Insurance Telematics: The Road Ahead
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1 Insurance Telematics: The Road Ahead Malika Gandhi Senior Manager Deloitte New York, N.Y. Malika Gandhi is a senior manager in Deloitte s strategy practice. She focuses on customer strategy in the financial services industry. She has 12 years of experience across property/ casualty and life and annuity insurance sectors, retirement services, retail banking, and capital markets. Her primary concentration is working with clients to develop and deliver customer strategies that will enable them to be competitive in the marketplace. William J. Mullaney Senior Insurance Industry Advisor Deloitte New York, N.Y. Bill Mullaney is currently a senior advisor for Deloitte, providing industry insight and expertise to the insurance practice. Bill has more than 30 years of industry experience in group insurance, voluntary benefits, retail insurance, pension plans, and personal lines property/casualty insurance. In his most recent role, Bill was president of the United States business for MetLife, Inc., overseeing all of MetLife s insurance, retirement, and corporate benefit funding businesses in the United States. Session Description: By year end, more than 50 percent of U.S. drivers will have access to a telematics program from their current insurance carrier. Does your company have a plan to stay ahead of the competition? Join industry experts to understand what lies ahead in insurance telematics and get an update on D-rive, Deloitte s mobile-based, end-to-end telematics solution developed in collaboration with NAMIC.
2 Top Three Session Ideas Tools or tips you learned from this session and can apply back at the office
3 Insurance Telematics: The Road Ahead September 18, 2014 Discussion Topics 1. The Market Inflection Point 2. How to Get Started 3. Discover D-rive 4. The Power of Data 5. Develop a Strategic Response NAMIC Connect Differently - Gandhi & Mullaney Page 1 of 16
4 The Market Inflection Point The trend towards using telematics mirrors the reality of today's quickly evolving technological environment, and taps into the increasing public demand for direct user interface, real-time data, and transparency in transactions New York State Department of Financial Services May 2014 With over a year of traction in the market Deloitte is seeing the conversation change Our Conversations demonstrate how the market is changing The conversation has shifted from if to when and how 90 Telematics Discussions to Date Growing demand for value added services Increasing number of telematics offerings spanning OBD, Mobile, Hybrid, Advanced Analytics and end-toend solutions Auto insurers in conversation with D-rive Consumers are ready and willing to adopt telematics Increasing acceptance of mobile technology NAMIC Connect Differently - Gandhi & Mullaney Page 2 of 16
5 Telematics adoption is at an inflection point, requiring a strategic response Policies (M) Estimated Telematics-Based Auto Insurance Policy Growth in North America 1 Insurance telematics has been steadily gaining traction over the last 3 years as telematics enables a more precise view of risk than previously possible 94% CAGR 5 44% CAGR E 2013E 2014E 2015E 2016E 2017E Market Penetration4 0.4% 0.5% 0.6% 1% 2% 4% 7% 16% and a convergence of factors will drive rapid adoption in the next 4-5 years: Technology Sophistication Consumer Demand Cross-industry Adoption 2010: An Idea 2014: A Strategic Imperative 1. ABI Research Insurance Telematics Report, January Telematics Update Insurance Telematics Report 3. E = Expected Policies 4. Estimated size of North American market is 160M auto insurance policies 5 Telematics mass market penetration is expected to mirror other disruptive technologies Adoption Rate of New Disruptive Technologies 1,2 Consumers are willing to trade personal data for perceived value 1,128M Personal Fitness 845M Smartphones Location Services Facebook users Mobile Payments Launch Year 1. Gartner Tablet Forecasts, The Associated Press Number of Active Users at Facebook Over the Years NAMIC Connect Differently - Gandhi & Mullaney Page 3 of 16
6 Mobile telematics delivers a solution in line with the evolving and connected lifestyle 1 Ease 2 73% of people said it would be easier to adopt a UBI program if it used a smartphone app 1 Proliferation 56% of American adults are smartphone owners 2 3 Proximity 72% of smartphone owners are within 5 feet of their devices the majority of the time 3 4 Sharing 74% of U.S. consumers use location based services on their smartphone 4 Mobile Offers 1. ABI Research Insurance Telematics Report, January Smartphone Ownership 2013 Pew Research Mobile Consumer Habit Survey 4. Location Services Grow for Smartphone Users: Survey GPS Daily The verdict is in Improved data capture Reduced costs Engaged drivers Innovation opportunities 7 A significant consumer segment is ready to test-drive telematics auto insurance programs now 50% of respondents are open to UBI telematics - January 2014 Deloitte Survey 1 Eager Beavers Fence 25% 25% Sitters Would allow telematics monitoring without stipulating any specific minimum discount in return Might get on board with UBI if the price is right, given a high enough discount to make it worth their while Age is a Factor in Openness Towards Telematics 62% of those aged 21-29, expressed interest in telematics, more than any other demographic 100% 80% 60% 40% 20% 0% 27% 29% 25% 29% 24% 15% 35% 31% 38% 41% 51% 56% or older No Yes Depends on the amount of the discount 1. Deloitte University Press Overcoming Speed Bumps on the Road to Telematics April 23, NAMIC Connect Differently - Gandhi & Mullaney Page 4 of 16
7 Targeting Millennials is the way to build a successful telematics program and increase your share of a growing and evolving market US Census Population (Millions) US Census Data June ,2 Millennials ( ) 86M 27% of the population Gen X ( ) 66M 21% of the population Baby Boomers ( ) 72M 23% of the population Age Millennials: Demystified Demand Information Require Transparency Expect Connectivity 1. Pew Research Millennials in Adulthood March Marketing Charts So How Many Millennials are there in the US Anyway June 30, Mobile telematics allows insurers to attract and retain desired segments of millennial consumers Millennial Values Experience Seekers Digital Natives Lifelong Learners Are Aligned with Mobile Telematics Customer engagement Gamification Real time feedback Ease of set up Latest technology Complements millennial lifestyle Algorithm transparency Driver score and reporting 80% are more likely to prefer brands active in social 2 86% share their brand preferences online 1 87% state that item price is the most influential brand selection 3 MM MM MM 70% of Millennials will be loyal to brands they like 1 1. Edelman Digital 8095 Exchange BazaarVoice Millennials in the Aisles: How CPG Brands Capture Lifelong Loyalty : SymphonyGroup SymphonyIRI Shopper Sentiment Index NAMIC Connect Differently - Gandhi & Mullaney Page 5 of 16
8 The market has evolved, requiring insurers to act now 1 The Market is at its inflection point 2 Consumers are ready to test-drive telematics 3 Mobile is emerging as a desirable data capture technology 4 The Millennial segment can be captured through mobile telematics 11 How to Get Started 2014 NAMIC Connect Differently - Gandhi & Mullaney Page 6 of 16
9 The Telematics Ecosystem Data and Data Collection What method of data capture will you use? How long do you collect data from drivers? Customer Engagement Who is your target market? How will you drive adoption and enrollment? Leveraging the Data What data do you collect and how much? What will the data tell you about your business? Analytics and Predictive Modeling What insights can be drawn from data patterns? How will insights drive improved business performance? 13 Insurers are taking a combination of three approaches to enter the telematics ecosystem Limited Market Launch Pilot Program Full Market Launch NAMIC Connect Differently - Gandhi & Mullaney Page 7 of 16
10 Through each approach you can gain valuable insights by testing a mobile solution, analyzing the data and applying your learnings Test Test the accuracy of data capture, ease of enrollment, organizational readiness, and opportunities to enhance customer engagement Analyze Analyze data to reveal insights on existing risk tiering and understand customer feedback to identify necessary capabilities to support a launch Learn Learn what capabilities exist and what needs to be developed and tested prior to your telematics launch 15 PROPRIETARY & CONFIDENTIAL DO NOT DISTRIBUTE Go beyond testing technology to assess operational readiness and evaluate opportunities to enhance customer experience Mobile Technology Assessment Operational Readiness Customer Experience Data Accuracy Functional Alignment Enrollment Smartphone Impact IT Dependencies Customer Support Model Data Compatibility Training & Development Communications Strategy Scalability Analytics Requirements Associate & Agent Alignment The learnings developed can allow your organization to create a strategic business plan for launching a successful telematics solution NAMIC Connect Differently - Gandhi & Mullaney Page 8 of 16
11 Operationalizing a telematics program will require engagement from key areas of your business Telematics Ecosystem Product Development Marketing Distribution Underwriting Customer Experience Claims Data and Data Collection Customer Engagement Leveraging the Data Analytics and Predictive Modeling 17 Discover D-rive We sought an end-to-end solution that was built with insurers in mind and would allow members to launch their own telematics programs. D-rive provides members with a powerful and cost-effective solution. Chuck Chamness, NAMIC CEO April NAMIC Connect Differently - Gandhi & Mullaney Page 9 of 16
12 D-rive: An innovative end-to-end mobile telematics solution What Your Drivers Will See and Experience What an Insurer Will Access Mobile App Driver Portal Insurer Portal D-rive s end-to-end solution allows you to quickly and cost effectively test, analyze, learn and build your mobile telematics solution 19 D-rive delivers an innovative end-to-end solution through three core design principles Ease of Use Depth of Information Flexibility to Configure Increase driver adoption and ongoing data collection Provide value to drivers and insurers through education and transparency Modify scoring algorithms and branding to what matters most NAMIC Connect Differently - Gandhi & Mullaney Page 10 of 16
13 Next Generation Data Capture: D-rive offers reduced impact to your drivers and their smartphone Auto Trip Detection: Start and Stop Auto Calibration Cup Holder Car Seat Bag on Floor Reduced Battery Drain Reduced Monthly Cellular Data Plan Usage Approximately 10% drain per driving hour and 0.5% per non-driving hour 1 D-rive provides the option to transmit trip data via Wi-Fi to reduce data use D-rive can capture a trip no matter where YOU are or your PHONE is while providing real time feedback after each trip 1. Per Deloitte Analysis 21 Discover D-rive: Interactive Driver Portal View Aggregate Driving Performance Explore Individual Trip Analyses Monitor Challenges and Milestones NAMIC Connect Differently - Gandhi & Mullaney Page 11 of 16
14 Discover D-rive: Dynamic Insurer Portal Monitor Enrollment, Usage, and Driving Activity Analyze Individual Drivers Configure Algorithm and Branding Improve Customer Support 23 The Power of Data 2014 NAMIC Connect Differently - Gandhi & Mullaney Page 12 of 16
15 Predictive Analytics: A behavioral profile generates weekly and cumulative scores Weekly Score Cumulative Driver Score Scoring Engine Fingerprinting D-rive s end-to-end solution is a one-stop shop providing everything from data capture to advanced predictive analytics 25 Driver Summary: Scratching the surface of D-rive s analytical capabilities BMW X5 111 S. Wacker Street Chicago What does this tell us about Raju? NAMIC Connect Differently - Gandhi & Mullaney Page 13 of 16
16 Meet Raju: Data reveals a correlation between phone usage and driving behavior Name: Raju Gender: Male Age: Vehicle: BMW X5 YTD Miles: 2,791 Driver Score: 99 Increasingly erratic driving behavior based on acceleration Gyrometer Acceleration Increased phone movement 7:30PM Identified stream data patterns Data illustrates a consistent pattern revealing Raju calls his wife every day when he is 5 minutes away from home reveal driving behavior insights Raju s driving behavior is negatively impacted by phone activity 27 Develop a Strategic Response 2014 NAMIC Connect Differently - Gandhi & Mullaney Page 14 of 16
17 It s time to get in the game starting now /10 US States with at least 4 UBI programs US States with at least 8 UBI programs Top insurers offering telematics solutions Start testing a telematics solution Begin collecting data Your Strategic Response Discover the power of data driven insights 29 To Learn More Contact Us William Mullaney Senior Advisor Deloitte Consulting LLP 25 Broadway New York, NY wmullaney@deloitte.com Malika Gandhi Senior Manager Deloitte Consulting LLP 25 Broadway New York, NY malgandhi@deloitte.com For more information, find our articles on Deloitte.com 2013 P&C Insurance Industry Outlook Insurance Tech Trends Telematics Top 10 Issues for Insurance M&A in 2013 Poised for sustained growth, but challenges remain Elements of post digital Driving the automobile insurance market through disruption Time for mergers and acquisitions to take off? 2014 NAMIC Connect Differently - Gandhi & Mullaney Page 15 of 16
18 About Deloitte Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. Copyright 2014 Deloitte Development LLC. All rights reserved NAMIC Connect Differently - Gandhi & Mullaney Page 16 of 16
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