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Insurance Telematics - USA Manjit Rana – CoFounder Ingenin ingenin .COM ‘Smart’phones
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Insurance Telematics USA - Chicago

Oct 21, 2014

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The future of insurance telematics will involve smartphones - here are some of our views...
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Page 1: Insurance Telematics USA - Chicago

Insurance Telematics - USA

Manjit  Rana  –  Co-­‐Founder  Ingenin  

ingenin .COM  

‘Smart’phones

Page 2: Insurance Telematics USA - Chicago

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

our  >me  

‘ o u r ’

Copyright Ingenin UK LLP 2012  

Page 3: Insurance Telematics USA - Chicago

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  

Page 4: Insurance Telematics USA - Chicago

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  

Page 5: Insurance Telematics USA - Chicago

In  our  story  all  characters  and  events  

are  true  to  life  

Copyright Ingenin UK LLP 2012  

Page 6: Insurance Telematics USA - Chicago

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  

Page 7: Insurance Telematics USA - Chicago

‘Smartphones  are  Made  for  Insurance’  

Copyright Ingenin UK LLP 2012  

Page 8: Insurance Telematics USA - Chicago

To  your  customers,  the  smartphone  is  likely  the  most  

aLrac>ve  personal  device  ever  made.    

Copyright Ingenin UK LLP 2012  

Page 9: Insurance Telematics USA - Chicago

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

these  interac5ons  form  

Personal Digital

Ecosystems or ‘PDE’s’

Copyright Ingenin UK LLP 2012  

Page 10: Insurance Telematics USA - Chicago

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

services  we  use  in  cars)  

Copyright Ingenin UK LLP 2012  

Page 11: Insurance Telematics USA - Chicago

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

of  our  Driver  PDE  

Page 12: Insurance Telematics USA - Chicago

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  

Page 13: Insurance Telematics USA - Chicago

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  

Copyright Ingenin UK LLP 2012  

Page 14: Insurance Telematics USA - Chicago

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

crea>ng  effec>ve  smartphone  services  for  insurers…  So…  

Copyright Ingenin UK LLP 2012  

Page 15: Insurance Telematics USA - Chicago

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

Copyright Ingenin UK LLP 2012  

Page 16: Insurance Telematics USA - Chicago

‘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  

Page 17: Insurance Telematics USA - Chicago

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  Effec>ve  Solu>ons  

Copyright Ingenin UK LLP 2012  

Page 18: Insurance Telematics USA - Chicago

DriveGen

Copyright Ingenin UK LLP 2012  

Page 19: Insurance Telematics USA - Chicago

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

Page 20: Insurance Telematics USA - Chicago

•  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

Page 21: Insurance Telematics USA - Chicago

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  

Page 22: Insurance Telematics USA - Chicago

OVER  TO  YOU…  

Copyright Ingenin UK LLP 2012  

Page 23: Insurance Telematics USA - Chicago

Copyright Ingenin UK LLP 2012  ingenin

.COM  

ingenin .COM  

Thank You