insurance telematics usa - chicago

Insurance Telematics - USA

Manjit  Rana  –  Co-­‐Founder  Ingenin  

ingenin .COM  

‘Smart’phones

let  me  invite  you  to  what  is  (probably)  the  most  amazing  story  of  

our  >me  

‘ o u r ’

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However,  we  must  begin  at  Chapter  2  and  miss  all  the  intro  bits  (story  for  really  began  a  couple  of  

years  ago)  

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Our  story  is  called  ‘Smartphones  are  Made  for  Insurance’  but  could  

easily  have  been…  ‘smartphones  make  

insurance  a  piece  of  cake’  

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In  our  story  all  characters  and  events  

are  true  to  life  

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Smartphones are made for FUN

SMARTPHONES ARE MADE FOR COMMERCE

Earlier  edi>ons  of  our  story  are  best  sellers  

the  world  over  

SMARTPHONES ARE MADE FOR

MAKING FRIENDS

Smartphones are made for BANKING

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‘Smartphones  are  Made  for  Insurance’  

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To  your  customers,  the  smartphone  is  likely  the  most  

aLrac>ve  personal  device  ever  made.    

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customer  interac>on  with  digital  services  and  devices  via  smartphones  will  con>nue  to  explode  2013-­‐2015  

these  interac5ons  form  

Personal Digital

Ecosystems or ‘PDE’s’

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This  is  what  a  typical  Driver  PDE  looks  Like  (i.e.  the  mobile  data  

services  we  use  in  cars)  

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Examples  of  smartphone  services  trying  to  get  our  aLen>on  and  become  part  

of  our  Driver  PDE  

How  do  these  new  smartphone  services  perform  for  drivers?*  

DESIRABILITY  

5/10  USEABILITY  

5/10  LONGEVITY  

3/10  EFFECTIVENESS  

5/10  

*Ingenin  Research  2012  Copyright Ingenin UK LLP 2012  

How  do  these  new  smartphone  services  perform  for  insurers?*  

BETTER    PRICING  

7/10  COST  

REDUCTION  

4/10  FRAUD  

REDUCTION  

4/10  CUSTOMER  RETENTION  

3/10  *Ingenin  Research  2012  

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‘must  begin  and  end  by  suppor>ng  the  needs  of  drivers  of  every  type’  

crea>ng  effec>ve  smartphone  services  for  insurers…  So…  

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‘must  begin  and  end  by  combining  driver  science,  inven>ve  use  of  smartphone  tech  and  deep  knowledge  of  insurer  challenges’  

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‘must  begin  and  end  by  crea>ng  services  that  genuinely  and  naturally  work  for  drivers  as  part  of  their  evolving  driver  PDE  and  deliver  

measurable  value  for  insurers’  Copyright Ingenin UK LLP 2012  

Design  to  AVOID  driver  distrac>on  –  use  non  visual  communica>on  where  possible  

Design  a  system  which  RESPONDS  to  the  driver  and  driving  circumstances  –  automate  where  possible  

Design  for  USE  –  Apps  installed,  kept  and  used  must  deliver  immediate  and  future  value  

Design  for  the  FUTURE  –  easier  to  evolve  a  driver  solu>on  rather  than  replace  it  

Thoughts…  For  Effec>ve  Solu>ons  

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DriveGen

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In the UK, delayed FNOL and poor scene of incident data costs insurers £100’s of millions

Insurers have tried countless ways to address this massive challenge

We are working with leading insurers to help them solve a big portion of this challenge with

their customers’ smartphones

DriveGen is a good example of applying the principles already outlined to provide value to

drivers and their insurers

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•  DriverPro  •  DriverSOS  •  Incident  analysis  

Via  the  MIQAR  Scene  of  Accident  repor>ng  plaborm  

“An effective solution must generate, record and communicate to an insurer (me), timely and

accurate scene-of-accident intelligence”

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DriveGen

1.  Be first to take control of a customers’ claim 2.  Gather accurate intelligence relating to the incident

•  MIQAR  or  ‘Mobile  Intelligent  Quick  Accident  Repor>ng’  •  MIQAR  services  integrated  with  the  DriveGen  smartphone  App  •  When  an  accident  occurs,  DriveGen  alerts  the  insurer  and  

provides  the  insurer  with  analysis  of  the  incident  

Interpreting accident reporting, a problem worthy of the great Mr. Holmes

“Watson, what probable methods can help an insurer take control of a customers’ motor claim at the point and time of an incident?”

CHALLENGES:

The MIQAR system:

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OVER  TO  YOU…  

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Thank You