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 (mary.smith@wejo.com)

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 (mary.smith@wejo.com)

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 (mary.smith@wejo.com)

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?