Xuber's Head of Product Strategy, John Racher, presents at #TINtech2013
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This document discusses how innovations in personal insurance can benefit commercial insurers. It notes that personal insurers were early adopters of technologies like online quoting, comparison sites, mobile access, telematics, data analytics, and social media marketing. These innovations could also be applied to commercial insurance. Specifically, the document suggests commercial insurers could use telematics for fleet vehicles and ships, enable better collaboration between insurers and other parties on claims, and provide additional resolution services beyond compensation for commercial policyholders.
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Xuber's Head of Product Strategy, John Racher, presents at #TINtech2013
- 1. How commercial insurers can benefit from innovations in personal insurance Xuber Keynote Presentation 13 June 2013
- 2. Xuber John Racher Head of Product Strategy @JR_Xuber 2
- 5. Digital will look different in five years and unrecognisable in ten 456 156 48 36 33 24 21 0 50 100 150 200 250 300 350 400 450 500 Radio TV Internet iPod iPhone Facebook iPad Months for user count to reach 50 million According to Market Analysts Celent the next wave of technology adoption will be months and not years. Donald Light, Celent Director of Americas Property & Casualty practice at ACORD LOMA Conference 2013 5
- 6. What we want now… To contact you anywhere, anytime, on any device… …and for you to know who we are when we do 6
- 7. Personal Lines market first to adopt… • Simple internet quoting • Online comparison websites • Online self service policy & claims • Customer centric interactions • Collaboration • Mobile access to your data • Telematics • Data analytics & big data • Fraud detection • Social media sales & marketing • Resolution Simples 7
- 10. Big Data - but what’s the BIG deal? 10
- 11. Telematics – won’t drive you crazy 11
- 13. Telematics – wider than private motor? 13 • Telematics is a general term that refers to any device which “merges telecommunications and informatics” – Personal Motor GPS based “Black Box” • Obvious adoption in the Commercial space would be Fleet motor • Equally possible Marine vessel tracking, collision avoidance, Cargo theft prevention 13
- 14. Collaboration: time to get together 14
- 16. Collaboration – can we work together? • Personal lines policies can be managed online including claim reporting and status Customers interact with the Carrier at every stage • Commercial carriers are starting to adopt this with collaboration between Carrier, loss adjusters, assessors and lawyers. • Underwriter is often involved with claims process. Need for seamless cross team collaboration to improve customer experience 16
- 17. Go the extra mile Think resolution not just compensation 17
- 19. Think resolution not just compensation • Personal lines claims service provides assistance to claimant – locksmiths, carpenters, replacement car or nearest repair garage • Commercial lines could offer disaster recovery services, industry expert contacts and access to medical professionals 19