Usage Based Insurance Perceptions
Hello, we’re wejo.
Our goal is simple:
Make every
journey
rewarding
What am I going to show you?
1
2
3
4
A reminder for us all
Hitting mass market
Announcing a new partnership
Getting the value exchange right
The benefits to insurers of
telematics are evident.
Here’s 10 of them to remind us all
1Reduction in claims management costs
Reduced claims frequency
2
Reduced claims severity
3
Added value-added services4
Accident reconstruction
5
Fraud reduction
6
Better pricing performance
7
The Hawthorne effect
8
Improved retention
10
Brand and marketing benefits
9
What other single proposition are you working
on that can claim all of these benefits?
Telematics forecasts
In 2012 it was claimed that by 2017 there will be
89 million telematics subscribers
Source: ABI Research & Market Watch
However, in 2014 there were just 12.2 million
and by the end of 2015 it is expected to reach 21 million
Something isn’t working.
Today’s telematics value exchange
Policyholder Insurer
$650 paid for a
year’s insurance
cover
Telematics data &
insight provided
Possibility of 15% /
$97.50 discount at
renewal
Today’s telematics value exchange
Policyholder
Insurer
We must get the consumer data value exchange right
Source: Microsoft Insight – The Consumer Data Value Exchange
Positive permission
for dataexchange
I feel its benefits to me personally
I see how it can haveuseful benefits
I understand what theconcept of data is
Consumers are already willing to share their data
Sources: Microsoft Insight – The Consumer Data Value Exchangeand wejo Customer Survey (July 2015)
of global and emerging consumers are happy for brands or services to track and analyse data to optimise
shopping or services.
68% of people were willing to share details about their driving & journeys with their insurer in
exchange for money saving offers; only 11% were unwilling to do so.
Willing to share
Not sureyet
Unwillingto share
59%
What is the market waiting for?
Announcing a new partnership
The wejo Rewardrive model
Policyholder Insurer
Insurance cover
premium
Telematics data &
insight provided
Possibility of
discount at renewal
Retailers
Money off goods
and services;
enough to cover the
premium
A more balanced value exchange
Policyholder Insurer
An immediate and on-going reward cycle
Total reward value$100
Insurance premium cost
$305
1 week
Bronze
An immediate and on-going reward cycle
Total reward value$200
Insurance premium cost
$305
2 months
Silver
An immediate and on-going reward cycle
Total reward value$345 Insurance
premium cost $305
1 year
Gold
Reward strategy in action
Rewards Engine facilitates intelligent placement, issuance
and redemption of rewards and offers
Predictive Reactive ProximityScheduled
Points of interest
(POI) created and
geo-tagged
nationwide
Portal for wejo
and/or reward
partners to quickly
distribute offers to
user-base
Intelligent reward
user-experience
learns user likes
and dislikes
What about the data?
Car
Details
Insurance
Details
Personal
Details
Demographic
Profile
Breakdown
Cover
Details
MOT &
Service
Details
App
Engagement
Feature
Usage
Reward Type
Propensity
Redemption
History
Retail Outlet &
Car Park Usage
Fuel Purchase
Habits
Dealership
Visits
Cost/Value/Brand
Analysis
Device
Usage
eCRM
Responses
Name
Contact
PreferencesCar
Usage
Drivetime
Analysis
Non-Driving
Journeys
Regular
Journeys
Frequent
Locations
Driver
Scores High Risk
Events
Transport
Hubs Used
Road
Usage
A significant amount of data and insight is gathered from the solution and
available to the insurance providerA significant amount of data and insight is
gathered from the solution and available to the
insurance provider
Behaviour
Data
Driving
Data
Extended
Profile Core Profile
Extended
Profile
Driving
DataBehaviour
Data
Customers are represented by a range of KPIs…
Extended Profile
Mary Smith ([email protected])
Customer
profile
Driving Data Behaviour Data
Journeys
Home
Work
Driving
insight
Locations Drivetime
342journeys
2,456miles
5frequent
places
Driving Scores
121hours
Rewards
Behavioural
insight
Engagement
7redemptions
£4.00cost
£83.32retailer
value
Feature Usage
Member for 151 days
Customers are represented by a range of KPIs
Customers are represented by a range of KPIs…
Extended Profile
Mary Smith ([email protected])
Customer
profile
Driving Data Behaviour Data
Journeys
Home
Work
Driving
insight
Locations Drivetime
342journeys
2,456miles
5frequent
places
Driving Scores
121hours
Rewards
Behavioural
insight
Engagement
7redemptions
$4.00cost
$83.32retailer
value
Feature Usage
Member for 151 days
The KPIs combine to make a Value Score
53%
0.59
0.67
Value Score
Average = 60
47
Customers are represented by a range of KPIs…
Extended Profile
Mary Smith ([email protected])
Customer
profile
Driving Data Behaviour Data
Journeys
Home
Work
Driving
insight
Locations Drivetime
342journeys
2,456miles
5frequent
places
Driving Scores
121hours
Rewards
Behavioural
insight
Engagement
7redemptions
$4.00cost
$83.32retailer
value
Feature Usage
Member for 151 days
The KPIs combine to make a Value Score
53%
0.59
0.67
Value Score
Average = 60
47
TOOLSCollected via time-saving tools such as the wejo profile and
reminder services
UTILITYThrough utility services such as journey management, wejo will
learn more about the driver and their patterns
LOYALTYDriver rewards create stickiness and advanced analytics
provide insight into customers preferences
VA
LUE
AD
DSu
pp
lem
enti
ng
wej
o d
ata
wit
ho
ther
dat
a so
urc
es
Customers are represented by a range of KPIs…Cutting edge services translating data into useable insights
wejo Analytics Engine
Demographic Profiling
Consumer & Retail Trending
Traffic & Journey Analysis
Driving Behaviour Analysis
Vehicle Usage Analysis
Raw data
Non-identifiable,
trended data
Data reports
Analytics Dashboard
Self-serve reports
wherever you are
Expertly compiled
business information
Customers are represented by a range of KPIs…Data that delivers real value
In order to:
• Reduce fraud
• Increase policy sales
• Increase retention
Insurers Retailers OEMs/Manufacturers
Need:
• Reduce fraud
• Increase policy sales
• Increase retention
In order to:
• Reduce fraud
• Increase policy sales
• Increase retention
Need:
• Reduce fraud
• Increase policy sales
• Increase retention
In order to:
• Reduce fraud
• Increase policy sales
• Increase retention
Need:
• Reduce fraud
• Increase policy sales
• Increase retention
This is just the start. Where will
your journey take you?