Capturing the value of data Hugo Hanselmann CMO Financial Times Future of Insurance Summit 2015
Hello, we re wejo.
Our goal is simple: Make every journey more rewarding
Anything that benefits from being connected, is going to be connected Hans Vestberg
Connected cars are central to drivers lives
What does that mean for the vehicle insurance industry?
The insurance industry has remained fairly static in terms of innovation over the years and telematics has the potential to be a complete game changer The main areas of focus currently are split in to 2 areas PAYD PHYD We expect over 25 million cumulative UBI policies by 2020 in the EU top 5 countries
Where next? Changing trends in technology More valued could be added within insurance Ø Fraud detection and prevention Ø New proxies Ø Immediate accident detection Ø Customer engagement & retention Connected cars Ø ecall is finally becoming mandatory Intelligent mobility C2C, C2X Retail Ø Usage of behavioural data
Combining and simplifying lots of data sources to produce insight that matters.
Driving behavior data Speeding Road Usage Time of Driving Smoothness Familiarity Reckless Events Phone Use Journey History & Routes Business / Personal Journeys
The driving behaviour data is enriched with sensor data Geofence IN/OUT Vehicle Position (Notification + Refresh) Malfunction Indicator Lamp Alert Maintenance Alert Door Lock/Unlock Battery Start/Stop Notifications Other Vehicle Data (at the end of each Journey)
The wejo data model CONSUMERS APP OBD OEM WEJO Receiving & Processing Engine WEJO Master Data Lake Personal Data & Anonymised Data Sub-Data Lakes CLIENTS Insurers Fleet Managers & Fleet Leasing Retail Car Manufacturers Data Enrichers
Harnessing driver data is central to the connected car, UBI and understanding how this all fits into our lives.
How do we know drivers will allow us to use their data? The Consumer Data Value Exchange Source: Microsoft Insight The Consumer Data Value Exchange
Consumers attitude to data sharing 57% 70% 51% of global and emerging consumers want to be able to choose how long informa7on they share stays available online of global and emerging consumers know their ac7vi7es are tracked through their devices of global and emerging consumers are aware companies benefit from data but they (customers) don t know how to trade it Source: Microsoft Insight The Consumer Data Value Exchange
Consumers most willing to share data in exchange for new services or offerings 79% 78% 77% 73% 72% It s a trade off and I win more than I lose. For example, it helps me save time, because I don t have to fill in everything each time. Female Mainstream, France Site visits Gender Preferences Ac7vi7es Info on things Source: Microsoft Insight The Consumer Data Value Exchange I own
Consumer expectation 59% of global and emerging consumers are happy for brands or services to track and analyse data to optimise shopping or services. Source: Microsoft Insight The Consumer Data Value Exchange
To overcome the barriers we need to meet driver needs.
Make driver lives easier and saving money Utility Providing drivers with features that make their lives easier, such as journey management, mileage tracking and incident support. Tools Time- and money-saving features that are always on hand when the driver needs them, such as cheap fuel finders, parking and car insurance comparison. Loyalty Driver rewards and benefits can be used to influence better driving behaviour, and connect the driver to the manufacturer, the insurer and retailer.
Rewards that make every journey rewarding Behaviour-based rewards that offer drivers a range of motoring and lifestyle savings all year round.
Create a stronger bond between the driver, the insurer and the manufacturer.
Benefits for Insurers Real-time data will enable insurers to know their customers better
Benefits for Insurers Keeping the customer with the insurer. Utilising predictive data modelling techniques the insurer can create driver savings and increase retention. Sensor Data Insurer
This is just the start. Where will your journey take you?
Hugo Hanselmann hugo.hanselmann@wejo.com www.wejo.com Thanks.