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November 2016
Initiative presentation
Connected Insurance Observatory
2
The Observatory
• Data provided by the Internet of Things represent an
extraordinary opportunity for Insurance Companies in order to:
- Improve risk selection
- Innovate pricing definition processes
- Sell additional services (following the de-risking process on several
lines)
- Move from just paying claims to a more proactive role, fundamental
element for profitability improvements
- Engage customers (enhance communication frequency and value)
• The most mature InsurTech use case is auto insurance
telematics (already mainstream in some countries like Italy)
• The Connected Insurance Observatory is the first insurance
think tank specialized in the insurance IoT domain:
- It aggregated on the first 11 months of activity more than 25 European
Insurers, institution like ANIA (Italian National Association of Insurers)
and almost 20 partners from the IoT ecosystem
- Since the beginning of 2017, the Observatory will start its operations
in the US with a dedicated team lead by Matteo Carbone
• Connected Insurance Observatory is about
connecting people and ideas in order to spread the
innovation culture over the insurance market
2
The Observatory
• Data provided by the Internet of Things represent an
extraordinary opportunity for Insurance Companies in order to:
- Improve risk selection
- Innovate pricing definition processes
- Sell additional services (following the de-risking process on several
lines)
- Move from just paying claims to a more proactive role, fundamental
element for profitability improvements
- Engage customers (enhance communication frequency and value)
• The most mature InsurTech use case is auto insurance
telematics (already mainstream in some countries like Italy)
• The Connected Insurance Observatory is the first insurance
think tank specialized in the insurance IoT domain:
- It aggregated on the first 11 months of activity more than 25 European
Insurers, institution like ANIA (Italian National Association of Insurers)
and almost 20 partners from the IoT ecosystem
- Since the beginning of 2017, the Observatory will start its operations
in the US with a dedicated team lead by Matteo Carbone
• Connected Insurance Observatory is about
connecting people and ideas in order to spread the
innovation culture over the insurance market
4
It will not happen overnight –
adoption requires defined sequential steps
5
The insurance telematics industry is still in the
very early stages…
6
… but it is bound to change motor insurance
around the world
0
20
40
60
80
100%
Italy UK U.S. Germany France
5 Very Likely
4
3
2
1 Not at All
Likely
"How likely would you be willing to agree to have a black box fitted in your car or a
driving app on your smartphone that would track position and driving behaviors in
order to receive services and a discount on your auto insurance premium?"
Source: Connected Insurance Observatory, Bain & Company, SSI
BIG CUSTOMERS BASE AROUND THE WORLD WILLING
TO USE TELEMATICS
INSURTECH TELEMATICS
START UPS GAINING SPEED
• Metromile is a variably-priced, pay-per-mile car insurance provider
• Last investment round ($191M) will be used to acquire Mosaic
Insurance – first insurtech start-up to acquire insurance incumbent
• NAUTO uses cameras, motion sensors and GPS systems, as well as
artificial intelligence software, to detect what is happening on the
road, as well as inside a car
• Big-name auto and insurance companies BMW, Toyota and Allianz
Group invested in the start-up and entered into data-sharing
partnerships
7
RISK SELECTION:
- Low risk customers acquisition and connected reduction in
fraudulent intents
- Underwriting process quality improvement
RISK-BASED PRICING
- Usage-Based Insurance: pricing
definition process based on "quantity"
and "level" of risk exposure
LOYALTY AND "BEHAVIOR-STEERING"
- Loyalty systems based on detected customer
driving behavior
- Positive behavior
reinforcement
- Gamification
Connected insurance impacts the whole
insurance value chain and generates real value
for the insurance sector
SERVICES…
- …concerning policy information
- …having high value added for drivers
- …related to insurance cross-selling and
products connected to the insurance
contract
LOSS CONTROL
- Proactive intervention for claims
management
- Objective information about incidents
- Use of value-added services in order to
mitigate the risk/ prevent the loss
Telematics
Value
Creation
Source: Connected Insurance Observatory , Bain & Company
8
Connected insurance: what is in it for insurers?
Improve insurance profit & loss
through specialization and setup of
partnerships
Enhance proximity and interaction
frequency with the customer while
creating new customer experience
and offering additional services
Create and consolidate knowledge
about the risks and the customer
base
Frequency of
interaction
Benefits on the
insurance
bottom line
Knowledge
creation
1
2
3
Source: Connected Insurance Observatory , Bain & Company
9
The scope of the Connected Insurance Observatory
is the Insurance IoT
Objectives
Scouting and rationalizing
qualitative/quantitative
knowledge on Connected
Insurance
Sharing a critical point of view of
key trends and spreading
innovation culture
Encouraging stakeholders
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
10
The 2016 European Connected Insurance
Observatory in a nutshell
Insurance Groups
Involved hundreds of executives
from more from 26 Insurers both at
local level (Italian branch) and at
European Group Level
26
Institutions and Partners
Selected list of heterogeneous
partners contributing to the
insurance discussion about
innovation with different
angles
18
Plenary meetings
3 full days of keynote speeches,
discussions, roundtable.
A terrific networking opportunity
3
Hours of workshop
More than 130 "one to one" workshops
(2-3 meeting dedicated to each
company joined the Observatory)
280
5
Business insurance lines addressed
Unique research based on innovation thought
leadership and insurance acumen on all the
insurance business lines
11
The 2016 European Observatory edition put
together an impressive line of leading players
• Generali Group and Europe
Assistance
• Axa Group
• Zurich Group
• Allianz Global Assistance
• Reale Group
• Gruppo Poste Vita
• Groupama
• Gruppo Cattolica
• Sara
• Credit Agricole Assurance
• Helvetia
• HDI
• IMA Assistance
• Swiss Re
• Munich Re
• Scor
• RGA
• Cardif
• Chubb
• Ageas
• Avipop
• Filo Diretto
• ITAS
• RBM Salute
• La Parisienne
• AIOI NISSAY DOWA
• Italian National
Association of
Insurers (ANIA)
• Guidewire
• SSI
• DigitalTech
International
• Sysdata
• Neosurance
• Portolano Cavallo
• Venture Scanner
• InfoBlu
• Italian National
Association of
Brokers (AIBA)
• Appian
• Octo Telematics
• Vodafone
Automotive
• Aubay
• Eumetra Monterosa
• IRSA
• LoJack
• InsurTech News
Institutions and PartnersInsurance Groups
12
Since the beginning of 2017, we will start also the
North American Connected Insurance Observatory
The two Observatories together will create an impressive opportunity to
cross-fertilize the insurance innovation thoughts across geographies
13
We address four thematic areas in each of the one
to one workshops and the plenary meetings
The new challenge
of connected
insurance
The impact of connected
insurance on risk
selection and claims
Connected insurance:
customer relations and
customer engagement
The risks of connected
insurance: privacy, data
ownership, cyber risk
• Representation of the state of adoption
• Analysis of the challenges and opportunities , in place and in
perspective , of all the main business areas
• The impact of innovation:
– on selection processes of differentiation and customization of risks
– on risk-based pricing approaches
– on loss control through the mitigation levers of risk and optimization
of claims management processes
• The connected insurance can:
– change the relationship with customers
– improve understanding between contracting parties by reducing the
mutual information asymmetries
– provide value-added services
– increase loyalty and insured's empowerment in favor of behaviors
and lifestyles more aware and responsible
• Focus on the critical issues, constraints and operational tests
that the connected insurance foresees in terms of :
– compliance
– information technology
– operational risks relating to managing security and confidentiality of
processed data
14
The Observatory provide to the participants the best
knowledge available worldwide on Connected
Insurance
Scouting and
rationalizing
quali/quantitative
knowledge on Connected
Insurance
Observatory's topics Objectives
1. Collection of evidences concerning
connected insurance approaches
2. Researches on consumer expectation and on
distribution of connected insurance products
3.Best practice analysis with market benchmark
and international innovation scouting
4. Three annual collegial events in order to
share with Observatory's Stakeholders ideas
and experiences on connected insurance
5. 1to1 deep dive meetings (workshops) with
each Insurance Company to present and
discuss the Observatory's research
15
Rationalize the knowledge and represent the
state of the art of the innovation
Source: Connected Insurance Observatory's Research Reports
16
The Observatory provide to the participants the best
knowledge available worldwide on Connected
Insurance
Scouting and
structuring
quali/quantitative
knowledge on Connected
Insurance
Sharing a critical point of
view of key trends and
spreading innovation
culture
Observatory's topics Objectives
1. Collection of evidences concerning
connected insurance approaches
2. Researches on consumer expectation and on
distribution of connected insurance products
3.Best practice analysis with market benchmark
and international innovation scouting
4. Three annual collegial events in order to
share with Observatory's Stakeholders ideas
and experiences on connected insurance
5. 1to1 deep dive meetings (workshops) with
each Insurance Company to present and
discuss the Observatory's research
17
Give a critical review of the major trends,
opportunities and pitfalls
Source: Connected Insurance Observatory's Research Reports
18
Observatory's topics Objectives
The Observatory provide to the participants the best
knowledge available worldwide on Connected
Insurance
Scouting and
structuring
quali/quantitative
knowledge on Connected
Insurance
Sharing a critical point of
view of key trends and
spreading innovation
culture
Encouraging stakeholders
discuss experiences and
exchange ideas about
innovation
1. Collection of evidences concerning
connected insurance approaches
2. Researches on consumer expectation and on
distribution of connected insurance products
3.Best practice analysis with market benchmark
and international innovation scouting
4. Three annual collegial events in order to
share with Observatory's Stakeholders ideas
and experiences on connected insurance
5. 1to1 deep dive meetings (workshops) with
each Insurance Company to present and
discuss the Observatory's research
19
Stimulate the discussion on the key
challenges common across the industry
Privacy Rules
Data portability
Data standardization
…
Data Ownership
Cyber risk
Connected insurance landscape
Motor Ecosystem
E-health Ecosystem
Insurance
Company
Client
Security
Thermostat
Water Detection
Smoke Detection
Energy
management
Appliances control
Infotainment
Wearable
Remote monitoring
Remote health advice
Smartwatch
Wellnessapp
Self
quantification
EMRs
E-shop food & grocery
E-pharmacy
Education
Navigation
Infotainment Road/park charging
Diagnostic &
maintenance
Crashassistance
Education
eCalls
Stolen vehicle recovery
Domotics Ecosystem
Data
20
The Observatory is dedicated to its members and it
is available to support any participant to use the
Observatory's contents and to boost their visibility
The Telegraph
"Future of
Insurance" 2016
campaign
Octo Telematics
Italian AXA
paper n.8
ITALIAN AXA
FORUM
2016
Axa
Telematics
White Paper
(expected by
February '17)
Swiss Re
Bain
Financial
Service Brief
September
'16
Bain
The
connected
and
sustainable
insurance
December
'16
Connected
Insurance
Observatory
21
Some quotes from the participants to the 2016
edition
Thank you for providing a space where lots of insightful ideas about our industry could be shared
and discussed openly. I found the sessions very interesting!
System Integrator
Great platform for engage and discuss a wide range of topics and ideas that will impact all of us
in the insurance industry soon
Reinsurer
The Observatory created more value month by month…it is really useful have a systematic
representation of topics we deal with daily but we was missing to rationalize
Insurer
The initiative provided though-provoking contents. The deep dive sessions were clear and
stimulated great engagement within the organization
Insurer
Relevant opportunity to approach unique contents about connected insurance – both from
actuarial angle and customer angle - and to discuss them with Insurance Executives, Associations
and the Regulator
IT provider
22
Contacts
Matteo Carbone
Principal in Bain & Company's Financial Services
Founder and Responsible of the Connected Insurance Observatory
Keynote speaker and writer on insurance innovation
Top 50 InsurTech Influencer (1° InsurTech Influencer by InsurtechNews, Top 10 InsTech
Influencer by InstechLondon, Top 15 IoT Influencer by Postscapes, Top 25 Disruptors in the
Insurance Industry by Vertafone)
Matteo.carbone@bain.com
+393346220378

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The Connected Insurance Observatory

  • 2. 2 The Observatory • Data provided by the Internet of Things represent an extraordinary opportunity for Insurance Companies in order to: - Improve risk selection - Innovate pricing definition processes - Sell additional services (following the de-risking process on several lines) - Move from just paying claims to a more proactive role, fundamental element for profitability improvements - Engage customers (enhance communication frequency and value) • The most mature InsurTech use case is auto insurance telematics (already mainstream in some countries like Italy) • The Connected Insurance Observatory is the first insurance think tank specialized in the insurance IoT domain: - It aggregated on the first 11 months of activity more than 25 European Insurers, institution like ANIA (Italian National Association of Insurers) and almost 20 partners from the IoT ecosystem - Since the beginning of 2017, the Observatory will start its operations in the US with a dedicated team lead by Matteo Carbone • Connected Insurance Observatory is about connecting people and ideas in order to spread the innovation culture over the insurance market
  • 3. 2 The Observatory • Data provided by the Internet of Things represent an extraordinary opportunity for Insurance Companies in order to: - Improve risk selection - Innovate pricing definition processes - Sell additional services (following the de-risking process on several lines) - Move from just paying claims to a more proactive role, fundamental element for profitability improvements - Engage customers (enhance communication frequency and value) • The most mature InsurTech use case is auto insurance telematics (already mainstream in some countries like Italy) • The Connected Insurance Observatory is the first insurance think tank specialized in the insurance IoT domain: - It aggregated on the first 11 months of activity more than 25 European Insurers, institution like ANIA (Italian National Association of Insurers) and almost 20 partners from the IoT ecosystem - Since the beginning of 2017, the Observatory will start its operations in the US with a dedicated team lead by Matteo Carbone • Connected Insurance Observatory is about connecting people and ideas in order to spread the innovation culture over the insurance market
  • 4. 4 It will not happen overnight – adoption requires defined sequential steps
  • 5. 5 The insurance telematics industry is still in the very early stages…
  • 6. 6 … but it is bound to change motor insurance around the world 0 20 40 60 80 100% Italy UK U.S. Germany France 5 Very Likely 4 3 2 1 Not at All Likely "How likely would you be willing to agree to have a black box fitted in your car or a driving app on your smartphone that would track position and driving behaviors in order to receive services and a discount on your auto insurance premium?" Source: Connected Insurance Observatory, Bain & Company, SSI BIG CUSTOMERS BASE AROUND THE WORLD WILLING TO USE TELEMATICS INSURTECH TELEMATICS START UPS GAINING SPEED • Metromile is a variably-priced, pay-per-mile car insurance provider • Last investment round ($191M) will be used to acquire Mosaic Insurance – first insurtech start-up to acquire insurance incumbent • NAUTO uses cameras, motion sensors and GPS systems, as well as artificial intelligence software, to detect what is happening on the road, as well as inside a car • Big-name auto and insurance companies BMW, Toyota and Allianz Group invested in the start-up and entered into data-sharing partnerships
  • 7. 7 RISK SELECTION: - Low risk customers acquisition and connected reduction in fraudulent intents - Underwriting process quality improvement RISK-BASED PRICING - Usage-Based Insurance: pricing definition process based on "quantity" and "level" of risk exposure LOYALTY AND "BEHAVIOR-STEERING" - Loyalty systems based on detected customer driving behavior - Positive behavior reinforcement - Gamification Connected insurance impacts the whole insurance value chain and generates real value for the insurance sector SERVICES… - …concerning policy information - …having high value added for drivers - …related to insurance cross-selling and products connected to the insurance contract LOSS CONTROL - Proactive intervention for claims management - Objective information about incidents - Use of value-added services in order to mitigate the risk/ prevent the loss Telematics Value Creation Source: Connected Insurance Observatory , Bain & Company
  • 8. 8 Connected insurance: what is in it for insurers? Improve insurance profit & loss through specialization and setup of partnerships Enhance proximity and interaction frequency with the customer while creating new customer experience and offering additional services Create and consolidate knowledge about the risks and the customer base Frequency of interaction Benefits on the insurance bottom line Knowledge creation 1 2 3 Source: Connected Insurance Observatory , Bain & Company
  • 9. 9 The scope of the Connected Insurance Observatory is the Insurance IoT Objectives Scouting and rationalizing qualitative/quantitative knowledge on Connected Insurance Sharing a critical point of view of key trends and spreading innovation culture Encouraging stakeholders 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
  • 10. 10 The 2016 European Connected Insurance Observatory in a nutshell Insurance Groups Involved hundreds of executives from more from 26 Insurers both at local level (Italian branch) and at European Group Level 26 Institutions and Partners Selected list of heterogeneous partners contributing to the insurance discussion about innovation with different angles 18 Plenary meetings 3 full days of keynote speeches, discussions, roundtable. A terrific networking opportunity 3 Hours of workshop More than 130 "one to one" workshops (2-3 meeting dedicated to each company joined the Observatory) 280 5 Business insurance lines addressed Unique research based on innovation thought leadership and insurance acumen on all the insurance business lines
  • 11. 11 The 2016 European Observatory edition put together an impressive line of leading players • Generali Group and Europe Assistance • Axa Group • Zurich Group • Allianz Global Assistance • Reale Group • Gruppo Poste Vita • Groupama • Gruppo Cattolica • Sara • Credit Agricole Assurance • Helvetia • HDI • IMA Assistance • Swiss Re • Munich Re • Scor • RGA • Cardif • Chubb • Ageas • Avipop • Filo Diretto • ITAS • RBM Salute • La Parisienne • AIOI NISSAY DOWA • Italian National Association of Insurers (ANIA) • Guidewire • SSI • DigitalTech International • Sysdata • Neosurance • Portolano Cavallo • Venture Scanner • InfoBlu • Italian National Association of Brokers (AIBA) • Appian • Octo Telematics • Vodafone Automotive • Aubay • Eumetra Monterosa • IRSA • LoJack • InsurTech News Institutions and PartnersInsurance Groups
  • 12. 12 Since the beginning of 2017, we will start also the North American Connected Insurance Observatory The two Observatories together will create an impressive opportunity to cross-fertilize the insurance innovation thoughts across geographies
  • 13. 13 We address four thematic areas in each of the one to one workshops and the plenary meetings The new challenge of connected insurance The impact of connected insurance on risk selection and claims Connected insurance: customer relations and customer engagement The risks of connected insurance: privacy, data ownership, cyber risk • Representation of the state of adoption • Analysis of the challenges and opportunities , in place and in perspective , of all the main business areas • The impact of innovation: – on selection processes of differentiation and customization of risks – on risk-based pricing approaches – on loss control through the mitigation levers of risk and optimization of claims management processes • The connected insurance can: – change the relationship with customers – improve understanding between contracting parties by reducing the mutual information asymmetries – provide value-added services – increase loyalty and insured's empowerment in favor of behaviors and lifestyles more aware and responsible • Focus on the critical issues, constraints and operational tests that the connected insurance foresees in terms of : – compliance – information technology – operational risks relating to managing security and confidentiality of processed data
  • 14. 14 The Observatory provide to the participants the best knowledge available worldwide on Connected Insurance Scouting and rationalizing quali/quantitative knowledge on Connected Insurance Observatory's topics Objectives 1. Collection of evidences concerning connected insurance approaches 2. Researches on consumer expectation and on distribution of connected insurance products 3.Best practice analysis with market benchmark and international innovation scouting 4. Three annual collegial events in order to share with Observatory's Stakeholders ideas and experiences on connected insurance 5. 1to1 deep dive meetings (workshops) with each Insurance Company to present and discuss the Observatory's research
  • 15. 15 Rationalize the knowledge and represent the state of the art of the innovation Source: Connected Insurance Observatory's Research Reports
  • 16. 16 The Observatory provide to the participants the best knowledge available worldwide on Connected Insurance Scouting and structuring quali/quantitative knowledge on Connected Insurance Sharing a critical point of view of key trends and spreading innovation culture Observatory's topics Objectives 1. Collection of evidences concerning connected insurance approaches 2. Researches on consumer expectation and on distribution of connected insurance products 3.Best practice analysis with market benchmark and international innovation scouting 4. Three annual collegial events in order to share with Observatory's Stakeholders ideas and experiences on connected insurance 5. 1to1 deep dive meetings (workshops) with each Insurance Company to present and discuss the Observatory's research
  • 17. 17 Give a critical review of the major trends, opportunities and pitfalls Source: Connected Insurance Observatory's Research Reports
  • 18. 18 Observatory's topics Objectives The Observatory provide to the participants the best knowledge available worldwide on Connected Insurance Scouting and structuring quali/quantitative knowledge on Connected Insurance Sharing a critical point of view of key trends and spreading innovation culture Encouraging stakeholders discuss experiences and exchange ideas about innovation 1. Collection of evidences concerning connected insurance approaches 2. Researches on consumer expectation and on distribution of connected insurance products 3.Best practice analysis with market benchmark and international innovation scouting 4. Three annual collegial events in order to share with Observatory's Stakeholders ideas and experiences on connected insurance 5. 1to1 deep dive meetings (workshops) with each Insurance Company to present and discuss the Observatory's research
  • 19. 19 Stimulate the discussion on the key challenges common across the industry Privacy Rules Data portability Data standardization … Data Ownership Cyber risk Connected insurance landscape Motor Ecosystem E-health Ecosystem Insurance Company Client Security Thermostat Water Detection Smoke Detection Energy management Appliances control Infotainment Wearable Remote monitoring Remote health advice Smartwatch Wellnessapp Self quantification EMRs E-shop food & grocery E-pharmacy Education Navigation Infotainment Road/park charging Diagnostic & maintenance Crashassistance Education eCalls Stolen vehicle recovery Domotics Ecosystem Data
  • 20. 20 The Observatory is dedicated to its members and it is available to support any participant to use the Observatory's contents and to boost their visibility The Telegraph "Future of Insurance" 2016 campaign Octo Telematics Italian AXA paper n.8 ITALIAN AXA FORUM 2016 Axa Telematics White Paper (expected by February '17) Swiss Re Bain Financial Service Brief September '16 Bain The connected and sustainable insurance December '16 Connected Insurance Observatory
  • 21. 21 Some quotes from the participants to the 2016 edition Thank you for providing a space where lots of insightful ideas about our industry could be shared and discussed openly. I found the sessions very interesting! System Integrator Great platform for engage and discuss a wide range of topics and ideas that will impact all of us in the insurance industry soon Reinsurer The Observatory created more value month by month…it is really useful have a systematic representation of topics we deal with daily but we was missing to rationalize Insurer The initiative provided though-provoking contents. The deep dive sessions were clear and stimulated great engagement within the organization Insurer Relevant opportunity to approach unique contents about connected insurance – both from actuarial angle and customer angle - and to discuss them with Insurance Executives, Associations and the Regulator IT provider
  • 22. 22 Contacts Matteo Carbone Principal in Bain & Company's Financial Services Founder and Responsible of the Connected Insurance Observatory Keynote speaker and writer on insurance innovation Top 50 InsurTech Influencer (1° InsurTech Influencer by InsurtechNews, Top 10 InsTech Influencer by InstechLondon, Top 15 IoT Influencer by Postscapes, Top 25 Disruptors in the Insurance Industry by Vertafone) Matteo.carbone@bain.com +393346220378