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Consumer Intelligence 2014

Telematics

Demystifying what your customer want from

telematics The consumer perspective

Neil HartKey Account Director, Consumer Intelligence

https://uk.linkedin.com/in/[email protected]


We understand the whole customer journey

I NEED SOME

INSURANCE! WHO DO I THINK OF?

WHAT DO I BUY AND

FROM WHO?

HOW DO I BUY AND

WHY?

WHAT IS IT LIKE

BUYING INSURANCE

?

WHAT WAS MY

EXPERIENCE DURING THE

POLICY TERM?

HOW SATISFIED

AM I?

HOW MUCH DO I PAY

()?


Agenda

What consumers want

What this means for telematics

Looking into the future


One simple question

What innovative idea would you suggest to motor insurance

providers to improve their service?

Source: Voice-of-the-Customer Motor Insurance survey, n=5,890, May 15


Four key findings

KEY FINDING NO 4.:

Harness the potential from existing

technology

Source: Voice-of-the-Customer Motor Insurance survey, n=5,890, May 15

!KEY

FINDINGNo. 4

Harness the potential

from technology


So what does that mean?

T E L M A I C S


Whos already clued up?

71%

Source: Telematics Tracker, n=1,995, March 15


Still not hitting the big time

%



Whos it for?

inexperienced drivers


Hanging out with the kids

14%

Have a

tele

matics p

olicy22%

18-24 18-24

Gender



But when costs are sky high whod blame you?

Avera

ge n

ew

busin

ess p

rem

ium

3631

18 -24

17-19

1892

842 681572 470496 445 456

1127989

50-54 55-59 60-64 65+30-34 35-39 40-44 45-4920-24 25-29

Age GroupSource: Market View, n=3600, Feb 15


Its all about the money

Refund for safe driving

59%

Reduced renewal premium

61%

Refund for lower

mileage

52%



And thats what most insurers are talking about

Discount SafetyEducate Driving

Curfews


But dont cramp my style

Not driving at night

29%

Economical driving advice

36%



Age Group

Sparking some interest

43%

Inte

reste

d i

n u

sin

g a

devic

e f

or

free

52% 45%53%

38%

53%

18-24 25-34 35-44 45-54 55-64 65+



Package requirements?


What needs to be on offer?

Put up a good cost-benefit case based on me, my car and my driving -rather than some generic

sales blurb.

Allow me to try it for a month without

affecting my premium first.

I believe they should design a 'personal driving contract' and both sides state what their expectations are with resultant rewards besides the penalties.

I personally would be happy to not save money, other than the

initial quote difference, but to have a type of guardian angel, which is

what these telematics could be beneficial for.

Offer peace of mind that in an accident better data would

be available so it would be easier and quicker to resolve a

claim.

Prove how I would save money.



Package for younger drivers

Smartphone app

Alert if vehicle stolen

Alert for vehicle repairs

Insurer own data


Package for older drivers

Professionally fitted device

Alert if vehicle stolen

Breakdown care alert

Alert services if in collision

Alert insurer if in collision

Self own data


Clouds to disperse


Fears and worries

I don't want a spy in the car.

The tricky decision i have is that there have been times when my speedo might have gone over the limit; would the insurance company define this as bad driving and increase my premiums/ be legally bound to report me to the police?

To make sure you don't get penalised if you don't meet

the criteria set.

Who would they share the information with? Could it be used against you - example - could you be charged for speeding etc?



Turn-offs for younger male drivers

Fuel economy tips

Alert services if in collision

Breakdown care alert

Alert insurer if in collision


Digging deeper

mentor

not

enforcer


Tempting enough to share?

So what would tempt consumers to move to sharing their data with (YOU) their insurer?


Harnessing existing technology

Source: Viewsbank Android App


What do consumers want?



Feeding back



In their own words

Source: Telematics Focus Groups, June 15

I am proud to be a part of something that is rewarding

responsible driving.

I get to keep an eye on my driving and make sure I'm

driving safe.

I feel like I belong to a club.


So what does it all mean?

Theres still a way to go for mainstream consumer adoption.

Continue to target key groups with tailored products to build product and brand loyalty.

Consumer Intelligence 2014 Consumer Intelligence 2014

Thank you

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