital
Accessible exclusively
via a mobile application.
It offers an on-demand
subscription, with a
range of options at the
user's free choice, paid
monthly, without any
commitment.
Bingle go also takes into
account new means of
transportation.
Maximum 20% discount
on premium due each
month, for at least 1km
made using another mean
of transport.
Real-time overview of
journeys made and
discounts accumulated.
WHY ? HOW DOES IT WORK ?
THE "PLUS" OF THE
SOLUTION
Accompany the customer in
the changes of the
environment around him.
Customer journey is key
Rewarding customers for
changing their habits

6. 27/11/2020 6
Car insurance that makes you take the car less often
IS CAR INSURANCE THE NEW NETFLIX?
•Bingle go is equipped with the intelligent technology of
the American startup, Trōv.
•The technology enables to pause the policy from month-to-
month. If the customer decides that He won't be using his
car for a while, they can switch off cover without any
cancellation fees.
•Coverage being on demand, the contract works in some
ways like a Netflix contract.
INSURANCE ON DEMAND WHAT COULD BE THE DRAWBACKS ?
• A car can still be damaged while it's not used. Pausing
cover would remove protection for theft, damage, or
even a heavy hailstorm that could batter a car's
bodywork.
• As telematics tracks driving habits, you could see your
premium increase if you're determined to be drivingg
recklessly.
• The solution does not present a tool to report claims and
monitor their processing, which would have been a major
"plus" for the solution. g recklessly.

7. 27/11/2020 7
Car insurance that makes you take the car less often
INITIATIVE IN THE SAME DIRECTION IN BELGIUM
• In this time of global pandemic, teleworking has become the norm for many
workers across Belgium.
• Belgians are using the car much less.
• Belfius has therefore introduced an offer that gives customers a discount
on their insurance premium if they drive fewer kilometers and their
cars emit less CO². The offer is valid for both new and used cars up to
135 g/km.
• If the customer chooses another means of transport as an alternative to your
car, he or she can also benefit from an additional discount on the
Belfius-Car insurance premium.

8. 02INSOORE UBERIZES PHOTOJOURNALISM FOR THE
BENEFIT OF AUTO CLAIMS MANAGEMENT.

9. 27/11/2020 9
• Insoore is an application developed by the whoosnap platform.
• Founded in 2015, Whoosnap is an Italian platform that connects
photographers and videographers to brands and newspapers.
• In 2017 the company decided to put its community of over 300
thousand photographers at the service of the insurance industry.
And so Insoore was born.
• Insoore enables insurance and fleet management companies to
speed up claims management and to obtain video-photographic
surveys and damage assessment by leveraging a community of
qualified experts and its team of loss adjusters.
Source : insurzine.com, August 2020
Insoore uberizes photojournalism for the benefit of auto claims
management.
EXECUTIVE SUMMARY

10. 27/11/2020 10
Insoore uberizes photojournalism for the benefit of auto claims
management.
PRACTICALLY SPEAKING
• A car accident triggers the whole process.
• The insurance companies make a request for a photographic
survey of the status of a vehicle through the platforms.
• The insoorer (enabled) who are in the vicinity of the vehicle
concerned take charge of the request, within a maximum of 30
minutes they are on site and send it via smartphone to Insoore’s team
of experts.
• If the photos taken meet the acceptance criteria, the insurance
company accepts the survey and Insoore transfers the reward
to the user’s account. All through the application.
OPERATING PROCESS1
2
3
4
5
6
Insurance companies
Insoore
Insoorer

11. 27/11/2020 11
Insoore uberizes photojournalism for the benefit of auto claims
management.
TO GO FURTHER
• Insurance companies can significantly reduce the risk of
fraud.
• The model satisfies companies, which can improve the
customer experience and claim management.
• Policyholders benefits faster compensation faster than
in the past.
• Speed of compensation, in the event of claim, being
one of the major pain points for insurance
companies.
ADVANTAGES PHOTO AS A SERVICE
• Insoore also enables to certify the state of the vehicle
when creating or renewing an insurance policy.
• When entering or renewing a car insurance policy, will be
able to access Insoore and request the images of the
vehicle in question.
• A certified photographer will take photos and upload them
to the platform.
• Insurers will thus be able to get the pictures at prices
cheaper than the rates charged for professional photos.
• This is a winning solution both for the speed and security
of the certification system that guarantees the authenticity
of the shots.

12. 27/11/2020 12
Insoore uberizes photojournalism for the benefit of auto claims
management.
TO GO FURTHER
• Assessment of damage in the event of an accident is a key point in claim
management process. This step is a cost center for insurance companies
that can’t afford to rush this process crucial in determining the amount
of repairs and compensation to be paid to the client.
• At the same time, damage assessment is also a major source of
customer (dis)satisfaction when this can’t be done quickly and or easily.
• Since several years, many insurance companies are trying to innovate
and to set up agile damage assessment process that could mix cost
savings and accuracy.
• If Insoore try to get benefit from Gig Economy, (like Wegolook before),
others are trying step by step self damage inspection (WeProov).
www.weproov.com
www.wegolook.com

13. 03TOYOTA’S CONNECTED
INSURANCE FOR HYBRID VEHICLE

14. 27/11/2020 14
• From September 2020, Toyota Insurance Services the captive
insurance company from the Toyota Motor Group has launched in
several leading European markets a connected insurance policy
dedicated to the Yaris HSD model.
• With this policy, the mileage traveled in EV (electric) mode is
calculated in real time and compared to the total mileage of the
vehicle. The higher the ratio of EV miles will be, the lower the
renewed insurance premium will be.
• Developed exclusively on in-house knowledge and technologies, the
“Full Hybrid Insurance” schema doesn't rely on third party device and
take full benefits from factory fitted data recorders that come with the
fully connected model which is the Yaris 2020.
Toyota: Connected insurance for hybrid vehicles
EXECUTIVE SUMMARY

15. 27/11/2020 15
Toyota: Connected insurance for hybrid vehicles
PRACTICALLY SPEAKING
• The underwriting of the insurance contract is integrated into the
process of selling the vehicle.
• Once GDRP consent is granted, the connected car is activated and start
to collect & transmit data.
• EV mileage ratio is calculated on real time and aggregated on monthly
or yearly basis (depending of local regulation).
• Driver can check EV miles and savings to expects directly in MyT, the
official Toyota mobile application
• Savings are expressed as % of discount on premium.
• According to markets, discounts are automatically applied to renewed
insurance premium (yearly or monthly) or are applied as cash back
after each monitoring period.
OPERATING PROCESS
A new car is sold with
Connected Insurance
contract.
Native onboarded data
recorders are activated once all
compliance controls (GDPR)
are cleared.
Data are send to the cloud
thanks to in car 3G sim card.
Aggregated EV mileage ratio and
expected savings on renewed
premium are displayed in MyT app,
the official Toyota mobile app.

16. 27/11/2020 16
Toyota: Connected insurance for hybrid vehicles
TO GO FURTHER
• The “Full hybrid insurance” schema of Toyota don’t rely on
external device or sensor to record and transmits data.
• It’s a notable attempt to propose one unique purchase
experience, grouping the car sale and insurance coverage,
eventually bundled with a financing solution proposed by
Toyota Finance Services.
• Unlike usual UBI cover, this product target more a type of
usage (urban driving) than a type of drivers (young drivers
or else).
KEY POINTS USAGE BASED INSURANCE (UBI)
• In Italy, 17% of car insurance policies are based on
telematics & behavior analysis (Pay As you drive or Pay
How you drive).
• In Europe, the market penetration of UBI is only about 2%
in average.
• If modern vehicles natively fitted with remote sensors and
active or passive security systems (lane assist, brake
assist etc.) are statistically safer, they are also significantly
more expensive to repairs, even in case of light accident
which makes the question of the profitability of UBI
insurance particularly delicate.

17. 04CAURA: THE DASHBOARD OF
YOUR CAR

18. 27/11/2020 18
▪ Caura is a mobile app designed to “enables drivers to
manage all aspects of car ownership.”
▪ Founded in 2018, CAURA benefits from the "open data"
philosophy, which is much more developed in UK than in the
rest of Europe.
▪ Thanks to APIs and Apple Pay, CAURA allows users to manage
in one single app several car-related payment like the payment
of Congestion Charges, Vehicle Taxes, Parking fees, Tolls, Traffic
fines etc.
▪ CAURA allow also users to create automated or scheduled
payment for recurring charges like insurance premium by
example.
▪ Since short, CAURA add new functionality: CAURA PROTECT,
the ability to select and to subscribe to Car Insurance directly
within the CAURA environment.
UNITED KINGDOM
CAURA: The dashboard of your car

19. 27/11/2020 19
PRACTICALLY SPEAKING
CAURA: The dashboard of your car
OPERATING PROCESS
▪ The Car Insurance quoting process is simplified at the
maximum thanks to the access to open data. CAURA needs
only the car license plate by example to retrieve all vehicle’s
characteristics as well as claim history.
▪ Caura is registered as Insurance brokers (authorized and
regulated by FCA), covers are provided by UK’s top insurer like
Aviva, Sabre, Ageas etc.
▪ Once Insurance paperless check out process is done, all
documents are registered in the App.
▪ In case of Claims, first contact and notifications are done
through the app (or by phone).

20. 27/11/2020 20
▪ The ownership and usership of a car is a source of many
administrative workload as well as huge cost center.
▪ In a connected world of smart cities and invisible payments,
a car is more than ever a cornerstone of several incoming
and outcoming data flows.
▪ Following the example of banks that offer Personal Finance
Management tools, the concept of Personal Car Management
application, both for financial and administrative aspects
appear as a major value added service. One might have
expected that Car manufacturers or Banks will take the lead
on such value proposition but in the absence of proper
reaction, Fintech / Assurtech are occupy the (emerging)
market.
▪ A service like CAURA is also possible only in an open data
world. In the absence of accessible data and/or standardized
APIs, a similar service could only be offered with extensive
use of manual operations, which would generate substantial
costs and make it impossible to create a fast and cost-
competitive service supported by remarkable user
experience.
TO GO FURTHER
CAURA: The dashboard of your car
▪ However, in Belgium we note significant improvements in
that way: such as the example of the “App Normal” by
Belfius who propose an in app End 2 end car insurance
subscription process simplified by the automatic recovery of
data from the DIV (Vehicle registration administration).
▪ We can also note the example of KBC, another Belgian Bank-
Insurance who propose the automatic payment of parking
charge to customer who previously linked their car plate with
their payment account in the Bank’s application.
▪ However, all these initiatives lack comprehensiveness and
there is still plenty of room for an 'umbrella' application that
would be able to fill the (many) gaps. All the more so as it is
easy to guess that a profitable business model is possible if it
is accompanied by an efficient user experience.

21. 05INITIO & THE SQUARE GROUP

22. 27/11/2020 22
• 700 consultants, 95% employees
• 52 % men / 48% women
• Turnover 2019: 120m €
• 2.5% of turnover invested in training
• 1% of turnover invested in R&D
• Large team in Finance, Risk, Regulatory & Compliance
• Business/Process analysts & Project managers with Digital
experience
KEY INFORMATION
SPECIALIZED IN THE FINANCIAL INDUSTRY
Initio in a nutshell
Initio is the international brand of the Square group, a business consulting firm in strategy, organizational and
operational consulting.

23. 27/11/2020 23
INITIO’S PRACTICES
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INSURANCE
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✓ Recruitment
✓ RFP and Pre-sales

24. 27/11/2020 24
Areas of excellence
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25. 27/11/2020 25
OUR MAIN FIELDS OF INTERVENTION
Levels of action
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EXPERIENCE
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• Change management

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