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.

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DAY 1

7:30-9:00 REGISTRATION, EXHIBITION & WELCOME COFFEE

Examining the Canadian Case for Insurance Telematics

9:00-9:30 Ontario Ministry of Finance Address

More details TBC

9:30-10:15 Checking the Industry Pulse on UBI

Analyze the results of a 2016 survey on the challenges 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 are most 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

10:15-11:00 EXHIBITION & NETWORKING COFFEE BREAK

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11:00-11:35 Insurance Telematics Business Models - Fireside Chat

Panel

We cast a critical eye on the existing business model in Canadian insurance telematics and ask whether it best serves the Canadian consumer, and if not, what other models could be considered.

  • Scope is king. We look at how to use demographic data to target specific consumer groups in the heavily contested UBI segment to give companies adequate ROI and economies of scale for their UBI programmes
  • Think global, act local. Analyse the product relevancy issues in basing one’s consumer strategy on data from foreign more mature UBI markets, rather than developing a custom fit for the Canadian consumer
  • A new Canadian value chain. Consider a consumer centric business model between insurers and telematics companies in which TSPs take on a more central role, alleviating cost challenges for insurers

11:30-12:15 Working Hand-in-Hand with Brokers

Panel

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
  • Guarding the end-consumer. Utilise the established relationship between consumer and broker to alleviate data privacy concerns and build a product around the demands of your customer
  • 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?

12:10-13:45 EXHIBITION & NETWORKING LUNCH BREAK

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Practical Application of Telematics

13:45-14:20 Engaging Your Customers for UBI

Panel

For UBI to become a household service, insurers need to provide an engaging user experience. Can gamification be the ‘power-up’ that boosts the consumer adoption of 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

14:20-15:55 Multiple Data Sources - One Consumer

With a myriad of data sets available from multiple sources in the car, we examine which provides the most valuable driver information and how one consolidates them into one driver profile.

  • 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

15:55-16:30 EXHIBITION & NETWORKING COFFEE BREAK

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16:30-17:00 The Digitalisation of Insurance - Putting the Consumer First

Discover how insurers and brokerages can be built around the end-consumer by becoming digital in order to use real-time telematics data to improve the consumer experience and streamline internal processes.

  • Digitalisation means customisation. Open digital customer communication channels to enhance consumer engagement and loyalty with tools such as driver coaching and behaviour/location based VAS
  • Serve consumers faster. Identify the internal efficiencies telematics creates through automation, which allow for faster reaction time improving the critical consumer touch point at the time of accident
  • Cutting the costs. We examine how the cost of telematics data capture, analysis and hardware can be significantly cut by an open and standardised data exchange platform

Walter Rondina, Senior Manager, EY

17:00-17:30 UBI and Fraud - Protecting the Customer

More details TBC

17:30-19:30 EXHIBITION & NETWORKING DRINKS RECEPTION

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DAY 2

8:00-9:00 REGISTRATION, EXHIBITION & WELCOME COFFEE

9:00-9:45 The Business Case for Commercial Insurance Telematics

Panel

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

9:45-10:15 Prime Technologies Group

Session TBC

10:15-11:00 EXHIBITION & NETWORKING COFFEE BREAK

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11:00-11:30 Canadian Data Exchange for Insurers

Insurance organizations are working hard to leverage the tremendous amounts of data they have and data that is being created all around them. It is clear that more data will provide a richer perspective and a competitive advantage.

  • Explore how to overcome the complex and siloed nature of internal and external data sets.
  • Discover the way strategy can be enriched through data fusion - the combination of internal data with other sources of data including open data sets.
  • Finally, address the tactics and human resources that are required to devise and implement this strategy, which may also necessitate a shift of culture within the company itself.

11:35-12:10 UBI and Data Analytics - Seeking Consumer Value Beyond Price Differentiation

The session will highlight data driven research and implementation opportunities available to insurance companies seeking to offer consumers value beyond price differentiation.

  • Less risk - lower premiums. Discover how telematics data can be used in the underwriting process to identify more lower risk drivers, thereby decreasing the cost of premiums for insurers
  • Preventative Loss Control. Analyze how driver data can deliver the insights to proactively prevent an accident and save drivers from injuries and making claims to their insurers
  • Claims Management. Understand how telematics data can turn the claims process into an enjoyable insurer-consumer touch point by automating accident reports and enabling real-time response

12:15-13:45 EXHIBITION & NETWORKING LUNCH BREAK

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13:45-14:30 The Autonomous Car & Insurance

Multiple Data Sources - One Consumer

As Toronto takes up the ‘driverless vehicle’ torch from California, we examine the impact on Canadian insurers, the operational concerns for the city and the regulatory debate at federal level.

  • New Insurance Proposition. Identify how automation will transform existing car ownership paradigms and fault determination so you can stay afloat in a radical new age of auto-insurance
  • Driverless Canada. Discover the federal regulation opening the autonomous car to business, its impact on insurers and what measures can be taken in preparation of this unavoidable disruptor
  • Public Sector Context. Find out why roads and infrastructure will have to drastically change to accommodate autonomous cars and the influence this will have on existing drivers and auto-insurance

14:30-15:00 Privacy, Telematics and the Connected Car - 2016 and Beyond

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

15:00 END OF CONFERENCE

 

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Gold Sponsors

  • IMS
  • pinnacle

Folder Sponsor

  • Towers-Watson

Co: Sponsor

  • Prime TGI

Got a question? Get in touch below!

Lucas Ainscough

Lucas Ainscough

Project Director
TU-Automotive