Stay Relevant: Integrate Telematics into Claims & Respond to Evolving Automotive Tech
We designed a two day agenda that honed in to the crucial topics that insurance companies face the current UBI industry.
Usage based insurance isn't the only connected product disrupting the auto insurance industry. As connectivity becomes prevalent in all walks of life, could auto insurance change beyond recognition?
- The future is autonomous. The evolution of autonomous vehicles is shaking up the auto insurance business model. If incidents no longer happen – what will need cover?
- Get to grips with changing mobility models that include car sharing in urban areas and ownerless vehicles, to develop a roadmap to personalised mobility insurance
- Working EVs into traditional motor-insurance. E.g. what happens if battery swapping becomes the main form of 'charge'? How do you underwrite a vehicle with a frequently changing engine?
As the boardrooms of insurers become alive to the opportunities presented by telematics, we bring the leaders of integral industry players to discuss the here and now, with one eye on the future.
- Create services to enhance the user experience and ease of life. Develop the bridge between motor insurance and other lines (e.g. connected home) whilst asking what this means to the customer
- Explore the shifting value chain in motor insurance. As an insurer, re-think your role in the ecosystem as the automotive industry experiments with the capabilities of connected cars
- Understand how powerful data and analytics will help pricing, immediate notifications, claims reconstruction and insight based customer management, and make execution the differentiator
The Floow explain how to help insurers and auto service organisations create profits by making vehicles safer and cheaper for all. These methods are firmly rooted in scientific academic research, computer science, Big Data and statistical analysis, driver psychology and actuarial science
10.50 - 11.20AM: Coffee Break
11.20 - 11.35am: TU Automotive - Live Interactive Poll
Crucial industry questions will be put to the audience of insurance telematics professionals via a live interactive poll. Gain immediate industry insights from 400+ members of the ecosystem for exclusive market predictions and perspectives.
Carrot and FIAT take to the stage to lay-out how they came to this unique relationship. Learn how the finance arrangements for their customers enable benefits such as budgeting help, service planning and fixed insurance costs. Understand how you can benefit from working directly with automakers.
Andrew Brown-Allen, Managing Director, Carrot
Kate Maclaren, Head of Brand, FIAT UK
Get away from the technical aspects of measuring driver behaviour. Explore the implications on UBI business of understanding how people drive.
- Utilise advanced diagnostics to bring higher quality data and faster accident notifications. Align this with an in depth understanding of commercial vehicle diagnostics for a truly robust UBI offering in the personal line
- Understand how a transferable telematics device that instantly recognises each vehicle respectively, enables multi-vehicle functionality with flexible driver behaviour tracking for a family friendly UBI policy
- Giving control back to the insurer. Analyse the build-up and aftermath of a vehicle collision and identify how to pro-actively involve accident & claims management parties to minimise costs and ensure profits
12.45 - 2.20pM: Lunch Break
Here from Wejo as they announce a new partnership that allows them to build a head to toe understanding of the insurance telematics market.
- Learn how Wejo developed a deeper level of understanding of customer demographics by embedding their SDK within a partner app that holds previously collected static data
- Getting the whole picture. Heighten driver profiling capabilities and pin-point accident black spots with data that reflects the entire market rather than just that of your policy holders
- Influence travel patterns in your customers. e.g. Create a tariff that rewards a policy holder to avoid heavy traffic and rush hour to reduce the likelihood of accidents and keep pay-outs to a minimum
Insurers are still clambering to make use of vehicle data. For automakers to allow access there has to be a clear benefit they can pass onto the driver.
- Explore the automakers motives to share vehicle data such as a better understanding of driver behaviour with real-time vehicle response
- Assess the risk-benefit ratio for automakers to open the CAN bus to 3rd parties to develop a business model that tips in the favour of 'benefit' to extract more accurate data for UBI pricing
- Stay out of court. Data from installed devices contains automaker IP. Explore the ownership and IP infringement implications when data is passed to the insurer
As UBI adoption increases it has become vital to develop a business plan that recognises UBI as a long-lasting change in the motor insurance industry to ensure a strong position in this new market.
- Dropped like a bad habit. Realise the responsibility that UBI has to encourage better driving behaviour; or risk creating a generation of uninsurable drivers
- Collaborate with automakers. Learn how automaker interest in the insurance space presents real opportunities to develop more robust UBI products but demands new business models
- Money in the bank. Explore innovative business and distribution models from new players in the ecosystem that frames UBI as a value added service in itself
CESVIMAP conducts research into the automobile, with the greatest efforts targeting repair methodology for the damage occurring as a result of an collision.
Subsequently, they pass on the conclusions obtained from this research, through numerous technical publications and training activities.
CESVIMAP's scope of activity covers the study, research and experimentation for the technical analysis of passenger cars, industrial vehicles and motorcycles models and the behavior of its members in case of a collision.
Mass adoption is yet to take for UBI. Here we explore what can be done to create and support UBI scalability in products and services.
- Enable the next killer app for UBI with cost attractive solutions that will create a platform for mobile TSPs and insurers to embrace new services and encourage scale
- Europe rides the first wave of UBI. Explore the US market and what to expect in the second wave of UBI as scalability with VAS become crucial to business
- Announcing flexible UBI policies. Understand how to place multiple drivers on one UBI policy and how this will instigate growth and adoption of UBI
Insurers are steadily developing methods to accurately build the driver profiles of their customers, but what happens to that profile when a customer wants to switch provider?
- Negate concerns of data fraud. Detect anomalies in driver behaviour patterns using matching algorithms to compare with previously known models and driver profiles
- The role of the broker. Consider how UBI brokers can instil competition in the market by developing data privacy and ownership standards that encourage data portability
- Consider the regulatory framework set out by the Information Commissioners Office (ICO) for the transfer of personal data and the implications of a data breach to avoid fines and penalties
4.05 - 4.30PM: Coffee Break
Autonomous vehicles will disrupt the motor insurance business beyond recognition. Hear from a leading automaker as they lay out the roadmap for autonomous cars.
- Understand the capabilities and development of today's autonomous car (Level 2) to the fully autonomous car (Level 5) of the future to build a time-scale for insurance remodelling
- A world with no lateral or parallel collisions! Whilst these may be ruled out 'acts of god' will still require cover – where else will auto insurance still play a role in the future?
- Who's liable? Comprehend how autonomous vehicles and non-autonomous vehicles will co-exist e.g. designated autonomous lanes, and the rate to which they will feed into the car parc
Alain Servel, ADAS & ITS Expert, PSA
While the device selection conundrum remains unsolved, explore an emerging hybrid solution and the possibilities of an OBDII/smartphone app combination.
- Data for throttle position, fuel flow, steering angle, G-forces & fuel/air ratio can all be made accessible with the OBDII/app approach, but what are the hazard lights to look out for?
- Ssshhh…don't tell the automakers! Due to information being written back to the on-board computer by OBDII devices, automakers void warranties. But what are their concerns?
- OBDII is cheap to install, produces accurate data sets and a range of integrated applications e.g. fuel management, trip log & real-time diagnostics, but does that create the total business case?
The needs and wants of telematics services vary drastically for fleets. Take a look at how each fleet is approached individually and how telematics can improve fleet efficiency and bottom line costs.
- The problem lies in management. Safety managers buy devices, CFO's buy insurance. How can this dis-connect be carefully navigated to ensure both parties buy in?
- Understand fleet characteristics such as vehicle size and volumes, routing and cargo that are crucial aspects during the underwriting approach to incorporate this with telematics data
- Actionable intelligence. Deliver telemetry that can be utilised to educate drivers and improve their driving behaviour to positively impact underwriting and risk assessment of fleets
Autonomous capabilities feature in cars on the road today. Here we discuss how autonomous technology will increasingly change the way that driver and car safety is calculated and scored.
- Autonomous Emergency Braking (AEB) reduces the occurrence of low speed accidents by approx. 20%. How do you integrate autonomous safety features into a driver's UBI policy?
- Discuss how automated lane centring, traffic-jam-assist, cruise control with pass capability etc. reduces the differentiation of driver behaviour, rendering current UBI business models defunct
- Can fully autonomous cars exist in the same world as motor insurance or should we consider a new model of personal mobility cover?
Moderator: Nick Ford, Senior Consultant, Frost & Sullivan
5.40 - 7.30pm: Networking Drinks
UBI has been in the public domain for over five years but it still remains a niche product. So, TU-Automotive commissioned an exclusive study into the public perception of UBI products today.
- Gain a competitive advantage. How can data on the experience of UBI from target groups of customers, shape product development, pricing and the customer service offering?
- Who, if anyone truly knows about device options, expected savings and functionality? Assess the level of understanding separate demographics have of UBI to re-align marketing efforts
- Identify the services consumers expect from UBI e.g. SVR, fuel economy, vehicle location etc. to ensure the perfect suite of services for increased customer satisfaction and brand reputation
In 2014 Renault-Nissan announced that they would open their APIs to insurers so they can develop apps that access vehicle data. Here we uncover what Renault-Nissan has learned one year on.
- Understand how insurance companies are selecting data batches from a standardised data centre which lowers global costs and offers higher data range and quality
- Carmakers hold the key to data value. Learn how Renault have worked with insurers to aid them in extracting the most complex and changing vehicle data relevant to UBI operations
- The ideal world – automakerS control the data, and insurers gain access to the CAN bus! Along with heightened vehicle safety, what are the other benefits of an insurer-automaker partnership?
Hear how Wunelli has spent four years enhancing its extensive data capabilities, supplemented by a panel of experienced hardware suppliers and their own applications development team. Understand how this has given them a significant capability advantage with the operational readiness to meet the specific requirements of a rapidly evolving usage-based insurance market.
10.45 - 11.15am: Coffee Break
As telematics steadily gains traction in the auto-insurance industry, analyse how motor insurance claims are impacted and the effect on the customer base and business practices.
- Understand where the trade-off occurs between collision detection and accuracy of alerts, to set data benchmarks for a robust and efficient claims handling process
- Big brother and the psychology of the customer. How does the customer relationship change when telematics triggers immediate contact from the insurer upon signs of erratic driving?
- MORE TH>N standard FNOL. Utilise advanced data analytics to identify the 'truth of the accident' to respond in the appropriate manner and offer the most relevant services to the customer
The connected car is changing the face of mobility, as new services and info are available for the vehicle and driver, where does that leave motor insurance?
- Address the dichotomy between an aging population and millennial generation in terms of vehicle ownership to identify how to tie insurance into mobility services
- Get to grips with advanced driving modes such platooning to grasp how connectivity will safely and efficiently regulate the transit of more vehicles in congested urban areas
- Move beyond UBI apps to mobility apps. Can UBI be integrated into automaker lead intermodal service platforms that integrate personal, public and shared transportation methods?
Jacques Amselem, CEO – Telematics, Allianz
Yann Bouler, General Manager – Telematics, Renault
Luigi Barcarlolo, Head of Telematics Competence Center, Generali
Iain Macbeth, Behaviour Change Programme Manager, Transport for London
12.25 - 2.00pm: Lunch Break
2.00 - 2.40pm: Workshop: HERE - Mapping the Future of Insurance Telematics
As telematics and sensor tech. evolves the car is able to transmit more data about the road than ever before. Here we explore what this means for motor insurance.
- The importance of mapping contextualisation. Analyse accident black spots - road width, height, camber and road sign position - for better understanding of collision data
- Work out how you can add value to a UBI proposition over and above tracking vehicles, driver profiling & driver activity. i.e. speed limit warnings and eco driving
- Open up additional revenue streams by positioning additional content in front of insurers as a means to build a realistic 3D picture of the road
Speaker TBC - HERE
What is IoT? Is there anyone in the driving seat? Who are the stakeholders? We dive deep into how IoT is going to affect the motor insurance market and the role of telematics.
- Re-engineer your business to prepare for IoT. Identify the threats posed to your business processes by IoT so you can efficiently manage change and capitalise on new opportunities
- The IoT ecosystem. Build relationships from wireless carriers to data crunchers and insurers and utilise local solution providers to make your offerings transferable across multiple markets
- From smart cities to the connected home. Begin the journey to discover the hot applications that will give rise to a whole new breed of insurance telematics adopters
Telematics is revolutionising the claims process. One main benefit to the insurer is sizeable reductions in pay outs due to being able to identify false claims. How can this be maximised?
- Streamline 3rd party involvement: At what point during the claims process should solicitors, rental car companies or garages be involved to balance customer & vehicle care with costs?
- Utilise the TSP to minimise costs. Explore the data sets that can be used e.g. front, side and rear registered G-force to detect fraudulent claims in the 'golden hour' after a collision
- Safety of the customer is paramount. How can contact centre operations be bolstered to incorporate basic medical assistance e.g. whiplash assessment to the customer?
Moderator: Alex Willard, Director - Global Technology Practice, Ptolemus Consulting Group
Mainstream adoption of UBI means engaging the masses and creating an undisputed value proposition, so here we discuss what can be learnt from the current customer base.
- Keep them coming back for more. Explore the most successful methods in creating customer stickiness such as digital driving support mechanisms - via either web, box or smartphone app
- Relieving pain points. Understand the common factors amongst UBI customers that provoke despondence such as freedom to switch insurer – what's the key to data portability?
- At what frequency and method (via app, emails, customer service calls etc.)should interaction with the customer occur to cultivate loyalty and generate interest in new products e.g. UBI?
3.15 - 3.40pm - Coffee Break
Here we explore Incident Notification and Reconstruction (INR) and how evolving tech. and demand for efficiency can shape new UBI products.
- Understand how to make telematics data quickly accessible and easily interpretive to distinguish incidents from crashes for a streamlined claims process
- Decipher telematics data through a highly visual, intuitive and digital interface that allows an instant replay of accidents with a severity score matrix for ultimate clarity of events
- Identify the space between incidents and crashes that can be negotiated with advanced and evolving algorithms to deliver a clearer picture of reconstruction to the insurer
3.40 - 4.15pm: Getting Personal with UBI Value Added Services (VAS)
Reduced premiums are a prime incentive for the young driver market but produce less of an incentive for a mature audience. Here we explore the VAS that can entice mass market adoption.
- Tracking & maintenance plus emergency breakdown & alerts top the table of most in-demand VAS. How can we bolster these services to increase customer interactions and stickiness?
- OBDII applications. Facilitate actionable vehicle data to offer extras such as tow alerts, automated-trip reporting, smart parking & petrol services to increase the appeal of UBI services
- Offer a suite of customisable VAS with a blend of free and high-end paid for services such as remote vehicle diagnostics to balance generating revenue and customer rapport
Speaker TBC - HERE
Moderator: Association of British Insurers
Hear from a leading third-party administrator as they deliver an exclusive case-study into the applications of telematics in the motor claims business.
- Learn how reduced failure demand in the claims process means more capacity for value touches from reduced leakage of customers and improved customer journey
- Tell-tale telematics: Understand how telematics can increase the speed and accuracy of reporting while mapping the accident and areas of damage to the vehicle
- Who’s fault? No one’s fault: Get a picture of the claims figures relating to admittance of negligence from FNOL to post FNOL , intervention rates and their costs increments
4.20pm: end of conference
I you would like anymore information on the agenda or the conference on a whole please feel free to get in touch using the information below.
+44 207375 7599