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.
Adrian Jones presentation at InsureTech Connect 2021: What's Next for InsurTech?Adrian Jones
Adrian Jones presentation at InsureTech Connect 2021, covering trends and predictions for the future of insurance technology, innovation, and advice for today's Cuthbert Heaths.
What lessons were learned in the most recent wave of InsureTech? Not many other industries would attract such outside attention and funds when the average company has trouble returning its cost of capital. But the magic of insurance is that some companies massively outperform over decades-long timeframes. The #InsureTech movement has seen a lot of capital injected, but will the most recent wave produce highly differentiated businesses who beat the market average and become household names? What will InsurTech 2.0 look like? How should companies prepare for the future, and how should you as an InsureTech leader think about your own career? Join one of the industry’s definitive thought leaders as he shares his views. From InsureTech Connect 2019 in Las Vegas.
The Insurer/Distributor Interface: Where InsurTech is Going NextAdrian Jones
Adrian Jones's presentation at InsureTech Connect 2022 on the interface between insurance carriers and distributors. How will technology and private equity impact how insurers and distributors evolve together?
An analysis of awareness of different investment instruments available in ind...Suraj Kumar
This study throws light on the awareness level of Indian investors about investment instruments as well as their preference & pattern of investment in stock market.
Adrian Jones presentation at InsureTech Connect 2021: What's Next for InsurTech?Adrian Jones
Adrian Jones presentation at InsureTech Connect 2021, covering trends and predictions for the future of insurance technology, innovation, and advice for today's Cuthbert Heaths.
What lessons were learned in the most recent wave of InsureTech? Not many other industries would attract such outside attention and funds when the average company has trouble returning its cost of capital. But the magic of insurance is that some companies massively outperform over decades-long timeframes. The #InsureTech movement has seen a lot of capital injected, but will the most recent wave produce highly differentiated businesses who beat the market average and become household names? What will InsurTech 2.0 look like? How should companies prepare for the future, and how should you as an InsureTech leader think about your own career? Join one of the industry’s definitive thought leaders as he shares his views. From InsureTech Connect 2019 in Las Vegas.
The Insurer/Distributor Interface: Where InsurTech is Going NextAdrian Jones
Adrian Jones's presentation at InsureTech Connect 2022 on the interface between insurance carriers and distributors. How will technology and private equity impact how insurers and distributors evolve together?
An analysis of awareness of different investment instruments available in ind...Suraj Kumar
This study throws light on the awareness level of Indian investors about investment instruments as well as their preference & pattern of investment in stock market.
Tracxn - Southeast Asia Tech - Top Business Model - Apr 2022Tracxn
Tracxn's geowise reports on top #BusinessModels are now made public!
Here's our latest report Southeast Asia Tech rebrand.ly/fhdy49j for
Subscribe to our #TopBusinessModelsinGeo reports to stay updated on trending Business Models in your geo
Life insurance can be an important part of your financial strategies, helping to ensure a more secure financial future for your loved ones when you're gone
Sharing with you my dear readers who may find it useful.
Feel free to connect with me at maxermesilliam@gmail.com.
P/S: taken the insurance exam but has yet to practice as an insurance agent.
Summer internship taining project report kotak life insuranceShubham Aggarwal
its a full project report on kotak mahindra life insurance based on summer internship. it covers the survey of 50 people that what was their perception regarding kotak and other insurance provider by filling up a questionnaire.
MEDICI's new India InsurTech Report 2020 explores the InsurTech sector in India. The report delves into what drives transformation in the sector, regulatory initiatives, funding & investment activity, prominent players, and business models.
Tracxn - Southeast Asia Tech - Top Business Model - Apr 2022Tracxn
Tracxn's geowise reports on top #BusinessModels are now made public!
Here's our latest report Southeast Asia Tech rebrand.ly/fhdy49j for
Subscribe to our #TopBusinessModelsinGeo reports to stay updated on trending Business Models in your geo
Life insurance can be an important part of your financial strategies, helping to ensure a more secure financial future for your loved ones when you're gone
Sharing with you my dear readers who may find it useful.
Feel free to connect with me at maxermesilliam@gmail.com.
P/S: taken the insurance exam but has yet to practice as an insurance agent.
Summer internship taining project report kotak life insuranceShubham Aggarwal
its a full project report on kotak mahindra life insurance based on summer internship. it covers the survey of 50 people that what was their perception regarding kotak and other insurance provider by filling up a questionnaire.
MEDICI's new India InsurTech Report 2020 explores the InsurTech sector in India. The report delves into what drives transformation in the sector, regulatory initiatives, funding & investment activity, prominent players, and business models.
The New Auto Insurance Ecosystem: Telematics, Mobility and the Connected CarCognizant
Insurers and auto manufacturers worldwide have set their focus on telematics, resulting in a convergence of new business models for connected consumer lifestyles.
An Analysis of U.S. P&C Insurance Customer-Facing Mobile AppsCognizant
Property and casualty insurers are playing catch-up in the mobile app space, with most failing to deliver features and functionality that meet consumer needs and expectations, or matching the capabilities provided on existing Web portals, our latest research shows.
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.
Using Accenture Research methodologies - Economic Value Modelling (EVM) and survey – this thought leadership paper quantifies the digital opportunity for South Africa’s short-term insurance industry to 2020. By leveraging digital technology, Accenture estimates that short-term insurance providers in South Africa can increase their gross written premiums (GWP) by R115.2 billion by 2020.
The insurance industry – from product development to underwriting to claims – is being fundamentally transformed by AI technologies. Although some companies are investing aggressively in AI to slash costs while also enhancing the customer experience, most insurers will need to accelerate their efforts or risk discovering that it has become too late to catch up.
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
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Book your delegate ticket now for additional 15% Discount @ http://bit.ly/2bmXVxG
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
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
Open Insurance - Unlocking Ecosystem Opportunities For Tomorrow’s Insurance I...Accenture Insurance
For early adopters, open insurance offers new revenue streams, increased customer engagement and continued market relevance.
Learn more: https://www.accenture.com/us-en/insights/insurance/open-insurance
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."
Similar to Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Insurance.pdf (20)
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
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.
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
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.
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.
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!
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
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.
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.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Telematics - The Secret to Lower Combined Ratios and a New Model for Auto Insurance.pdf
1. Telematics: The Secret to Lower Combined Ratios
and a New Model for Auto Insurance
The U.S. personal auto insurance sector lost billions in 2022, but the right telematics auto insurance
strategy can quickly bring a 5-percentage-point improvement to your loss ratio.
Due to inflation, driver distraction, and slow approval of rate changes,
the 2023 aggregated combined ratio for personal auto insurance is
expected to be 106%, according to AM Best’s David Blades. To rectify
this sorry state, insurers must embrace every opportunity to address this
disequilibrium in the personal auto segment, starting with telematics.
Telematics for auto insurance and UBI (Usage Based Insurance) are
potentially industry-changing technologies. But the truth is their impact
on profitability has been negligible. In 2022, the U.S. personal auto
insurance sector lost billions of dollars and earned a historically bad
1
12% combined ratio.
While large personal auto insurers have adopted telematics-based
programs, they’re only scratching the surface of the potential benefits.
Total market penetration of telematics for auto insurance is a fraction of
the risks insured.
While much has changed, there’s more insurers can do to increase
adoption. By converting current customers to telematics for auto
insurance programs, auto insurers can carve a fast path to sub-100
combined ratios.
Telematics for Auto Insurance Fills the Current UBI
Business Model Gaps
The research shows that most people like mobile-based insurance
telematics. When presented with an app-based telematics for auto
insurance program that provides rewards for safe driving, emergency/
crash assistance, and other services beyond monitoring driving
behavior, more than 50% of U.S. respondents in a recent Swiss Re and
IoT Observatory survey (10,000 worldwide/2,000 U.S.-based) said
they would recommend it to a friend.
Authors
Matteo Carbone
IoT Observatory, CEO
Deepak Karthikeyan
ValueMomentum, AVP Data
and Analytics
2. By many measures, insurance telematics is a success in the U.S. market. According to TransUnion’s
“Insurance Trends and 2023 Outlook Report,” the number of people who opted into a telematics for
auto insurance program — when presented with an offer — now sits at 60%. Some insurers, such as
Progressive and Allstate, have achieved UBI penetration rates of 40% to 50% in certain channels.
But even with the increase in adoption experienced by these large insurers, telematics for auto insurance
is not pervasive in insurance books.
The IoT Insurance Observatory, an insurance think tank that has aggregated data from more than 120
insurers, reinsurers, and tech players over its seven annual editions, estimated that about 9 million UBI
insurance policies have transmitted some telematics for auto insurance data to an insurer in the U.S. in
2021, which translates to a total market penetration of about 5% for telematics. Given the amount of
time that telematics has been in the market, this penetration rate is very low.
3. Telematics for Auto Insurance, Success and Switch-and-Save
The current telematics for auto insurance business model is one reason penetration has lagged. Insurers
have mainly used UBI products to lure new customers from competitors, typically at renewal, when
policyholders are inclined to compare quotes, and accompanied by the promise of steeply discounted
premiums.
However, only a relatively small portion of people — slightly above 10% even when confronted with
an increase — switch carriers at renewal. In fact, a recent survey by Swiss Re and the IoT Insurance
Observatory found that almost half of U.S. policyholder respondents said they’ve been with the same
insurer for more than five years.
A New Telematics Business Model: Value-Added Services for Current
Policyholders
With almost half of the policyholders in the U.S. staying with the same insurance carrier for more than
five years, insurers should begin offering telematics to current policyholders, wherever they are in the
policy lifecycle.
European insurers, including Fidelidade in Portugal and Generali in Germany, have already
successfully introduced mobile-based telematics for auto insurance programs focused on services —
that have no impact on insurance premiums — and are offered to everyone in their auto portfolios.
Ohio-based Progressive is following the same path. In a February 2023 earnings call, Progressive sent
a clear message to the U.S. insurance industry that it would do the same.
“Over the last couple of years, we’ve experimented with offering a service to detect and respond to
major accidents to some of our Snapshot customers to learn if they value the service and to better
understand how it could be useful in handling claims,” said Tricia Griffith, Progressive’s Chief Executive
Officer.
“[T]here’s a large segment of customers who don’t want their insurance premium to be based on their
driving data. That means that if we limit this just to our Snapshot customers, we’d be leaving out a lot of
others. So, in March, we plan to start making accident response available to all of our auto customers,
not just those who are in Snapshot,” Griffith said.
All Progressive’s policyholders have the telematics for auto insurance services constantly available
within the app, regardless of the auto insurance product chosen.
To better understand which services would offer the most value to drivers, the IoT Insurance Observatory
and Swiss Re asked survey respondents to pick the services they’d like to include in the app. The three
things that U.S. customers want most are rewards, automatic emergency assistance in the event of a
crash, and anti-theft support. Driver conveniences, such as weather information, car location finder, car
maintenance reminders, and claims support are also of interest.
4. Providing these services to all of the customers in the current portfolio is a clear and addressable
opportunity. There even examples of tech players, such as Bouncie in the U.S., that are scaling based on
telematics for auto insurance services sold to drivers. Insurers such as Discovery Insure sell participation
in its UBI program – which includes rewards like vouchers and other perks for safe driving – for the
equivalent of $5 a month.
5. The Urgent Need to Expand Telematics for Auto Insurance Uptake
There is much evidence that frequent, tangible, and inexpensive rewards can improve driving behaviors,
help drivers avoid accidents, and reduce loss ratios. Withing the first 30 days of joining Vitality Drive,
an incentives-based driver-behavior program from South Africa’s Discovery Insurance, drivers have a
15% improvement in driving behavior on average, according to company research.
Some insurers outside the U.S. have also used telematics for auto insurance data in their processes and
achieved benefits such as reduced average claim costs and litigations, increased fraud detection, faster
claims processing, and improved customer satisfaction.
Moreover, insurers with hundreds of thousands of mobile-based telematics for auto insurance
policyholders experienced an increase in customer retention and a decrease in cost for customer
service due to an increase in self-service within the app.
Research by the IoT Insurance Observatory, which has covered more than 80% of the cumulated
telematics in auto insurance policies worldwide for the past six years, shows that well-executed mobile-
based telematics for auto insurance programs have a large and positive impact on combined ratios,
and estimated the following as achievable impacts on a U.S. auto insurance portfolio:
• 3-point improvement at a portfolio level, achievable within months, via a structured behavioral
change program;
• 3-point improvement based on improved claims management and increased self-service;
• 0.5 to 1-point improvement based on retention — telematics for auto insurance programs can
help increase retention by about 20% compared to traditional portfolios
6. This means that the potential benefit to insurers is as much as a 7-percentage-point reduction on the
combined ratio of the entire auto portfolio.
Making the New Business Case Work
Two main challenges that insurers face when expanding their telematics for auto insurance program
are cost effectiveness and the I.T. architecture needed to support continuous monitoring of all their
portfolios.
Cost Effectiveness
The benefits described above require a set of digital tools and a structured behavioral change program
with rewards. The cost of this new approach includes the telematics for auto insurance software
development kit (SDK) inside the insurer’s app for constant monitoring and the I.T. architecture to
manage the data and the reward mechanism – estimated by the IoT Insurance Observatory to be about
2 percentage points on the insurance premiums.
Adding the telematics for auto insurance SDK into the app of all the policyholders – whichever auto
insurance contract they signed – is the best way to quickly unlock the telematics benefits at the portfolio
level, which will significatively impact the insurer’s bottom line.
An insurer with millions of policyholders and a strong brand can reach relevant efficiencies and help
lower this cost by cutting good deals with retailers for their reward system.
IT Architecture
The goal of telematics for auto insurance architecture is to build real-time/near-real-time data ingestion
and data processing pipelines to process data from IoT devices into the big data analytics platform for
the insurers.
The architecture provides a well-defined data flow process, optimized storage and processing
components, and consumption workloads for telematics for auto insurance data. This architecture does
not aim to ingest data into the core insurance platforms. Rather, it integrates auto insurance data with
data from core insurance platforms in a “model & store” data storage for analysis and consumption.
The below diagram depicts the data flow and components that drive the architecture for telematics for
auto insurance. The goals of this architecture include:
1. Supporting and collecting high-throughput real-time streaming data from telematics for auto
insurance service providers
2. The ability to capture data from millions of devices and vehicles on real-time/near-real-time
basis for the entire life of the insurance coverage
7. 3. Capabilities to perform analytics on the telematics for auto insurance data to make inferences
on driver behavior, promote driver safety, provide incentives, encourage customer retention, etc.
4. Provide comprehensive and scalable system-to-system integration capabilities for the telematics
for auto insurance data and downstream enterprise applications
This cloud-based, scalable, and robust architecture enables data-driven insights based on telematics for
auto insurance data provided by insured vehicles. This architecture strives to support applications that
enable business use cases for telematics for auto insurance while providing insights into drivers, vehicles,
and critical incident response. This will be a key foundation for developing insurers’ intellectual property
about auto risks in the future.
8. The key components of the architecture include:
• Vehicle: The vehicle generates and transmits telematics for auto insurance data on a real-
time basis, which is stored and managed in a telematics server for real-time data access. The
telematics for auto insurance provider enables transmission of data from their servers to the
cloud/MFT infrastructure of the insurer for data processing.
• Data Collect and Ingest: Telematics for auto insurance data is collected and ingested on a
real-time basis using cloud-native services and stored as raw files in the cloud. This enables the
collection and staging of raw transactional data for pre-processing. Data access to the raw
layer will be enabled in this region.
• Process and Transform: Telematics for auto insurance data is enriched, de-duplicated,
processed, and key data attributes are selected for transformation to enable modeling and
storage of data. This stage enables the right attributes to be selected for use cases to be
implemented.
• Model and Store: This critical step ensures that the telematics for auto insurance data is
integrated with other critical insurance data elements. These now can include data from core
insurance systems for policy, claims and billing, etc., as well as data from external partners, such
as MGAs and TPAs, and third-party data, such as geospatial and demographics. The goal is to
provide a comprehensive view of data attributes across multiple domains and enable seamless
data consumption for visualization, data analytics, system-to-system integration, and enterprise
applications.
• Analyze and Consume: This step provides the consumption workloads, which are based on
business use cases for telematics for auto insurance. If an insurer offers UBI, this layer handles
consumption patterns for enterprise applications. It analyzes correlations with expected claims
to define risk models and informs actions on the UBI portfolio. This ensures the applications get
the right and accurate telematics for auto insurance data for unlocking the different use cases
along the insurance functions.
The current architecture differs from previous telematics architectural patterns significantly, as the use
cases for telematics for auto insurance are continuously evolving to meet various business needs. In
addition to classic use cases such as UBI and understanding driver behavior, insurers are continuously
providing additional services to customers, such as rewards for safe driving behavior, accident
response, claims handling, maintenance alerts, and mechanical failure diagnostics as part of their
telematics for auto insurance offerings. Hence, the data infrastructure needs to be significantly scaled up
to meet these needs.
ValueMomentum is seeing customers increase their telematics investments by 30% to 50% to consume,
process, store, and analyze telematics for auto insurance data. This evolution fully exploits IoT’s potential
for the auto insurance business: to continuously sense, understand, learn, and act in near-real time. This
is a one-time investment to build tech capabilities, and insurers then move into Run-the-Business (RTB)
mode after they are implemented.
9. This architecture helps insurers with two critical business goals they are striving to achieve:
• As telematics vendors move towards providing real-time streaming data, insurers need this
architecture to consume and process the real-time data and to extract valuable insights for the
different insurance functions. In addition, this architecture helps insurers scale. For instance, if an
insurer wants to expand telematics to its personal and commercial lines portfolio, implementing
a cloud-based scalable infrastructure is critical to a successful expansion.
• Providing flexibility on how long the telematics data is stored for a customer. The customer’s
preference is to have all telematics data erased when they exit the program. Having a modeled
storage layer makes it reliable and easy to identify and remove the raw customer data as per
business needs, without missing the intellectual property developed (e.g., risk models).
Expanding telematics is urgent to the current state of U.S. personal auto
insurance
Even after accounting for the cost of setting up the new telematics for auto insurance model, there’s
still a 5 percentage points combined ratio benefit to insurers, representing an extremely precious
U-turn opportunity.
Given that insurers obtained on average 1.8% profits over the past ten years in the U.S. — according
to the January 2023 “Report on Profitability by Line by State in 2021,” by National Association of
Insurance Commissioners — offering telematics for auto insurance to policyholders in this new value-
added model can increase profitability by driving down combined ratios.
Even a carrier at the early stages of its digital journey, let’s say with a take-up of their auto app on
only one-third of the portfolio, the potential profits would still be significant. Moreover, this would be
obtained without asking a penny more from the policyholders, providing instead the services customers
are asking for.
The technology for telematics in auto insurance is mature, and drivers clearly see benefits in additional
services. Insurers with the vision, the will, and the skills to act and bring change to telematics for auto
insurance in insurance will reap the benefits that come with an expanded market.
If you’re ready to begin your insurance telematics journey, check out our Data Insights & Analytics
Services for a jump start.