Ubi
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Usage Based Insurance (UBI) uses telematics data collected from connected cars to provide pay-as-you-drive auto insurance policies where premiums are based on actual driving behavior rather than average risk. The technology allows insurers to offer benefits like lower premiums for safe drivers, higher premiums for risky drivers to incentivize safer driving, enhanced security through vehicle tracking, and predictive modeling to control fraud and claims. UBI solutions integrate analytics, cloud computing, configurable parameters, and adapter-based integration to address business challenges around average premiums not aligning with individual risk, the need for differentiated products, and controlling claims and fraud.
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This document describes MSIG Insurance (Singapore) and Fermion Merimen's submission for the 2023 Digital Insurer Innovation Award for their work combating motor insurance fraud with advanced AI technology. Their solution is an AI tool called Truesight Fraud Intelligence, which analyzes millions of motor claims processed through Fermion's eClaims system combined with data from Fermion's motor ecosystem network. The AI tool automates fraud screening checks and presents results as a visual network diagram to help claims specialists identify fraudulent activity. The solution has automated 50% of screening checks, saving MSIG an estimated SGD100K annually while improving claims processing times and reducing risks of paying fraudulent claims.Driverly Company Limited - Insurtech Innovation Award 2023
Driverly Company Limited - Insurtech Innovation Award 2023The Digital Insurer
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Driverly is a flexible car insurance subscription service powered by a telematics app designed for young drivers. It uses driving data collected from customers' smartphones to continuously adjust monthly premiums based on driving behavior. Driverly aims to sign up 500,000 customers generating 贈500 million in revenue by year 6, becoming profitable by year 4. The target market of 17-25 year olds accounts for 11% of the UK population and 30% of the personal car insurance market worth 贈16 billion annually.Itlscm Gurjeet Bhatia
Itlscm Gurjeet Bhatiaguest861e72
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Progressive Insurance implemented mobile technology solutions to improve their claims processing and customer service. Mobile claims adjusters with laptops could complete tasks at accident scenes in hours that previously took weeks. This improved the customer experience. Progressive also used mobile apps and GPS vehicle tracking to more accurately assess risks and set premium prices. While this approach raised privacy concerns for some, Progressive argued it only used data for pricing. Overall, the mobile solutions increased efficiency, customer response times, and allowed up-selling additional policies.Insurance Trends
Insurance TrendsMurali Raghuram
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The document discusses trends in the insurance industry towards digital transformation. It outlines how insurance is evolving from Insurance 1.0 which was analog, to Insurance 2.0 which was IT-enabled, to Insurance 3.0 which is digital. Key trends driving change include demanding customers, evolving technologies like AI and IoT, and disrupting startups. New business models are emerging like peer-to-peer, on-demand, usage-based, and social broker insurance. Technologies are disaggregating the traditional insurance value chain. Insurers need to focus on digital customer experience, omni-channel experience, optimized operations, and leveraging big data and analytics to adapt to these changes.Zendrive - InsurTech Innovation Award 2022
Zendrive - InsurTech Innovation Award 2022The Digital Insurer
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This document discusses Zendrive's Insurance Qualified Leads (IQL) Platform which helps insurers acquire preferred risk customers through consumer apps. The platform uses telematics data from smartphones to analyze over 100 million drivers and provide personalized insurance quotes without additional hardware. This allows insurers to improve pricing, target lower risk drivers, and lower customer acquisition costs. A case study shows how one large US insurer used the Zendrive platform through a major fintech app to deliver hundreds of thousands of quotes and millions of dollars in savings by acquiring ultra-preferred risk customers.Maruti suzuki business level strategy
Maruti suzuki business level strategykeshav lagwal
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The document outlines an agenda to analyze the general environment, automobile industry, competitors, and Maruti Suzuki's value chain and business strategy. It then discusses the growth of the Indian auto industry and provides an analysis of Maruti Suzuki's major competitors in India, including their market strategies. Finally, it describes key aspects of Maruti Suzuki's operations, supply chain management, technology development, and human resource management practices.Driverless Cars: Time for Insurers to Shift Gears
Driverless Cars: Time for Insurers to Shift GearsCognizant
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The document discusses the impact of driverless cars on the insurance industry, highlighting the need for insurers to adapt to the evolving landscape as accountability shifts from drivers to manufacturers and network providers. It outlines the projected timelines for the adoption of autonomous vehicles and suggests changes in insurance coverages, pricing, and underwriting practices during transitional phases. Insurers are encouraged to prepare for various operational scenarios to remain competitive in a rapidly changing automotive environment.seShMobisurance - Product Presentation
seShMobisurance - Product PresentationSriSeshaa Technologies Pvt Ltd
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Srisheaa Technologies specializes in mobile app development for various sectors, especially insurance solutions. Their offerings include mobile suites for customer registration, premium payments, and claims management, along with features like GPS tracking and multimedia support for accidents. The company enhances user experience through real-time dashboards and a network of hospitals, facilitating seamless interactions between customers and insurance providers.The Digital Insurer Award - Direct asia
The Digital Insurer Award - Direct asiaThe Digital Insurer
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DirectAsia has partnered with VICOM, a vehicle inspection company in Singapore, to provide motor insurance purchases directly through VICOM inspection centers. Using a cloud-based portal, DirectAsia allows customers to receive insurance quotes and complete purchases while their vehicles are being inspected. This new distribution channel has expanded DirectAsia's customer base to include those who prefer face-to-face services over digital channels. DirectAsia projects that this partnership will account for 22% of its total revenue by 2021 and 30% by 2022.IoT Insurance Observatory 2023.pdf
IoT Insurance Observatory 2023.pdfMatteo Carbone
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The IoT Insurance Observatory is a think tank focused on promoting profitable adoption of IoT in the insurance sector through research, workshops, and symposiums. It connects leading insurers, reinsurers, and technology players to share best practices and innovations in the insurance IoT paradigm, emphasizing the importance of strategy over size for successful implementation. Members receive access to specialized knowledge and resources that support business transformation, risk management, and customer experience enhancements.MSIG Insurance (Singapore) Pte Ltd and Fermion Merimen - Insurer Innovation A...
MSIG Insurance (Singapore) Pte Ltd and Fermion Merimen - Insurer Innovation A...The Digital Insurer
油
Ad
Ubi
- 1. Copyright 息 2013 Tech Mahindra. All rights reserved. Monitory Worth Connected car for a smart future Actual driving behaviour based rating Guided driving Proactive driver behaviour feedback Theft tracking Safe driving campaigns and rewards Controlled claims Predictive modelling Location based services Commoditized insurance Benefits of UBI technology Commercial benefits to Insurance companies include better alignment of insurance costs to actual risk Potential cost savings for responsible customers Higher risk drivers pay more per use, thus have higher incentive to change driving behaviour Continuous tracking of vehicle location enhances both personal security and vehicle security The GPS technology could be used to trace the vehicle location following an accident, breakdown or theft Solution Highlights Integrated Analytics and Could Ease of Implementation Configurable Parameters Predictive Modeling Framework Adapter based Integration with Devices and 3rd Party Applications Role Based Security/Access Business Challenges Average premiums are not in line with risk of each individual driver There's a need for a differentiated product in this mature market There needs to be more control over claims and proactive driver feedback Auto insurance fraud are increasing rapidly Usage Based Insurance