INSURANCE TELEMATICS IN EUROPE AND NORTH AMERICA
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1 INSURANCE TELEMATICS IN EUROPE AND NORTH AMERICA INDEX Index Table of Contents Table of Contents... i List of Figures... vi Executive summary The automotive market The automotive market in Europe Vehicles in use and car parc density New car registrations and leading manufacturers The automotive market in North America Vehicles in use and car parc density New car registrations and leading manufacturers Automotive insurance Basic insurance terminology and categorisations The fundamentals of automotive insurance Traditional automotive insurance risk rating and pricing criteria Developments of the actuarial toolbox for motor insurers The European automotive insurance market The North American automotive insurance market Insurance telematics solutions Introduction to insurance telematics The rationale for telematics-based insurance policy pricing Brief history of insurance telematics offerings Usage-based insurance and related concepts and applications Manual reporting Insurance telematics PAYD, PHYD, MHYD, TBYB Continuous and time-limited telematics data recording Usage-based pricing vs. claims-related insurance telematics Personal lines and commercial lines insurance telematics Value-added services related to insurance telematics STRATEGIC M2M RESEARCH SERIES i
2 INDEX INSURANCE TELEMATICS IN EUROPE AND NORTH AMERICA 2.3 Insurance telematics infrastructure Vehicle segment Insurer segment End-user segment Network segment GNSS segment Business models In-house development Leveraging telematics partners Underwriting without direct client interaction The European insurance telematics market Regional market characteristics Italy United Kingdom Rest of Europe Insurance telematics case studies Italian insurer UnipolSai has reached an installed base of 2 million blackboxes Generali works with Cobra, Octo & Viasat and has 600,000+ telematics policies Allianz s dedicated Telematics subsidiary serves several European operations Insure The Box has sold almost 500,000 blackbox-based policies in the UK UK-based Ingenie is expanding to North America starting in Ontario Towergate s ikube and Fair Pay policies are powered by TomTom Telematics Marmalade has over 50,000 customers in the UK, signs deal with Trakm Direct Line in the UK offers blackbox, OBD and app-based telematics More Than Smart Wheels is a blackbox-based offering for young UK drivers UK insurers offer UBI for youths and women powered by Wunelli and Quartix Coverbox was started by Wunelli and later divested to DriveStyle MyDrive customers Autoline and AXA Ireland transition to smartphone UBI Citroën offers standard-fitted insurance telematics solution powered by Teletrac BMW s ConnectedDrive enables UBI powered by Allianz in the UK German insurer Signal Iduna launches UBI based on TomTom OBD device R+V s insurance telematics pilot did not lead to a commercial offering ii STRATEGIC RESEARCH SERIES M2M RESEARCH SERIES
3 INSURANCE TELEMATICS IN EUROPE AND NORTH AMERICA INDEX German UBI pilot launched by Telefónica, Masternaut and Sparkassen UNIQA SafeLine powered by Dolphin Technologies has a focus on safety Groupama in France offers PAYD insurance powered by Scope Technologies Chipin s Fairzekering offers OBD-based UBI on the Dutch market Spanish MAPFRE Group has also launched insurance telematics in the US RSA s Codan has launched a TBYB app in Norway powered by The Floow The North American insurance telematics market Regional market characteristics United States Canada Insurance telematics case studies US-based UBI pioneer Progressive has reached 2.5 million participants State Farm works with Verizon Telematics, supports GM & Ford OEM systems Allstate s Drivewise program is expanded across the US market in Esurance s DriveSense and DriveSafe programs are powered by Modus Desjardins has 70,000 UBI clients, works with fellow Canadian supplier IMETRIK Industrial Alliance s early Canadian UBI offer Mobiliz is powered by Baseline insurance customers in North America have chosen IMS UBI technology Metromile offers UBI and VAS for consumers, extends offering to Uber drivers Telogis has partnered with Travelers and Liberty Mutual for fleet insurance Sprint s ecosystem of UBI expert partners includes Agnik, IMS and Modus True Mileage uses NFC technology, works with Ohio Mutual Insurance Group VOXX s Car Connection dongle now also supports insurance telematics Market forecasts and trends Market analysis Insurance telematics policies and penetration in Europe and North America Form factor developments in Europe and North America Value chain analysis Insurance industry players Telematics industry players Automotive industry players Telecom industry players STRATEGIC M2M RESEARCH SERIES iii
4 INDEX INSURANCE TELEMATICS IN EUROPE AND NORTH AMERICA IT industry players Mergers and acquisitions in the insurance telematics space Market drivers and barriers Macroeconomic environment Regulatory environment Competitive environment Technology environment Future industry trends Continued broadening of the insurance telematics concept is expected Insurers will embrace both UBI and claims-related insurance telematics Form factor shift to favour mobile devices in the medium term Connected cars pave the way for mass-marketisation of insurance telematics Privacy concerns are softening across customer segments Big Data: Ownership and portability of telematics data to be scrutinised Commercial applications to grow alongside personal lines insurance telematics Special cases such as ridesharing demand its own UBI products Autonomous cars alter the playing field for motor insurance Company profiles and strategies Agnik Baseline Telematics CalAmp Cobra Automotive Technologies (Vodafone Automotive) Ctrack (DigiCore) Dolphin Technologies DriveFactor DriveProfiler (Scope Technologies) Geotab HIMEX/Evogi (Quindell) IMETRIK Global Intelligent Mechatronic Systems Masternaut Modus iv STRATEGIC RESEARCH SERIES M2M RESEARCH SERIES
5 INSURANCE TELEMATICS IN EUROPE AND NORTH AMERICA INDEX 6.15 MyDrive Solutions Octo Telematics Quartix Teletrac Telogis TomTom Telematics Towers Watson TRACKER Trakm Verisk Analytics Wunelli (LexisNexis) Glossary STRATEGIC M2M RESEARCH SERIES v
6 INDEX INSURANCE TELEMATICS IN EUROPE AND NORTH AMERICA Index List of Figures Figure 1.1: Vehicles in use (EU )... 4 Figure 1.2: Passenger car density per 1,000 inhabitants (EU )... 5 Figure 1.3: Passenger car registrations by manufacturer (EU28+EFTA 2014)... 6 Figure 1.4: Vehicles in use (North America 2012)... 8 Figure 1.5: Passenger car registrations by manufacturer (North America 2014)... 9 Figure 1.6: Motor insurance statistics (EU ) Figure 2.1: Distribution of fatal crashes by day of week and time of day (US 2012) Figure 2.2: Subcategories of usage-based insurance and insurance telematics Figure 2.3: Schematic classification of usage-based & claims-focused insurance telematics Figure 2.4: Insurance telematics infrastructure overview Figure 2.5: Examples of principal insurance telematics form factors Figure 2.6: Examples of real-time driver feedback from Movelo s UBI app Figure 2.7: Schematic insurance telematics risk rating process Figure 2.8: Web-based and smartphone-based interfaces and dashboards for end-users Figure 2.9: Mobile network operators in Europe and North America (2014) Figure 2.10: Mobile operators in Europe by M2M subscriber base (Q4-2014) Figure 2.11: Mobile operators in North America by M2M subscriber base (Q2-2014) Figure 2.12: Telematics strategies for insurance providers Figure 3.1: UnipolSai s white-labelled dashboard provided by Octo Telematics Figure 3.2: Overview of the Your Portal interface for insurethebox policyholders Figure 3.3: RSA s More Than Drive Android app by Wunelli Figure 3.4: Blackbox device provided by Quartix for Wunelli s UBI clients Figure 3.5: Autoline Roadsafe Reward and AXA Drivesave app interfaces Figure 3.6: User interface and OBD device of Sijox s AppDrive powered by TomTom Figure 3.7: Chipin s OBD device used for the Fairzekering insurance offering Figure 4.1: Progressive s Snapshot OBD-II telematics device supplied by Xirgo Figure 4.2: Dejsardins new smartphone-based version of Ajusto Figure 4.3: Schematic overview of Metromile s coverage for Uber drivers vi STRATEGIC RESEARCH SERIES M2M RESEARCH SERIES
7 INSURANCE TELEMATICS IN EUROPE AND NORTH AMERICA INDEX Figure 4.4: True Mileage s latest NFC-enabled OBD device Figure 5.1: Insurance telematics policies and penetration (Europe ) Figure 5.2: Insurance telematics policies and penetration (North America ) Figure 5.3: Distribution of insurance telematics form factors (Europe ) Figure 5.4: Distribution of insurance telematics form factors (North America ) Figure 5.5: Key players in the insurance telematics value chain Figure 5.6: Examples of telematics hardware providers serving the insurance space Figure 5.7: Examples of mobile operator partnerships in the insurance telematics space Figure 5.8: Sample dashboard for Axeda s UBI solution Figure 5.9: M&As in the insurance telematics space ( ) Figure 6.1: Octo Telematics end users by country (March 2015) STRATEGIC M2M RESEARCH SERIES vii
8 INDEX INSURANCE TELEMATICS IN EUROPE AND NORTH AMERICA viii STRATEGIC RESEARCH SERIES M2M RESEARCH SERIES
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