Advanced Analytics Report: Table of Content
Section 1: THE FUNDAMENTALS OF THE UBI MARKET
Why are many insurance markets not profitable
A maturing business in the most advanced markets
Changing claims costs
The advent of online distribution
The impact of new technologies on the insurance sector
Big data analytics
Broadband connectivity to the car
Connected navigation / infotainment
Active & passive safety & V2X
Can telematics solve the motor insurance woes?
A European perspective on insurance telematics
The North American market’s ever growing demand for UBI
So who is UBI for?
The young market
The middle market
The senior driver segment
Some of the challenges ahead
Section 2: MAKING ADVANCED ANALYTICS WORK FOR UBI
How advanced analytics will change UBI
Telematics data is the difference between UBI and traditional insurance practice
The 4 pillars of UBI analytics
Making sense of driving data
How does an analytics machine work?
A large amount of highly diverse data
The funnel-shaped process that telematics data has to go through
The aim of the analytics machine is to provide answers to 4 questions
There are six steps to process telematics data before applying analytics to it
UBI requires a clear data collection strategy in terms of what to collect and how to collect it
You need to set a stage to leverage telematics data
Data filtering and Data Mining strategies
Enriching the data to understand driving behaviour
Define your archiving strategy from the start
Exploiting data by using the power of analytics
How to become a telematics analytics powerhouse
Understand the advanced analytics market landscape
Recommendations and best practices in analytics
What data collection solution to use?
Which analytics services are commonly in demand?
What scoring parameter are most commonly used?
What are the possible data components of your scores?
Who are the most advanced analytics companies?
How analytics providers are positioned in terms of offering UBI specific solutions?
Profiles of the key solution providers
Section 3: PUT TELEMATICS AT THE CENTRE OF YOUR CLAIMS PROCESS
Factors affecting the motor line loss ratio
Trends in accidents and casualties
The evolution of fraud in motor insurance
The end of Personal Injury (PI) referral fees?
Acceptance and geographies
The “new car” evolution
The effect of telematics on claims today
The 3 ground rules
Before the accident: predictive modelling
FNOL detection and reporting
After: reconstruction and claims services
Accident management and services
How telematics reduces the cost of claims management
Fast and automatic First Notification Of Loss (FNOL) saves lives
It also saves money
Benefit from accident reconstruction
Effective claims handling is also a marketing tool
The case for telematics in the claims workflow
Why not all claims managers are using telematics data yet
Data requirements from the claims departments
Yet there are numerous examples proving actual claims reductions
Integrating telematics into the claims process
The necessary steps required to use telematics in claims
Getting the right information
Partners and the changing value chain
Choosing the technical solution
Finding potential new claims product strategies
The new claims workflow
CONCLUSIONS AND RECOMMENDATIONS
UBI’s future depends on smart data and sophisticated analytics
Four decisions to make before upgrading to advanced analytics
Questions about telematics analytics answered