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HIGHLY CONFIDENTIAL – DO NOT COPY
Unlocking Telematics with AI and Proactive Engagement
Rob Malattia FIA, FSAS APAC Head of Pricing and Portfolio Management
AIG, Singapore
Rob Malattia APAC Head of Pricing and Portfolio Management
June 2019
Unlocking Telematics with Artificial Intelligence and Proactive Engagement
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THIS PRESENTATION IS FOR INFORMATIONAL PURPOSES ONLY AND SHALL NOT BE CONSTRUED TO CONSTITUTE ADVICE. AIG ASIA PACIFIC INSURANCE PTE. LTD. (“AIG SINGAPORE”) MAKES NO REPRESENTATION OR WARRANTIES AS TO THE ACCURACY, COMPLETENESS OR TIMELINESS OF THE INFORMATION, TEXT, GRAPHICS OR OTHER ITEMS CONTAINED IN THIS PRESENTATION. AIG SINGAPORE EXPRESSLY DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS IN, OR THE MISUSE OR MISINTERPRETATION OF, ANY INFORMATION CONTAINED IN THIS PRESENTATION.
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kilometers travelled on telematics in the past year
7.1 million
*Based on statistics from the General Insurance Association of Singapore Information on this slide is based on 2018 data.
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580+ employees
Singapore’s 2nd largest Auto insurer
135,000+ Vehicles insured
S$485 million Gross premiums written in 2018
29% Commercial
39% Consumer
61%
S$263 million Total amount of claims paid out in Singapore in 2018
S$3,066 Average amount
of a claim
325 Average number of claims paid
out every day in Singapore
Singapore’s leading non-life insurer*
Serving the Singapore community since 1953
Road Safety Education Programme
4,792 Pre-schoolers educated to date
Collaboration with the Singapore Traffic Police
2016
Premiums brought in by agents
Business segmentation
AIG Singapore at a Glance
HIGHLY CONFIDENTIAL – DO NOT COPY 5 Source: Land Transport Guru, Deloitte University Press | DUPress.com
#FutureIsNear
The Auto industry is changing, and changing FAST
Telematics landscape
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Engagement: But where is the relationship with the customer?
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Today, the only few touchpoints between a customer and an insurance company continue to be… 1. Purchase 2. Claim 3. Renewal
#GettingaSale
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Engagement: Where are we headed?
Every customer is unique Our goal is to de-commoditise auto insurance where the value proposition is clear to the customer, and this helps to drive customers' decision making.
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#OnDemand
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Launched on: 15 Dec 2016
Launched on: 1 Mar 2017
SINGAPORE AIG On the Go
HONG KONG AIG Drive Master
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Rewards and Discounts for Safe Driving
What did we do?
Expected Launch: 2H 2019
MALAYSIA AIG On the Go
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§
§ http://s7d2.scene7.com/is/content/aigassets/aig/apac/sg/videos/AIG-Blacks-Sevens-Web_high-res-autox432-800k.mp4
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AIG on The Go
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Unique Insurance Discount Structure
Acceleration
Braking
Key Features
Cornering
2 3
Connected Scoring
Algorithms
Explore Automobile
Related Services
41
Manual vs Auto Recording
Option
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Engagement via Gamification
Always aligning with the
Fundamental Goals of the app
Unlock Badges to win
E-Reward Vouchers
Recognition for personal
achievement with high value
(safer) behaviors
1 “Reward Campaigns with Badges” “LIVE Leaderboard”
2 3 Scratcher
“More than 65,000 Badges
Successfully unlocked to date”
Daily/Weekly engagement
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Relatable Contests
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Parental Control
Reminders for Insurance renewal
and servicing
Online Accident Reporting
Invite friends and receive e-vouchers
Sharing industry information
on the Automobile Market in Singapore
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Other Features
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Promoting Safe Driving with Partners
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Holding contest for HomeTeamNS (Govt Organisation)
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Unlocking Capabilities with Artificial Intelligence
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• Activity tracking and Automatic journey recording
• Mode of transportation detection using movement patterns (for eg; car, train, boat)
• Distracted driving detection (phone handling)
• Customer segmentation based on car usage and driving behavior (for eg; risk, driving style)
• Driving context detection using driving patterns (urban, residential, off-road, highway, accident reconstruction)
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Each trip was analyzed both per individual users and per individual trips.
>50% reduction
Driving Incidents
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17 The over-speeding time as the percentage of time that drivers spent in driving above the allowed speed limit.
The time per trip spent in over-speeding decreased over time, which is shown in the graph below:
>30% reduction
Overspeeding Time
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The below graph indicates overall increase of driving score across months as an average of all trips recorded in the respective month:
19% increase
Safety Score
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GEOGRAPHICAL INSIGHT EXAMPLE – morning destinations
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GEOGRAPHICAL INSIGHT EXAMPLE – latest trip
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GEOGRAPHICAL INSIGHT EXAMPLE – speeding locations in Singapore
New data sets are emerging! User of the system speed on majority of roads, but locations where speeding exceeded 2x over the speed limit are becoming noticable…Valuable information when compared with claims data.
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AIG OTG Model
ü Connect with customers all day, every day when the customer drives.
ü Interact with existing and non-existing customers on a real time basis.
ü Engagement through updates, contests and rewards.
ü Savings for drivers through discounts.
ü Get closer to the risk and help mitigate it.
ü Increase one’s road safety knowledge and awareness which leads to lower accidents. Safer roads are better for the community.
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#TelematicsGoals