Jon Tindall - Actuarial and Insurance Consultants · 17x manufacturers have OEM telematics SBM...
13
Transcript of Jon Tindall - Actuarial and Insurance Consultants · 17x manufacturers have OEM telematics SBM...
Jon Tindall
Trends in Telematics
Today’s presentation
3
The ANZ
market
2
It’s
moving slowly…
Why?
OEMs
3
The new battleground
CTP
changes
4
Could this
provide a
push along?
Wrap up
5
Where
are things
heading?
Market update
1
What’s been
happening around
the globe?
Asia in focus
Market update
4
South
Africa
Canada
Australia
& NZ
Some action in Japan
5
AXA is renting devices that measure driver behaviour
Drivers receive prizes based on their driver score
Zurich have started providing some new policyholders
with devices – largely for R&D purposes at this stage
Sompo began distributing apps to policyholders
Accidents decreased 20% y.o.y. across corporate policyholders
offered gift certificates for good driving
A few insurers have begun to play in the telematics space
Off the back of the Insurethebox purchase in 2015
£105 million
Lots of talk about China
17x manufacturers have OEM telematics
SBM described it as “a gold rush”
ResearchinChina: Telematics equipped
vehicles grew ~>30% in nine months to end
of 2015
1.8 million units
OnStar: Leader in connecting cars
Unique business model – consumer platform
‘Brokers’ insurance
Mobiles to vehicle tethering via apps
that talk to each other
6
OEMs: The new battleground
Apps and boxes: stepping stone to
Pre-market telematics platforms
Post market solutions:
Niche solutions provider competition
In-built telematics:
Deeper information than app-only
Increased engagement
Increased value proposition
7
OEMS poll positioned: Able to take
advantage of and control data
Mass-market barriers will reduce:
Telematics will become an ‘opt-out’
technology
Insurance is only one use:
Many opportunities for connected cars
When could the future arrive?
8
History suggests that even with
100% penetration of the production
line it still takes a significant time to
get through the carpark
Likely won’t be >50% with in-built
telematics until beyond 2020 in ANZ
Will eventually be packaged with
other products and services
Barrier to entry and ongoing costs
substantially reduced over time
Could CTP reform push the local market forward?
CTP premiums in review
Point-to-point CTP in review
Level the field with ride sharing
Minimum usage based.
Other options include on-time
and location
Telematics already collecting
data opportunities
If successful:
Evolution of greenslips?
Premium rating flexibility?
9
The next couple of years…
Insurers want to:
Learn from OEM data
Understand the technology
Test system impacts
10
Insurer-customer propositions
currently in transition, not
developed:
Large-scale telematics will struggle
if costs reduce and reliability and
content increase
Pre-market vehicle technologies =
Barrier entry reduced, awhile until
standard
Some barriers to local industry
development will decrease over
next five years:
Device costs
Bodily injury rating
Be
Prepared
!
Questions?
Distribution & use
This presentation has been prepared for the Finity
Consulting Pricing & Analytics Seminar, held on 18
October 2016. It is not intended, nor necessarily
suitable, for any other purpose.
Third parties should recognise that the furnishing of this
presentation is not a substitute for their own due
diligence and should place no reliance on this
presentation or the data contained herein which would
result in the creation of any duty or liability by Finity to
the third party.
Reliances & limitations
Finity wishes it to be understood that the information
presented at the Seminar is of a general nature and
does not constitute actuarial advice or investment
advice. While Finity has taken reasonable care in
compiling the information presented, Finity does not
warrant that the information provided is relevant to a
particular reader’s situation, specific objectives or
needs.
Finity does not have any responsibility to any attendee
at the conference or to any other party arising from the
content of this presentation. Before acting on any
information provided by Finity in this presentation,
readers should consider their own circumstances and
their need for advice on the subject – Finity would be
pleased to assist.
