Insurance Telematics Europe 2013 Agenda
Here's the full list of thought leading conference sessions that took place in May:
Day One (7th May)
The history of insurance telematics in Europe. We discuss how and why the industry is where it is today and predictions for what to expect from these solutions in the imminent future.
Frederic Bruneteau, Managing Director, Ptolemus Consulting Group
A BCG study suggests that by 2020 over 15% of all policies, in key European countries, will be using Telematics technologies. Conduct a 360 degree review into the European industry to align your business.
- Discuss the progression of UBI across Europe e.g. Italy reaching near tipping point or Germany focussing on strategic considerations on claim's processes to learn vital lessons and improve solutions
- Take a look at the insurance telematics value-chain and assess where processes such as pricing, data collection & storage, distribution & claims could can be outsourced to make best use of the opportunities originating from Telematics
- Debate industry perceptions such as 'the only benefit to insurers is superior pricing' and 'young drivers are the sole market' and how to devise strategies that appeal to a wider customer base
Ofir Eyal, Principal, Boston Consulting Group
Insurers entering the market have a lot of considerations when devising their strategies to integrate telematics technologies into their policy portfolio. We discuss the key decisions to be made.
- Take a look at the market segments such as young vs. older drivers, rural vs. city driving to ascertain which lend themselves to insurance telematics solutions and target your product
- Understand the battle of low vs. high hardware costs resulting in poor vs. accurate data quality respectively to decide which factor is more important for insurers between price and data
- Discuss which driving characteristics such as speed, braking or time of day truly pertain to risk and the level of data granularity required to ascertain the essential features of a device
Paul Middle, Telematics Lead, RSA
The gender ruling is now in effect, changing the way insurers are able to assess risk and rate their premiums. We discuss the opportunities this creates for telematics solutions.
- Identify consumer segments most affected by higher prices such as young female drivers to devise marketing strategies that will entice them towards telematics solutions
- Discuss the possibility of other discriminatory parameters such as age being out ruled as risk factors to identify future opportunities for telematics within the auto insurer community
- Understand the risk of indirect discrimination when using other factors as proxy for gender to ensure all telematics systems comply and remove ambiguity
Moderator: Dominique Bonte, Group Director, ABI Research
10.35 - 11.05 Networking Coffee Break
11.05 - 11.40am
The Nuts and Bolts of Fleet Insurance Solutions
Commercial insurance telematics systems differ vastly from personal lines, having to take into account differing device reporting frequencies, vehicle types and weight.
- Analyse the data sets such as mileage that may exceed the value personal line solutions are able to measure to ensure systems are aligned and underwriters can assess the risks correctly
- Discuss the different fleets such as blue light, taxis, inner city delivery and long distance haulage to determine the differences in their driving behaviours and risks associated with each
- Determine the added services that offer significant value to fleet operators such as fuel efficiency to incorporate these into solutions and increase customer buy-in
11.40 - 12.15pm
New Insights: Value Added Services (VAS) Play a Pivotal Role
Insurance carriers can increase uptake of their telematics solutions by providing added services that are enticing to the consumer. Partnering with VAS providers can also lower insurers' initial costs.
- Look at services such as crash avoidance and roadside assistance that compliment insurance telematics and improve customer loyalty whilst creating differentiation for insurers
- Discuss the differences between personal line and fleet value added services such as fuel economy and points of interest to align solutions to the customer
- Understand how to build partnerships with VAS providers such as OEM concierge services or tyre maintenance companies to share the initial cost of the black box and reduce overheads
Vincent Pavero, Product Director, iMetrik Global
Telematics takes the rows of data for analysis from single to triple figures. We discuss how this data can be evaluated to create accurate risk assessments.
- Update processes to allow for the myriad of data streams from telematics systems to be analysed when compared to the usual few in order to contextualise data into a relevant risk assessment
- Learn how to design a bespoke underwriting business model for different customer types such as teen, high-risk etc. to develop and deploy highly targeted products and solutions
- Discuss how much risk weighting to place on certain driver behaviours such as speed and braking to unlock the key to insurer differentiation in a soon to be saturated marketplace
12.50 - 2.20 Networking Lunch Break
Chairman: Roger Lanctot, Associate Director, Strategy Analytics
Using one type of hardware, be it black box or smartphone, offers limitations to insurers to be able to offer a consumer friendly and flexible auto insurance offering. We discuss how insurers can make use of multiple devices.
- Discuss how the use of multiple hardware platforms allows for consumer segmentation to allow insurers to offer a range of solutions to widen their customer base
- Learn how insures can reduce their technology risk and increase their speed to market through utilising a solitary data and back end platform that is suitable to underwrite data from a variety of hardware
- See how insurers can use multiple hardware to provide specialised UBI solutions to a variety of consumer bases to increase their portfolio of 'golden drivers' and further reduce the loss ratios
Steve McKay, CEO, Drive Factor
2.55 - 3.30
Insurance Telematics Route to Market: Device Type vs. Data Analysis Method
Insurance telematics has recently received a lot of coverage in the national press, yet debate rages on about the pros and cons of the smartphone, OBD2 and black boxes as the best route to market.
- Discuss the perfect set of device features and benefits such as fraud prevention, quality data and low hardware cost to assess which option between smartphone, OBD2 or black box will suit your business
- Big data can offer big insight: Understand how data enrichment from OBD2 and/or geo-spatial analysis can refine driver behavioural scoring for a more accurate risk assessment
- Understand market segments such as older drivers where data accuracy can be compromised in favour of low price to design cost effective solutions for varying customer segments
Paul Stacy, Director, Wunelli
3.30 - 4.00pm Networking Coffee Break
Smartphones and applications are starting to be given more weighting as a viable method to take insurance telematics mass market.
- Discuss the benefits of smartphone applications such as reduced hardware costs and faster claims processes to understand how this platform can take insurance telematics mass market
- Understand the insurance application development landscape and functionality for data collection and claims management to partner with app developers who can include all functions
- Implement safety nets against fraud such as finger print recognition and automatic application start-up to ensure all data is collected for the registered driver and only the registered driver
The black box is a strong option to collect and analyse driving behaviour and the level of its required functionality is still evolving.
- Look at how to capture quality data for optimal claims efficiency with features such as accurate orientation and ability to identify false alerts to offer an exceptional service to insurers
- Understand the benefits of using a 6-axis accelerometer and 1kHz sampling to build an accurate incident report for accident reconstruction
- Decipher the importance of accurate GPS capabilities – detailed case studies included in the presentation
Colin Smithers, CEO, Redtail Telematics
Successfully connecting the customer with telematics technology requires that four key areas are all addressed. We will discuss how essential technologies and a holistic approach are needed to join the industry with real consumer demand in order to achieve cost advantage and profitability.
- Essential in-vehicle technologies – learn how connected vehicle CAN derived data assists in the understanding of driver behaviour and collision events
- Customer value add technology and service requirements
- Supply chain management
- Insurer value add services
Chairman: Craig Beattie, Senior Analyst, Celent
There is much confusion around what data needs to be collected, using what methods and how often to communicate it back to the insurer. We provide clarity to dispel confusion and uncertainty.
- Discuss data sets such as speed and braking that pertain to risk and whether events or overall driving behaviour are better measurements of risk to ensure the correct premiums are set
- Take a look at data ownership and the monetisation opportunities for insurers vs. the ability for telematics to go mass market if consumers own the data to decide which strategy to employ
- Analyse the necessity for granular data to enhance data sets and receive accurate situational claims information to provide solutions that allow the insurer to have the clearest picture
Ian Brown, Managing Director, Towergate Smart Motor - Part of Towergate Motor Division
2.55 - 3.30pm
Increase Insurer Brand Strength through Telematics
A preoccupation on the impact of technologies associated with data sources, algorithms and driver scoring is often made at the expense of deeper understanding what it means to the insurer relationship with customers.
- Learn how insurance telematics can enhance the insurer’s brand relationship with customers by offering policyholders more than just cheaper premiums
- Explore opportunities for creating greater loyalty to the insurer brand through retention strategies aimed at keeping customers’ business profitably regardless of the risk exposed by telematics
- Discuss how insurer business models and customer brand relationships can be transformed through deeper engagement with customers brought about by insights derived from telematics data
Jag Minhas, O2 Insurance Telematics Business Leader, Telefónica Digital
3.30 - 4.00pm Networking Coffee Break
Solutions on the market to date have not been around long enough to assess how driver behaviours exactly relate to claims and therefore risk.
- Understand the impact of taking corners fast, braking hard or speeding in relation to claims in real terms and how much impact vehicle model has to align risk assessment accurately
- Take a look at how telematics systems can be used to enhance the claims process with situational data and help build reconstructions to qualify circumstances for accurate claims
- Young Drivers: Discuss driving behaviours such as small scrapes post-test to assess the duration to allow for a margin of error before they settle into their driving style for fair risk assessments
Moderator: Craig Beattie, Senior Analyst, Celent
Technology investors isolate and evaluate factors that will enable companies within this space to merge, secure additional funding, or, build cross-industry partnerships.
- Financiers give you a detailed account on which key aspects such as scalability, innovation, tech. paradigms etc. will help you obtain capital investment
- Discuss which emerging technologies, standards and devices such as tablets, smartphones and open platforms will alter investment decisions to ensure your business strategy is solid
- Evaluate investment trends and see which areas such as commercial telematics, healthcare telematics etc. are gaining momentum to stay one step ahead of your competitors
Deep Shah, Principal, Francisco Partners
5.45 - 6.15pm Octo Telematics Host a Networking Cocktail Party
Discussions around data standards for insurance telematics products have been prevalent in the market for a while. We discuss if they will be a benefit or a hindrance to mass market adoption.
- Debate if every solution collecting a minimum set of data such as mileage and braking will propel the industry to mass adoption or hinder innovation to build industry consensus
- Discuss data sets such as speed, time of day and distance that could sit at the core of all insurance solutions to allow consumers to benefit from sharing their data with their next carrier
- Look at current Gov. regulations stating no barriers can be put in place for consumers switching insurance carrier to assess how being unable to share scores may be regulated in the future
Ben Gaukrodger, Policy Advisor, Association of British Insurers
Gaining buy in for a telematics program from all departments of an insurer can be tricky. We outline the full business case for telematics and the benefits case for every department of insurer.
- Understand insurance company departments that will be affected by telematics such as claims or new customer acquisition to include the benefits each will see into business plans and strategies
- Look at the infrastructure and operating model to integrate telematics into insurers such as IT, Claims and Underwriting processes to showcase where the onus can be taken on by the TSP for a hassle free approach to telematics for insurers
- Lessons learned: Case studies from Octo Telematics, a leading insurance telematics service provider to understand the challenges faced and how to overcome them when devising solutions
Jonathan Hewett, Chief Marketing Officer, Octo Telematics
Multiple opportunities exist to use driver behaviour data to create benefits across the value chain. Hear which factors are crucial to the successful launch of future UBI products.
- Learn how to establish symbiotic relationships between insurers and OEMs and how TSPs can combine and integrate core skills and competencies, such as CAN bus integration, to provide value to both parties
- Discuss strategies to persuade drivers to share a larger proportion of their data, especially through social media tools, and incorporate this data to promote UBI to indecisive customers
- Understand which new technologies and LBS features, such as safety, security, and personal convenience, will allow customers to embrace future insurance telematics schemes
George Ayres, VP Global Sales, Verizon
10.15 - 10.45 Networking Coffee Break
The benefit of integrating telematics into insurance comes in many re-iterations. We look at how gamification creates an enhanced user experience.
- Look at the intersection of new initiatives for the connected car, location based sales, social networking and OEM response to use game based techniques to engage with the customer
- Learn how gamification can implement transparent and timely feedback, rewards specific to the individual as well as event response connected services such as concierge services for increase loyalty
- Increase carrier revenue opportunities by engaging with new customers and increasing service and location based sales
Bob Mathe, President, HIMEX
Although Europe is generally accepting of telematics services, consumer suspicions are still shrouding the industry. Learn how to gain consumer trust through privacy commitments.
- Hear how to build-in privacy to all aspects of your products and services at the design stage to avoid re-design costs and gain widespread consumer acceptance
- Discuss the advantages of providing transparent services and customer data ownership options to avoid the “big brother” scenario and ultimately increase interest
- Examine when anonymity can and should end between the insurance company and legal services to remove general ambiguity and fear from within the industry
David Evans, Group Manager - Business and Industry, Information Commissioners Office
Integrating telematics to their product portfolios is not a simple or easy process for insurance carriers. Here we discuss how increasing the level of detail of data can increase profits for insurers.
- Look at how coupling behaviours with situational data such as weather or road conditions can provide an accurate incident account to identify false claims and reduce financial output
- Identify situations where ‘bad behaviours' are acceptable such as hard acceleration when entering the motorway and use granular data to pinpoint these activities for fair profiling
- Harness the eCall platform: Take advantage of the detailed incident data collated by eCall systems to partner with providers or buy the data to reduce overall hardware costs for insurers
Edmund Truell, Key Investor, Lysanda and CEO of Tungsten Corporation Plc
12.30 - 2.00pm Networking Lunch Break
There is a perception that UK insurers are hard to interact with, opening the door for online aggregators to enter the market, becoming the ‘norm' for consumers sourcing their next policy.
- Discuss the pivotal role the aggregator has on consumer awareness to align insurance policies with their data circulation business model and gain the cost effective distribution they offer
- Identify the components of the telematics policies such as required box installation and flexible premiums that need to be communicated to ensure adverts explain yet capture attention
- Try-before-you-buy apps: Understand the data sets these insurance apps collect to build risk free market research insurers can take advantage of when signing up to panels
Moderator: Nick Ford, Senior Consultant, Frost & Sullivan
Take a look at how UBI is evolving to the next generation by the powerful convergence of diverse but mutually reinforcing sciences: psychology, data mining and actuarial techniques. All contribute to educate and retain the consumer.
- Hear how smartphone based telematics amplify an insurer’s understanding of individual behaviour
- Learn key findings from academic research in psychology of driver behaviour and how they are being applied to lift the predictive power of telematics
- Explore a new generation of value added services that educate consumers and improve retention
Aldo Monteforte, CEO, The Floow
3.10 - 3.40 pm Networking Coffee Break
Insurance telematics allows the consumer to take control of their auto insurance premiums. We discuss how to eliminate consumer concerns and encourage them to buy into these technologies.
- Take a look at how telematics solutions empower the consumer to analyse their own driving and in turn create a ‘golden driver' portfolio for their insurance company
- Analyse consumer opinions on driving restrictions telematics may place on them such as curfews or lower than official speed limits to ensure your solution doesn't include any ‘turns offs'
- Create incentive programs such as store vouchers based on good driving behaviours where good driving equals specific financial and social benefits to capture the minds of young drivers
Crispin Moger, Managing Director, Young Marmalade Group
Ed Rochfort, Product Director, Carrot Insurance
Andrea Jurkic, Insurance Development - Strategic Marketing Innovation & Technical Partnerships, Generali
Moderator: Andrew Hart, Head of Advanced Research, SBD
Improving driving behaviours sits at the core of insurance telematics systems, however, apart from reduced premiums it is unknown how to deliver feedback in a way consumer will interact with.
- Understand the pros and cons of real time feedback such as driver distraction Vs. immediate development to devise methods that provide the best route to improvement in a safe manner
- Discuss the detail required to feedback to the driver such as just the overall score for a journey or exact ‘bad behaviours' for the highest impact on their interaction and improvement
- Take a look at how long it takes drivers to improve based on regular feedback to ascertain if the solution is required throughout the duration of the policy or for a shorter period to cut costs
Moderator: Tony Lovick, Senior Consultant, Towers Watson
Chairman: Roger Lanctot, Associate Director, Strategy Analytics
Auto OEMs have a lot to gain through integrating insurance telematics to their business portfolio. We discuss intrinsic business OEMs are seeing through these technologies.
- Assess the plans of OEM owned insurance companies to provide auto insurance by harnessing their existing telematics data sets in order to create a more enticing solution and gain their customers
- Understand how OEMs can partner with insurance companies to offer telematics policies and increase aftersales profits by gaining more collision repair customers to gain wider buy-in
- Discuss how eCall will impact FNOL (first notification of loss) and collision repair by dictating who captures and controls the call from the scene to build in automated responses for the OEM/insurer into the solution
Moderator: Roger Lanctot, Associate Director, Strategy Analytics
Insurance telematics in theory works within the pre-set working methods of fleets. We discuss how to take advantage of this and ready fleet insurance telematics for mass uptake
- Identify whether insurance policies are dictated by the fleet managers or financial departments and how to align their interests and promote insurance telematics correctly
- Understand the daily time restrictions of fleet managers to re-train drivers on driving behaviour to benefit from the data being fed back to deliver lower premiums or claims
- Identify the benefits of better drivers to fleet operators such as reduced collisions & claims and more vehicles on the road resulting in higher profits to align your pitch and win business
Andrew Price, Practice Leader, Europe - Motor Fleet, Zurich
3.10 - 3.40pm Networking Coffee Break
The wireless carriers are an integral part of the insurance telematics puzzle. We assess how they fit into this space in other ways than simply carrying the data between systems.
- Take a look at the flexible business models wireless carriers can provide from M2M service provider to management of insurer app downloads to utilise their full suite of services
- Discuss how wireless carriers are harnessing their consumer facing experience to offer additional services such as emergency breakdown cover to take advantage of their offerings
- Get to grips with the benefits of partnering with wireless carriers for enhanced services such as data monetisation, safety and security to maximise their capabilities
Andrea Sroczynski, Head of Global Automotive Automotive Sales, Telenor Connexion
Richard Cornish, Strategy Partner, Manager M2M Automotive, Vodafone
Jag Minhas, O2 Insurance Telematics Business Leader, Telefónica Digital
Niclas Andersson, Senior Manager International Sales Development, Deutsche Telekom AG
Moderator: Roger Lanctot, Associate Director, Strategy Analytics
Fleet operators and QEHSS (health and safety) managers are using telematics services including insurance to ensure operational efficiency and safety.
- Understand the financial goals such as cost saving and business situation of fleet and safety managers to sync your solutions and help them achieve their goalsExamine the telematics services fleet operators are utilising such as navigation and fuel consumption monitoring to integrate these into your products for a compelling business case
- Hear about initial challenges fleet managers face when rolling out insurance solutions such as educating the work force on 'good driving' practices to build in simple feedback methods
Steven Dyson, QEHSS Manager, Telent
End of conference
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