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Usage Based Auto Insurance

Usage Based Auto Insurance. Snapshot Marketing Launched March 14 th , 2011. … after 15 years of development work. Usage Based Insurance: Telematics Technology. 1999. 2004. 2007. Current. Consumer Views on UBI. General Interest in UBI and Likelihood to Enroll.

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Usage Based Auto Insurance

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  1. Usage Based Auto Insurance

  2. Snapshot Marketing Launched March 14th, 2011 … after 15 years of development work

  3. Usage Based Insurance: Telematics Technology 1999 2004 2007 Current

  4. Consumer Views on UBI General Interest in UBI and Likelihood to Enroll • Key product design insights: • No GPS • Optional

  5. Participation is optional and free 0% to 30% usage based discount Partial monitoring model. Return device after 6 months. $50 device non-return fee Discount based on: How you drive (hard brakes) How much you drive When you drive Snapshot Product Design

  6. Consumers Like Snapshot T12 premium = $1.8 Billion 1.2 million Snapshot policies in force One-third of direct shoppers opt in

  7. Snapshot’s Big Data • 8 billion miles recorded • 1.3 billion trips • 6.6 miles per trip • 1.1 trillion one-second records • 90 terabytes

  8. Driving Behavior Is Our Most Predictive Rating Variable

  9. Why Is Traffic So Bad For Friday Evening Commutes?

  10. Why Is Traffic So Bad For Friday Evening Commutes?

  11. How Much Of Your Drive Time Is Spent Idling?

  12. How Much Of Your Drive Time Is Spent Idling?

  13. UBI Customer Experience: Details Matter

  14. How Will UBI Evolve? • Will consumers allow insurers to use location data? • How predictive is data from mobile devices?   • How will the market address the worst drivers? • What feedback is most effective to improve driving behavior?

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