UBI Awakens: A New Era for Insurance, Data and Regulation
After 6 months of research and input from our network of industry experts, this is the agenda we have put together.
If you would like to participate in any of the sessions or feel like you could add an interesting voice to the agenda, please contact us via the details at the bottom of the page.
Ontario Ministry of Finance Address
More details TBC
Analyze the results of a 2016 survey on thechallenges currently facing the Canadian UBI ecosystem. IMS, a leading connected car company and TSP, will host a panel that will tackle such questions as
- Building a ROI profile. Identify the benefits of UBI to both insurers and brokers to fully harness its potential and not be overcome by the associated costs
- The right fit. Discover which consumer groups arem ost interested and which features of UBI create the most engagement so you can tailor you proposition for all drivers
- Common Hurdles. Explore the common regulatory, cost, and consumer challenges in UBI and which must be prioritised to bring a UBI product quickly and efficiently to market
We cast a critical eye on the existing business model in Canadian insurance telematics and ask whether it can be successful in the long-term, and if not, what other models could be considered.
- A battle worth fighting? We look at whether competing for the heavily contested UBI segment gives companies an adequate ROI and economy of scale for their UBI programmes
- Think global, act local. As global insurers try their hand at UBI in Canada we analyse the pitfalls and successes of UBI strategies from foreign markets to streamline local product roll-out
- A new Canadian value chain. Consider a new business model between insurers and telematics companies in which telematics companies take the central role to alleviate cost concerns
We examine commercial insurance telematics in Canada as a scalable testing platform for personal lines UBI programs.
- Explore the landscape for insurance telematics for commercial lines. Identify the incentives such as reduced fuel consumption and safer driving patterns from utilising telematics
- Regulate to motivate. Discover how regulating in favour of telematics black boxes in Canada can set a precedent for widespread adoption commercial telematics insurance
- Identify how adoption of insurance telematics in commercial fleets can deliver a volume of users and increase the visibility of UBI and education to the public
For UBI to become an assured service, insurers need to provide an engaging user experience. Can gamification be the ‘power-up’ for UBI?
- Get your customers hooked. See how the use of shared web portals and driver score boards creates ‘social competition’, building consumer loyalty and brand affinity
- Consider gamification-enabled UBI as a differentiator to separate your offering from the competition and as a proposition that goes beyond monetary savings for consumer
- The thin line of engagement. Consumers will only engage more deeply in a service they find relevant and interesting, find out how best to engage different target demographics
CI Top Broker
The Connected Car ROI for Insurance
The connected car presents a myriad of new data sources, customer touch points and service opportunities. We examine the opportunities and issues that the connected car offers.
- IoT opens doors to new markets. Examine the new data sources, such as smart city or connected health, available to insurers and how they can be used to build more accurate risk assessment
- The automaker proposition. Compare the service range and data access benefits of smartphone vs. OBD2 vs. automaker embedded solutions to empower future product development
- Investments to secure insurance data. Understand the vulnerabilities of the OBD2 port as a cyber-attack surface and the security considerations necessary to safeguard consumer privacy
One of the biggest hurdles to the introduction of UBI is the role of brokers in the process. Will they be pushed out of the insurer - customer relationship or is their role now more important than ever?
- No broker, no sell. Educate brokers on the benefits of UBI to both the consumer and their own business (i.e. vehicle monitoring, customer engagement & loyalty) to encourage UBI policy sales
- The evolving role of the brokers. Utilise the established relationship between consumer and broker to alleviate data privacy concerns and gain consent for data usage
- The middle man becomes the main man. Is the UBI product released by the IBAO and Watchstone Group indicative of a changing role for brokers in the Canadian UBI space?
The Alberta Blueprint
Alberta regulators have recently stepped up their efforts to facilitate a more open insurance telematics market in Alberta. We examine the government’s blueprint and their aims in 2016.
- Find out what takeaways regulators took from both Ontario’s and Quebec’s UBI pilot policy to understand the pro’s and con’s in different regional regulatory programmes
- Putting data privacy at the heart of everything. Explore the benefits in placing the privacy commissioner at the heart of new UBI pilot approval
- Opening the door to business. We examine the impact of a more open door policy to UBI programmes and how this can benefit both the market and consumers in one’s province
Ontario & Premiums: The Elephant in the Room
We examine the specific regulatory example of Ontario, where premiums cannot be raised based on telematics data, forcing insurers to think beyond a discount pricing model.
- Explore the potential for UBI to reach a 7% reduction in premiums whilst maintaining a healthy loss ratio and capturing a portfolio early adopters
- Limitations on the use of personal data restricts insurer’s ability to create customised policies. What does this mean for UBI and how does it impact the ability to create real VAS?
- Can you simultaneously relax regulation to empower insurers (and their suppliers) to create VAS whilst protecting consumers from 3rd party mismanagement of personal data?
Re-Assessing Risk Calculation in Canada
Risk calculation in Canadian UBI is often lamented for being a carbon copy of its US and EU counterparts. We examine the need for actuaries to adopt a Canadian system of risk calculation.
- Work towards creating standards based on unique Canadian features such as weather conditions, roads, hazards to build accurate risk profiling
- Understand why using a non-Canadian risk metric such as speed and location, can result in inaccurate risk calculation and pricing which can damage loss ratios
- Examine the need for a more flexible actuarial filing system that allows for new automotive tech. such as lidar and radar sensors, to increase the accuracy of risk calculation & underwriting
Multiple Sources - One Goal
With a myriad of data sets available from multiple sources in the car, we examine which is the most valuable and how does one consolidate them?
- OBD2 VS Smartphone VS Blackbox: With multiple data collection options in the vehicle, we explore the trade-offs between the three in order to cost effective and accurate solution
- The more data the better! Discover how to consolidate multiple data points into one stream to get concise yet detailed driver & vehicle information
- The Big Brother fear. As the data privacy and ownership debate becomes more inflamed in the connected car, debate responsible data collection and how to quell customer worries
We consider the impact of 2015’s changes of the Digital Privacy Act and the announcement of the OPC’s new Privacy Priorities on companies generating, collecting and using insurance telematics data.
- PIPEDA and the Connected Car. Explore the impact of new privacy laws on telematics companies’ data gathering and the new accountability and consent issues for them
- Understand the changes introduced by the Digital Privacy Act (Bill S-4), including mandatory breach notification and how this impacts the use of telematics data to maintain compliancy
- Consider the OPC Privacy Priorities, including an examination of the consumer consent model and how it can instill trust in the data exchange between customers and insurers
Data Ownership & Privacy Concerns - the Ongoing Issue
Trust is everything in the insurance industry. The relationship you want with your consumer depends on how they look at your use of their personal data.
- Yours or mine? Consider how data ownership is becoming increasingly convoluted as more parties begin to stake their claim over data from different sources
- Identify what data consumers are willing to share in return for your killer content and services in order to balance product development with ROI
- Ownership. A ‘greyish’ area. Explore how to build trust with the consumer by creating a more transparent consent model and alleviate the issue of the infamous privacy challenge
Innovation and the Insurance Sector: Friend not Foe!
Get to grips with innovation in the connected car industry and how the insurance sector can leverage telematics to improve the consumer experience and streamline their own business processes.
- 83% of insurance execs recognise the need to innovate, but 74% maintain they don’t have the necessary tools. Understand the data analytics tools needed to empower telematics to streamline insurers.
- Digitalising the broker. Open digital customer communication channels to enhance consumer engagement and loyalty with tools such as driver coaching and location based VAS
- Safety vs. fun. Learn how to deliver useful real-time driver information with a central element of safety so you can balance an enjoyable user experience with minimal driver distraction
Ride & car-sharing companies like Uber have burst onto the scene and are here to stay. We look at the difficult proposition of creating insurance products for this new era of transport.
- Understand the liability trade-offs between personal and commercial enterprise insurance and which best covers the driver and passenger within the UberX model
- Brokers must lead awareness. As the primary point of contact to the end-consumer, we look at the crucial role brokers have in advising customers in ride-sharing insurance coverage gaps
- Decipher the personal auto policy wordings in Ontario which must be redefined in order to cover the scenario in which private passenger cars are also used as taxicabs