telematics for the home · the roost home and property telematics solution sensors + branded mobile...
TRANSCRIPT
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Telematics for the Home
Customer Engagement & Insights
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Co-Founder and CEO, Roost
Roel Peeters
VP Strategy, Innovation & Strategic Partnerships, Desjardins
Roost Confidential 2
Speakers
Boris Collignon
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Global Leader in Property Telematics Focused on the Insurance Industry
For Personal and Commercial Lines
Launched in Silicon Valley in
2014 by successful tech
entrepreneurs
Currently partnered with 25+
insurance companies around
the globe
300K+ Sensors in market in all
50 US states, Canada, Europe,
and Australia
Billions of new data points
provided to insurance
companies and their
policyholders
Roost Confidential 3
Who We Are
Strategic Investment Partners
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• Direct to consumer focus initially• Zero insurance partners
• Saw opportunity to help P&C insurance industry transform• Pivoted company to focus 100% on P&C insurance industry
• Met with 250+ insurance company executive teams around the world• Established 25+ partnerships with insurance carriers
• Hundreds of thousands of sensors deployed globally to policyholders
• Initial insights developed from multiple data sources• Customer journey
• Policyholder engagement
• Loss prevention & mitigation
Roost Experience & Insights Our journey over 5 years
Roost Confidential 4
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Insurance Carrier Partners
Roost Confidential 5
Key Insights• Roost solutions are compelling and work for carriers of all sizes
• This is as much about digital customer engagement as it is about loss mitigation for carriers
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Where the industry has been
• Reactionary indemnification
• Communicate once or twice a year
• High loss costs 40-60% of premium
• Historic static data gathered outside the
property
Where the industry is going
• Proactive prevention
• Communicate often with policyholder
• Reduce loss costs
• Capture real-time data within the property to
support better risk selection & pricing
Roost Confidential 6
Key Insights• The insurance industry is embracing sensor technology to help drive transformation
• Numerous new insurance carriers are bundling insurance policies with sensors
• Distribution of sensors to policyholders is becoming table-stakes in P&C insurance
How Roost is Driving Digital Transformation
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f• 10.4% response rate from 12,000 Roost users invited
• Roost sensors installed – Water Leak/Freeze (857), Smart 9V Battery (632), Smart Garage Door/Other (159)
• User activation period range
• (1) Water Leak/Freeze sensor – 1 year
• (1) Smart 9V Battery – 2 years
• Largest demographic – Male, 45 to 60 years old, $100K to $150K household income, 92% are homeowners
Roost Confidential 7
Roost US Homeowner Survey - February 2019 Survey data & insights
Primary quantitative study of 1,252 Roost device customers that responded to survey
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Perceived poor
value proposition
Policyholder’s View of Value Proposition
Roost Confidential 8
54%
Smart home devices are too expensive
45%
I don’t see any benefit to my lifestyle
Key Insights• Most policyholders will not purchase Smart Water Leak/Freeze or Smart Smoke Alarms/sensors
• 86% believe that Roost is a valuable addition to their home
• 85% believe that they have a greater sense of peace-of-mind
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What has been Desjardins’ experience with the Alert program?
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• Objective: • Provide carriers with a white-label turn-key solution to offer policyholders a free carrier-branded mobile app with
one Roost smart home sensor for < $50
• Carrier benefits:• Capture policyholder verified email and mobile phone number
• “Real Estate” on policyholder’s phone with a branded mobile app
• New positive engagement with policyholder – improved brand exposure, brand affinity, NPS and customer experience
• Opportunity to mitigate or reduce fire and water leak claim costs
• Access to new data from inside the home
• Policyholder benefits: • Increase peace-of-mind at home through new “safety solutions”
• New positive perception of their carrier
• Solution detail:• One Roost smart sensor + white-labeled app + mobile app services
Roost’s ApproachSeed One Strategy
Roost Confidential 10
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Core value propositions:
• Customer engagement• Sensors enable a positive tangible experience• Compelling reason to download a mobile app• Verified email and mobile phone number• Transition from a paper to a digital relationship• Increased NPS, retention and brand affinity
• Claims cost mitigation• Reduce the cost of fire claims by faster
response to smoke alarm alerts & 911 action.• Eliminate the filing of water claims by early detection of
slow leaks • Helps transition to “prevention and protection”
• Data• Sensor and application data
Solution components:
• Cloud connected smart sensors
• White-label mobile app & services
• Data capture
• Turn-key deployment
Roost Confidential 11
The Roost Home and Property Telematics SolutionSensors + branded mobile app + data + deployment program…
Key Insights• Policyholders 77% more likely to recommend their insurance company after receiving a Roost sensor
• Alerted water leak claims resulted in lower claims costs
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How does the Alert program fit in the context of a broader customer engagement strategy?
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You have an existing mobile app
Roost programs drive significantly higher
policyholder downloads of your mobile app
Two choices:
• Use Roost white-label app (included in program)
that links to your consumer portal
• Integrate Roost functionality into your existing
app (requires Roost SDK & IT integration project)
Access to policyholder relevant and engaging high
value 3rd party services
Carriers will experience significant increase in
mobile app downloads with Roost
You don’t have a mobile app
The Roost white-label carrier branded mobile
app is the digital engagement platform that
connects you to policyholders and agents
• Roost white-label app becomes your de-facto
mobile app for policyholder engagement
• Looks, acts, and feels like carrier mobile app
• You now have verified email and mobile phone
numbers for all participating policyholders
• Manages and monitors Roost devices
• Provides policyholders with link to carrier
consumer portal and high-value 3rd party services
Put your brand in front of your policyholders multiple times each month
The Roost White-Label Mobile AppThe digital engagement connection to your policyholders
Roost Confidential 13
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Insurance Carrier White-Label AppYour brand & functionality + homeowner focused engagement services
Roost Confidential 14
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Mobile App Services TodayMuch more than management & monitoring of Roost sensors
App home screen
• Management & monitoring of Roost sensors and data
• Links to carrier self-service portal for policyholder services
• ID Card
• Pay-My-Bill
• FNOL
• Policy service
• Claim status
• Roadside Assistance
Roost Confidential 15
Severe weather alerts
Hyper local notifications drive action
• 500 m2 or zip code granularity
User enables up to 2 locations
Severe weather event warnings
• Precipitation
• Hail, heavy rain, flash flood, heavy snow accumulation
• Wind, storms & wildfire
• High wind, thunderstorms, tornado, hurricane, tropical storms, wildfire warning
• Temperatures
• Freezing temps & high temp warnings
Property Services
• Water leak notification... app button
triggers “local plumber call back in less
than 90 seconds“ feature
• Quick link to 250,000 local area home &
property service providers in the US
• Proactive property prevention services
communication platform
Key Insight73% of policyholders interact with the Roost mobile app monthly, 34% weekly, 13% daily
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What is the importance of customer interaction with your mobile app?
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Turn-key Custom ProgramRapid custom program development & sensor deployment
Roost Confidential 17
• Kick off session with core team
• Customize by segmentation target and outreach method
• Build customer journeys to optimize impact
• Roost can drive the engagement execution
• Marketing automation to drive opt-in
• Surveys – qualification and post ship.
• Direct shipment and fulfillment to policyholders
• Weekly meetings and Quarterly Business Reviews during initial 9-12 month program rollout period
• No IT resources required
90 day launch and deploymentProject task
Duration
(days) 18 25 2 9 16 23 30 6 13 20 27 3 10 17 24 1 8 15 22 29
Kickoff 1 6/21/2018
Identify Customer Journeys (CJs) 7
Digital assets
Identify assets associated with CJ 5
Customize online CJ Assets 8
Edit and iterate for online assets 20
Implement & test marketing automation 20
Approval of marketting automation - 8/22
Marketing automation ready - 8/27
Print assets
Roost design custom package sleeve & QSG 7
Partner review of package sleeve & QSG 4
Approval of custom sleeve & QSG to print - 7/11
Partner design custom print welcome card 7
Roost review of welcome card & revisions 4
Printing of proof & delivery to partner - 7/11
Approval of welcome card to print - 7/18
Print assets are printed in China 21
Co-branded app
App customization 28
App testing & review 28
Approval of app - 9/12
App release to Apple / Google Play -
Shipment
Pack and sea ship from China 42
Arrival of sea shipment - 9/17
Program launch - 9/24
September OctoberJune July August
Key Insights• Successful carriers iterate early and often to maximize success
• Plan 6 to 9 months to maximize customer journey effectiveness
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Included in the Homeowners Pilot Program
Roost Homeowners Pilot ProgramWhat is included
Roost Confidential 18
• One Roost Water Leak/Freeze sensor
• Option for 2-pack with one Water Leak/Freeze sensor + one Smart Garage Door sensor or Smart 9V battery
• Carrier-branded mobile app customization and maintenance
• Carrier-branded packaging, quick start guide, and custom welcome card
• Data and data dashboard
• Development of customer journey
• Marketing automation tools
• Implementation management
• Manage inventory, pick, pack, ship, and track sensors to policyholders
• On-going customer support via text, e-mail, or telephone
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Policyholder Loyalty
Roost Confidential 19
Nearly 40% of U.S. broadband households report that they would switch insurance
providers to obtain smart home products.
77% of Roost customers would be more likely to recommend their insurance company after receiving Roost sensor
47 NPS those who received their Roost device from an
Insurance Carrier
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What has been your experience with the impact of Alert on retention?
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•Results from water leaks and fires in users homes • Significantly less claims filed
• Lower claims cost
Reduction of claim cost impact
Roost Confidential 21
Directional analysis of claims cost from people that installed a water leak detector and/or a smart 9V battery
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• Highest value/lowest cost, best ROI solution in market
- Program payback period typically under 12 months
- Increased policyholder peace-of-mind and satisfaction with their insurance carrier
- Real digital engagement that results in a much-improved customer experience for policyholders
• Solutions built exclusively for the P&C insurance industry and branded for the insurance carrier
• More than 25 insurance company partners around the globe, and growing
• Sustainable growth trajectory and R&D investment focus
• Over 100 years of combined insurance industry/insurtech experience on Roost team
• Single-minded focus on helping the insurance industry and their policyholders
Why Roost?Best combination of affordable loss mitigation & policyholder engagement
Roost Confidential 22
Digital Transformation. Proactive Prevention. Value.
• Highest value/lowest cost, best ROI solution in market
- Program payback period typically under 12 months
- Increased policyholder peace-of-mind and satisfaction with their insurance carrier
- Real digital engagement that results in a much-improved customer experience for policyholders
• Solutions built exclusively for the P&C insurance industry and branded for the insurance carrier
• More than 25 insurance company partners around the globe, and growing
• Sustainable growth trajectory and R&D investment focus
• Over 100 years of combined insurance industry/insurtech experience on Roost team
• Single-minded focus on helping the insurance industry and their policyholders
Why Roost?Best combination of affordable loss mitigation & policyholder engagement
Roost Confidential 22
Digital Transformation. Proactive Prevention. Value.
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What impact have you seen on claims cost? Any final thoughts?