Connected Insurance Analytics Report: Table of contents
Section 1: THE FUNDAMENTALS OF THE UBI MARKET
- Why are many insurance markets not profitable
- A maturing business in the most advanced markets
- Increasing churn
- 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
- Smartphonisation
- Active & passive safety & V2X
- Autonomous vehicles
- 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
- General trends
- 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
- Avoid litigation
- 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
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- UBI’s future depends on smart data and sophisticated analytics
- Four decisions to make before upgrading to advanced analytics
- Questions about telematics analytics answered
- Recommendations
- GLOSSARY