#InsurTech: A Case Study
Transcript of #InsurTech: A Case Study
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#InsurTech: A Case StudyCharlotte Halkettinsurethebox
@charliehalkett
Nov 2016
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#InsurTech
Technology is creating a revolution in insurance!
Connected Me Connected Cars Connected Properties Connected Business &Commerce
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CUSTOMERTHE COMPANY
#InsurTechWINS
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Building insurethebox…
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UK insurance
market• Most competitive market
• More than 130 Brands
• Young drivers often pay £1-3000
• Fraud costs industry £1.3Bn/year
• Unlimited liability – includes personal injury
• Selby train crash = £31m
• Gender ruling
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Young expectations
• Used to tailored, data-rich experiences – Amazon, Google, Wikipedia, Asos
• Rewards and loyalty cards
• Smartphones and personalised apps
• On-demand entertainment
Insurance is one of my most expensive purchases, why shouldn’t I get the same
service?
Treat me like an individual - I want my data to work for me.
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Road Safety
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• The young driver might not recognise this need
• Road deaths falling - but still >1700 a year
• Young and inexperienced drivers hugely at risk
• Young drivers drive older cars with fewer safety features
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The UK’s leading telematics provider
Our own in-house telematics platform
Began trading June 2010
690,000 sales (new + renewals) to date
Two brands: insurethebox and drive like a girl
White label partnerships with Tesco Bank and AA Driving School
3 Billion miles of data and all associated claims
Bought by ANDIE in March 2015
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#InsurTech Data
In Action
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Some examples from insurethebox
• Customer Segmentation
• Accident Alert
• Fighting Fraud
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Customer Segmentation
Traditional risk pricing
Whole customer value chain
Driving behaviour
Changing customer behaviour
Target messages:
Right message
Right person
Right time
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Example segment: Speeders
Young Drivers who speed are far more likely to crash
• Habits are being formed
• Little experience and ability to cope with speed
• Experiencing different road conditions and users
Send series of personalised messages
Reward and Inform
Early intervention can influence long-term safer driving habits
The risk you wrote does not have to stay the same!
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The speeders
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Red Speed01 Issued
GreenImprover01 Issued
AmberImprover01 Issued
RedSpeed02 Issued
Green | No Message
Amber | No Message
Red | Reoffender01 Issued
Green | No Message
Amber | No Message
Red | Reoffender01 Issued
Green | Improver01 Issued
Amber | Improver01 Issued
Red | Speed03 Issued
15% reduction
in risk
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Clocks Go Back
In the month after the October clock change:
30% increase in evening rush hour risk
5pm-8pm, based on telematics data
Target messages:
Message in customer portal
Emails
Press campaign to raise awareness
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“Insurance Black Box tracker saves a Surrey man's life” BBC London News report link (YouTube)
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Fighting Fraud!
Ground breaking wins in court
Findings of “Fundamental Dishonesty”
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Insurance has changed, and is getting smarter
#insurtech makes it possible
Helping customers to driver safer
Getting help to customers faster
Reducing Fraud
Reducing costs for drivers
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Charlotte Halkett
insurethebox
@charliehalkett
charlottehalkett