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Insurance Telematics: How to Play the New Game When Others Play the Old One
- 1. Insurance Telema-cs Europe Regents Park Marrio8, London 4th – 5th May 2011 How to Play the New Game When Others Play the Old One Mike Brockman Joint CEO 1 insurethebox is the trading style of Insure The Box Ltd. Insure The Box Ltd is authorised by the Gibraltar Financial Services Commission registered number: FSC01082B and authorised and subject to limited regulaEon by the Financial Services Authority.
- 2. Telema-cs – The Future of Motor Insurance? • “it will not work” • “where is the markeEng budget?” • “you need to carry out market research” • “no‐one wants a black box” • “it will be too expensive” • “why will you succeed when everyone else has failed?” • “where’s the market research” • “i don’t get it” 2
- 3. My Talk Today • An introducEon to insurethebox • Product Design • Box FiRng • Using Technology • DistribuEon • Customer CommunicaEon • Controlling Claims • Conclusion 3
- 4. ITB Growth So far • Over 23,000 Policies Sold in first 11 months • More than £20 million gross wriZen premium • All key business metrics on plan 4
- 5. Who is Insurethebox? • We are an UnderwriEng Agency (someEmes called an MGA, Managing General Agency) • We carry out all the pricing, claims handling, markeEng and all the infrastructure • Insurance capital “rented” from Lloyds (London Insurance Market) • Catlin is the technical “underwriter”, reinsured with Munich Re • Insurethebox is regulated in Gibraltar, an off shore Financial Centre • ITB Services, a UK company, provides the administraEve services • Started trading in May 2010, currently 80 Employees, offices, Gibraltar, London, Newcastle 5
- 6. Product Design – Think Customer! • On‐line totally telemaEcs based • Insurance cover provides 6000 limited miles, with ability to Top Up like mobile phones • Can win miles by good driving, or earn miles by shopping on‐line • Customers each have personalised portals with on‐line shopping facility and feed‐back on driving performance • Box records how, when and where customers drive • Insurethebox noEfies customers on box alerts to provide immediate claims assistance service • No nasty restricEons. • No hidden charges 6
- 7. Talk to Your Customer • Think about compliance • Call length is longer • Be ready for the queries 7
- 8. We like fiWng boxes! • Get to know your customer • Make sure its a good fit • Not all customers will understand • Remember to be discrete! • Box fiZers are great insurance experts! • Be wary of the Outer Hebrides' 8
- 10. Distribu-on – Keeping Acquisi-on Cost Low • Price Comparison Sites • MoneySuperMarket – Above the line markeEng • Tiger – Search Engine OpEmisaEon • Direct • Hoot, Covergirl, Duck2Water websites • Publicity links to website • SEO of ITB website • Capital Radio • Sponsorship (bikes in Newcastle) • Insurethebox Portal • Bonus Miles • Shopping Box • Local Authori-es • Suffolk & Buckingham County Council Pilot • Partnership • Social Networks/Forums 10 • Facebook • TwiZer
- 16. We Love Paying Claims • Helping your customer • The FNOL process • Fraud DetecEon • Who’s at Fault! • Speed Kills – Watch those cameras! 16
- 17. Conclusion • TelemaEcs is a new game – not many people understand it. • Think customer not insurer • Talk to your customer • FiRng boxes is not bad • Use all available technology • DistribuEon is key • Connect with your customer • Control those claims 17 • Sorry I forgot ...... Be good at pricing!