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Insurance Telematics USA 2013 “Winning through Differentiation”

Insurance Telematics USA 2013 “Winning through Differentiation”. September 4, 2013. Why differentiate?. All telematics programs starting to look alike Consumers can’t tell the difference Growth is only possible by doing something different Differentiation Segmentation.

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Insurance Telematics USA 2013 “Winning through Differentiation”

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  1. Insurance Telematics USA 2013“Winning through Differentiation” September 4, 2013

  2. Why differentiate? • All telematics programs starting to look alike • Consumers can’t tell the difference • Growth is only possible by doing something different • Differentiation • Segmentation

  3. Ideas for differentiation • Vary the audience • Think of past, present and future • Work towards your business goals • Lots of details

  4. Differentiation options • Creating an offering • Simple • Distance • Location • Seasonality and rare usage • Complex • Behavioral • Psychographic • Demographics • Coaching • Contextual knowledge • Weather, traffic

  5. Program progression • Give yourself the best start possible • Meet your business goals • Prepare yourself for increased competition • Ensure your solution can leverage the future of telematics

  6. Be goal oriented • Use telematics to surpass your goals • Pricing models • Customer relationships • Driver education and coaching • Increasing risk tolerances • Market penetration

  7. Program details • Involve as many parts of your organization as possible • Don’t forget your agents, brokers, member services, etc…

  8. Segmentation • Personal lines • Broad base • Young drivers • Mature drivers • Non standard • Commercial/Professional Lines • “Behaviormatics™”

  9. Young drivers programs • Value for insurance carriers • Risky segment • Value for parents • Peace of mind • Value for teens • Safety and independence

  10. Mature drivers programs • Value for insurance carriers • Risky segment • Value for guardians • Peace of mind • Value for elderly • Safety and independence

  11. Fleet program • Value to the carrier • Method to enhance business • Value to the fleet owner & manager • Better understanding of drivers • Immediate cost savings • Value to the driver • Education & coaching

  12. Multiple segments • An insurance carrier can target multiple segments with same platform • e.g., Young Drivers + Usage-Based Insurance

  13. Premium services • Value added services help overcome key barriers to UBI growth • Consumer adoption • Business model 12% 15% Source: Telematics Update Survey 2012

  14. Consumer Adoption • Augment the value of the telematics proposition • Start with pricing • Go beyond pricing • Connected car services • Rewards & recognition

  15. Business Model • Premium services canreduce the insurance carriers costs • Policyholders will pay for value in their connected vehicles • Third parties will payto lease part of the OBD-II port

  16. Value of Premium Services • Telematics-Enhanced Roadside Assistance • Vehicle Health Monitoring & Reporting • Automatic Crash Notification • Voice Powered In-Car Infotainment • Connected Car services are going mainstream

  17. Think beyond data • Leverage Connected Car technology as CRM Tool • Increase revenue potential and reduce program costs • Control high risk behavior • i.e. Texting & Driving • Make adoption of UBI easier

  18. On-going differentiation • Differentiation is not a single step, it is achieved in an ongoing process • Continuous innovation • Data acquisition • Analytics • Connectivity • UBI within the connected vehicle ecosystem

  19. Differentiating Elements:A Driver-Centric Perspective Context-Relevant Representation Smart Data Acquisition Advanced Analysis and Visualization Advanced Traveler-Centric Feedback Loops

  20. Smart Data Acquisition:Relevant In-Vehicle Enablers For Diverse Needs

  21. Data Quality and Context-Relevant Representation

  22. Extracting Value with Advanced Analysis and Visualization

  23. Extracting Value with Advanced Analysis and Visualization Frontal impact

  24. Algorithms to Understand Driving and Driver Behavior • Moving beyond harsh braking and acceleration • … Toward understanding driver intent

  25. Data, Intelligence, and Feedback • Data management • Density • Diversity • Frequency • Quality • Longevity • Latency • Privacy • … • Data transformation • Insights • Intelligence • Decisions • Actions • … Coffee taste wheel

  26. Summary • Business objectives, goals, strategies and measures will drive the selection of insurance telematics • Differentiation is the key to success • Stand out from the crowd • Provide advantages over the competitors • Develop a roadmap of innovation

  27. Conclusion • The IMS DriveSync platform provides for all this differentiation • www.intellimec.com/ITUSA for Presentation and Collateral resources

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