insurance telematics usa - chicago
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The future of insurance telematics will involve smartphones - here are some of our views...TRANSCRIPT
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 ’
Copyright Ingenin UK LLP 2012
However, we must begin at Chapter 2 and miss all the intro bits (story for really began a couple of
years ago)
Copyright Ingenin UK LLP 2012
Our story is called ‘Smartphones are Made for Insurance’ but could
easily have been… ‘smartphones make
insurance a piece of cake’
Copyright Ingenin UK LLP 2012
In our story all characters and events
are true to life
Copyright Ingenin UK LLP 2012
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
Copyright Ingenin UK LLP 2012
‘Smartphones are Made for Insurance’
Copyright Ingenin UK LLP 2012
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’
Copyright Ingenin UK LLP 2012
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…
Copyright Ingenin UK LLP 2012
‘must begin and end by combining driver science, inven>ve use of smartphone tech and deep knowledge of insurer challenges’
Copyright Ingenin UK LLP 2012
‘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
Copyright Ingenin UK LLP 2012
DriveGen
Copyright Ingenin UK LLP 2012
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
Copyright Ingenin UK LLP 2012
• 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”
Copyright Ingenin UK LLP 2012 ingenin
.COM
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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.COM
OVER TO YOU…
Copyright Ingenin UK LLP 2012
Copyright Ingenin UK LLP 2012 ingenin
.COM
ingenin .COM
Thank You