Insurance Telematics USA - Chicago

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The future of insurance telematics will involve smartphones - here are some of our views...

Transcript of Insurance Telematics USA - Chicago

Insurance Telematics - USA

Manjit Rana Co-Founder Ingenin

ingenin .COM

Smartphones

let me invite you to what is (probably) the most amazing story of

our >me

o u r

Copyright Ingenin UK LLP 2012

However, we must begin at Chapter 2 and miss all the intro bits (story for really began a couple of

years ago)

Copyright Ingenin UK LLP 2012

Our story is called Smartphones are Made for Insurance but could

easily have been smartphones make

insurance a piece of cake

Copyright Ingenin UK LLP 2012

In our story all characters and events

are true to life

Copyright Ingenin UK LLP 2012

Smartphones are made for FUN

SMARTPHONES ARE MADE FOR COMMERCE

Earlier edi>ons of our story are best sellers

the world over

SMARTPHONES ARE MADE FOR

MAKING FRIENDS

Smartphones are made for BANKING

Copyright Ingenin UK LLP 2012

Smartphones are Made for Insurance

Copyright Ingenin UK LLP 2012

To your customers, the smartphone is likely the most

aLrac>ve personal device ever made.

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customer interac>on with digital services and devices via smartphones will con>nue to explode 2013-2015

these interac5ons form

Personal Digital

Ecosystems or PDEs

Copyright Ingenin UK LLP 2012

This is what a typical Driver PDE looks Like (i.e. the mobile data

services we use in cars)

Copyright Ingenin UK LLP 2012

Examples of smartphone services trying to get our aLen>on and become part

of our Driver PDE

How do these new smartphone services perform for drivers?*

DESIRABILITY

5/10 USEABILITY

5/10 LONGEVITY

3/10 EFFECTIVENESS

5/10

*Ingenin Research 2012 Copyright Ingenin UK LLP 2012

How do these new smartphone services perform for insurers?*

BETTER PRICING

7/10 COST

REDUCTION

4/10 FRAUD

REDUCTION

4/10 CUSTOMER RETENTION

3/10 *Ingenin Research 2012

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must begin and end by suppor>ng the needs of drivers of every type

crea>ng eec>ve smartphone services for insurers So

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must begin and end by combining driver science, inven>ve use of smartphone tech and deep knowledge of insurer challenges

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must begin and end by crea>ng services that genuinely and naturally work for drivers as part of their evolving driver PDE and deliver

measurable value for insurers Copyright Ingenin UK LLP 2012

Design to AVOID driver distrac>on use non visual communica>on where possible

Design a system which RESPONDS to the driver and driving circumstances automate where possible

Design for USE Apps installed, kept and used must deliver immediate and future value

Design for the FUTURE easier to evolve a driver solu>on rather than replace it

Thoughts For Eec>ve Solu>ons

Copyright Ingenin UK LLP 2012

DriveGen

Copyright Ingenin UK LLP 2012

In the UK, delayed FNOL and poor scene of incident data costs insurers 100s of millions

Insurers have tried countless ways to address this massive challenge

We are working with leading insurers to help them solve a big portion of this challenge with

their customers smartphones

DriveGen is a good example of applying the principles already outlined to provide value to

drivers and their insurers

Copyright Ingenin UK LLP 2012

DriverPro DriverSOS Incident analysis

Via the MIQAR Scene of Accident repor>ng plaborm

An effective solution must generate, record and communicate to an insurer (me), timely and

accurate scene-of-accident intelligence

Copyright Ingenin UK LLP 2012 ingenin

.COM

DriveGen

1. Be first to take control of a customers claim 2. Gather accurate intelligence relating to the incident

MIQAR or Mobile Intelligent Quick Accident Repor>ng MIQAR services integrated with the DriveGen smartphone App When an accident occurs, DriveGen alerts the insurer and

provides the insurer with analysis of the incident

Interpreting accident reporting, a problem worthy of the great Mr. Holmes

Watson, what probable methods can help an insurer take control of a customers motor claim at the point and time of an incident?

CHALLENGES:

The MIQAR system:

Copyright Ingenin UK LLP 2012 ingenin

.COM

OVER TO YOU

Copyright Ingenin UK LLP 2012

Copyright Ingenin UK LLP 2012 ingenin

.COM

ingenin .COM

Thank You