Connected Insurance Analytics Report
While the UBI market is continuously growing and evolving faster than ever, at its core is the capability of the insurers and of their service providers to capture and understand the data coming out of the vehicle. And the news today is full of major insurance carriers on recruiting sprees, desperate to acquire the best minds in the field of data science. In the last 5 years, as the quantity and variety of data has multiplied, the analytics element of Usage Based Insurance has become an art in its own right.
As we launched the 2016 UBI Study, we realised it would take much more than another section to cover this area, and decided to issue an independent report on the topic. Today, we are delighted to announce the launch of the Connected Insurance Analytics report, the most comprehensive independent research on the insurance telematics analytics market.
The report details the essential requirements for actuaries, marketers and data scientists to derive predictive, sensible and understandable conclusions from Big Car Data. To do that, it goes through the methodology to process analytics data, including collection, staging, filtering, enriching, storing and exploiting. To find out more: Download the free abstract by filling in the form. To create this report, PTOLEMUS:
- Dissected the pricing and data management policies of the 27 largest UBI programmes: Admiral, Allianz, Allstate, American Family, AXA, Generali, Desjardins, Direct Line Group, Discovery Insure, Groupama, Ingenie, Insurethebox (Aioi Nissay Dowa), Intact Insurance, Intesa Sanpaolo Assicura, Liberty Mutual, Mapfre, Metromile, National General, Nationwide, Progressive, Reale Mutua, Sara Assicurazioni, State Farm, The Hartford, UnipolSai, Uniqa and Zurich
- Conducted 40 in-depth interviews with Telematics Service Providers (TSPs), analytics providers and insurers
- Substantiated the report with case studies from companies using advance analytics such as: Progressive, Generali, Insurethebox and many more
- Reviewed more than 150 academic papers
- Consulted and appraised the solutions of 10 advanced analytics suppliers active in UBI, including Accenture, Cambridge Mobile Telematics, HERE, IMS, LexisNexis, Octo, SAS, The Floow, Towers Watson, Verisk Analytics
- Illustrated the 340+ page document with over 150 graphs and tables
The results of our research produced 20 best practices, including recommendations on how to record and process driving data, score drivers and interact with them. Some of the questions answered:
- How to start in analytics?
- What datasets use to calibrate a score?
- What are the real causes of accidents?
- What difference between driver behaviour and driving behaviour?
- Why are Unipol and Allstate spinning off their telematics business?
- What data do most insurers collect?
- What data should they collect?
- Can telematics reduce drivers’ risk in a sustainable manner?
- What is the impact of driver feedback on risk?
- How to build my Claims 2.0 system?
- What data will be required for driverless cars?
- Who are the leading insurers in analytics?
- Who are the most experienced suppliers?
10 things you will find nowhere else:
PTOLEMUS used its own driving data to illustrate the analytics methods explained in the report.
- How to deal with missing data and how to anonymise sensitive information
- The parameters that are most widely used to score driving behaviour and the ones that really should be.
- How fast, how big and how diverse must telematics data really be
- How to clean and filter the data, how to superimpose map details onto the data
- The 4 levels of advanced analytics and the specific questions each level aims to answer
- A unique explication of the impact of UBI on risk analytics processes
- The impact of analytics on country-specific product differentiation
- Examples of real life methodologies used by market leaders in determining driving behaviour based on telematics data
- Information on how to stay competitive by selecting a UBI analytics strategy
- The key analytics providers today, able to give you a competitive advantage over carriers who are slow to adopt this transformational technology
The free abstract includes:
- The full table of contents
- 20 best practices in analytics
- 5 Interviews with:
- Larry Thursby, Vice President at Nationwide Mutual Insurance
- Paul Stacy, Founder, Wunelli and Director at Lexisnexis
- Aldo Monteforte, CEO and Founder at The Floow
- Jonathan Hewett, Global Chief Marketing Officer at Octo Telematics
- Mike Brockman, Group CEO, Insurethebox
- A review of the Usage Based Insurance industry today