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March 2017
Initiative presentation
Connected Insurance Observatory
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The Observatory• Data provided by the Internet of Things represent an extraordinary
opportunity for Insurance Companies and intermediaries
• The most mature InsurTech use case is auto insurance telematics (already mainstream in some countries like Italy)
• The Connected Insurance Observatory is the first insurance think tank specialized in insurance IoT:- The European Observatory (second edition) aggregated more than 30
Insurers, Reinsurers, Institutions and Tech players- Since 2017, the Observatory started its operations in the US with the
support of a dedicated Advisory Board
• Connected Insurance Observatory is about connecting people and ideas in order to spread the innovation culture over the insurance market with three concrete outcomes:- A multiclient research - Three workshops dedicated to each member- Three plenary symposiums
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Connected Insurance is about connecting insurance with people and their risks
The Insurance IoT
Health… Industrial risksMotor… but also Home… Life…
Any insurance solution basedon sensors for collecting data on the state of an insured risk and telematics for
remote transmission and management of the data collected
Connected Insurance
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The insurance telematics industry is still in the very early stages…
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… but it is bound to change motor insurance around the world
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20
40
60
80
100%
Italy UK U.S. Germany France
5 Very Likely432
1 Not at AllLikely
"How likely would you be willing to agree to have a black box fitted in your car or a driving app on your smartphone that would track position and driving behaviors in
order to receive services and a discount on your auto insurance premium?"
BIG CUSTOMERS BASE AROUND THE WORLD WILLING TO USE TELEMATICS
INSURTECH TELEMATICS START UPS GAINING SPEED
• Metromile is a variably-priced, pay-per-mile car insurance provider
• Last investment round ($191M) will be used to acquire Mosaic Insurance – first insurtech start-up to acquire insurance incumbent
• NAUTO uses cameras, motion sensors and GPS systems, as well as artificial intelligence software, to detect what is happening on the road, as well as inside a car
• Big-name auto and insurance companies BMW, Toyota and Allianz Group invested in the start-up and entered into data-sharing partnerships
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Connected insurance: what is in it for insurers?
Improve insurance profit & loss through specialization
Enhance proximity and interaction frequency with the customer while creating new customer experience and offering additional services
Create and consolidate knowledge about the risks and the customer base
Frequency of interaction
Benefits on the insurance bottom line
Knowledge creation
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Perform a new virtuous role for society by providing positive externalities for a sustainable society
Sustainability4
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The scope of the Connected Insurance Observatory is the Insurance IoT
Objectives
Scouting and rationalizing qualitative/quantitative
knowledge on Connected Insurance
Sharing a critical point of view of key trends and spreading
innovation culture
Encouraging stakeholders discuss experiences and
exchange ideas about innovation
The scopeAny insurance solution based
on sensors for collecting data on the state of an insured riskand telematics for remote transmission and management of the data collected
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Objectives Observatory's activities
The Observatory provide to the participants the best knowledge available worldwide on Connected Insurance
Scouting and structuring
quali/quantitative knowledge on Connected
Insurance
Sharing a critical point of view of key trends and spreading innovation
culture
Encouraging stakeholders discuss experiences and
exchange ideas about innovation
1. Collection of evidences concerning connected insurance approaches
2. Researches on consumer expectation and on distribution of connected insurance products
3.Best practice analysis with market benchmark and international innovation scouting
4. Three annual collegial events in order to share with Observatory's Stakeholders ideas and experiences on connected insurance
5. 1to1 deep dive meetings (workshops) with each Member to present and discuss the Observatory's research
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Some quotes from the participants
Thank you for providing a space where lots of insightful ideas about our industry could be shared and discussed openly. I found the sessions very interesting!
System Integrator
Great platform for engage and discuss a wide range of topics and ideas that will impact all of us in the insurance industry soon
Reinsurer
The Observatory created more value month by month…it is really useful have a systematic representation of topics we deal with daily but we was missing to rationalize
Insurer
The initiative provided though-provoking contents. The deep dive sessions were clear and stimulated great engagement within the organization
Insurer
Relevant opportunity to approach unique contents about connected insurance – both from actuarial angle and customer angle - and to discuss them with Insurance Executives, Associations and the Regulator
IT provider
It is not about to discover the new killer application. The Observatory have continuously delivered top level contents and provided food for thoughts, valuable input for our innovation path.
Insurer
Relevant initiative on the sector, strong attendance and very innovative for structure and contents discussedIT provider
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Since the beginning of 2017, we started also the North American Connected Insurance Observatory
The two Observatories together will create an impressive opportunity tocross-fertilize the insurance innovation thoughts across geographies
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A senior and world-renowned Advisory Committee supports the activities of the North American Connected Insurance Observatory
Steve AndersonPresident,
The Anderson Network
Mike Scrudato
SVP Strategic Innovation Leader,Munich Re America
Paul CarrollCEO,
Insurance ThoughtLeadership
Ujjval PatelVice President -
Research & StrategyACORD
Anne Melissa DowlingFormer Director,
Illinois Department of Insurance
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Contacts
Matteo CarboneFounder and Director of the Connected Insurance ObservatoryKeynote speaker and writer on insurance innovationGlobal InsurTech Influencer (1° InsurTech Influencer by InsurtechNews, Top 10 InsurTech Influencer by Onalytica, 10 InsTech Influencer by InstechLondon, Top 15 IoTInfluencer by Postscapes, Top 25 Disruptors in the Insurance Industry by Vertafore)
[email protected]+393346220378
