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4b. P&C Insurance and The IOT - Z. Schmiesing
1.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Insurance and the Connected World Zack Schmiesing May 17, 2016 1
2.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Demystifying the Internet of Things 2
3.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Demystifying IoT: Making sense of the data 3 Technology is changing the way we live our lives. Analysts estimate Understanding data from multiple sensors and how it correlates to future loss is will be connected to the Internet by 2020. a moving target that requires expertise. Source: Cisco Identifying sources of data can be difficult when multiple players are involved, such as hardware manufacturers, platform owners, etc. 50 billion devices Variety of devices Unwieldy and unstructured Big data A complex connected home ecosystem insurers could expect over 10MB of data per household per day. Depending on the volume, variety, and velocity of data, ? Venture capital is available for this market, and startups pop up daily. Predicting market leaders
4.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Why IoT? 4 Product, pricing, and underwriting • Segmentation of risk • Usage-based insurance and telematics • New products Claims • Loss mitigation • Data-powered claims handling Distribution and marketing • Value-added services • Customer interaction/intimacy • New business development models • Finding solutions to common Insurance problems
5.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Why IoT? • Finding Solutions to common insurance problems • Underwriting – Proper Classification – Strategic Segmentation – Plug the Premium Leakage Hole – Improve the customer experience: Retention • Claims impacts – Data at the point of failure/incident • FNOL, eCall, quicker response, quicker to close – Better Claims forensics – Loss Control opportunities – Improve the customer experience: Retention • First true opportunity to redefine the insurance timeline – Verify conditions/operations in real time – Price risk on what’s happened to them, not what’s happened to their peers – Clearer picture at the point of sale Better Customer Experience 5
6.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Connected-building/vehicle/cargo/equipment data usage road map 6 Insurers can work with owners/operators in a phased approach to collect data at various levels of detail to generate actionable insights. Verify Use basic data elements from connected devices to systematically verify existence of protective devices at point of sale and renewal Expand Collect a greater variety of connected data across a variety of providers to increase segmentation and expand discounts Predict Use real-time connected-home data to develop predictive usage-based insurance models to offer the best price to the best risks
7.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Data possibilities for insurers 7 Usage • Patterns of energy and water consumption • Water running when no occupants are home • Which spaces are used, when, and for how long? Occupants • Number of occupants; frequency of access • Access points and security measures • Number of connected devices Contents • Movement of contents in and out of the house • Major appliance/machinery location • Fire/Life safety system detection/status Structure • Roof age and condition, material, and weight load • Wind speed, pressure, weather conditions • Gas , water leak,, hazardous materials IoT hardware, platform, service providers are in possession of data that could be extremely valuable to the insurance industry.
8.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. IoT Sub-segments Connected Vehicles • Better segmentation; Pay-how-you-drive (PHYD) • UBI programs attract better drivers (or more importantly clearly identify them) • On-board technology for quicker claims response; FNOL, eCall, • Dynamic driving data limits fraud potential • Big brother, or lower TCO? 8
9.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. IoT Sub-segments Connected Buildings/Properties • Security, Fire, Life Safety • Property population, access, peaks and valleys • Utilities -> operational fingerprint • Natural hazards, conditions, hazardous substances, • Loss Control practices 9
10.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. IoT Sub-segments Connected Industry • Utilities -> operational fingerprint • Machinery, tools, utilization • Supply Chain: input/output • Material storage • Loss Control 10
11.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. IoT Sub-segments Connected People • Health/Lifestyle monitoring • Field staff logistics/safety • Movement/motion 11
12.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. IoT Sub-segments Inland Marine Implications • Vehicle/cargo/logistics • Machinery • Valuables/Equipment • Technology especially suited for Inland Marine Insurance 12
13.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. © Verisk Analytics, Inc. All rights reserved. Obstacles for Carriers and OEM/TSPs
14.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Obstacles for Carriers and OEM/TSPs 1) Lack of insight into others’ business model OEMs make widgets (not insurance products) – Data requirements – Underwriting workflow – Claims workflow – Regulation and compliance 14
15.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Obstacles for Carriers and OEMs/TSPs 2) Scalability Direct partnerships are not scalable – Contract negotiation – Data specs – IT Infrastructure – Data integration – Project management – Relationship management 15 Carriers OEM/Data source
16.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Obstacles for Carriers and OEM/TSPs 3) What Data and How Much? Example: Connected vehicles generate vast amounts of data 16
17.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Obstacles for Carriers and OEM/TSPs 4) Security and Privacy Concerns What types of data transferred – Highly dependent on industry – Ideally the OEM/TSP steps up – The most hazardous risks won’t likely be of a transactional nature – Regulation and compliance 17
18.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. The Many-to-Many Problem • The influx of connected structures and devices will lead to the many-to-many problem for all of us • Both OEM and insurance industries need to solve for this to ensure innovation can occur, and occur quickly • The solution must be: – Multi-channel: Gives consumers connected device data anytime, anywhere – Multi-use Case: Extends beyond new customer acquisition – Quick & Scalable: Involves partner with established credibility with carriers and regulators – Built in Security/Privacy: Consumer protection
19.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Many-to-many problem 19 OEM/TSP • Unproven value of insurance industry vertical • Limited bandwidth to span relationships with multiple insurers • Engaged only with a fraction of insurance industry, leaving much of the market “untapped” • Cost-prohibitive to create integration with numerous individual insurers Insurers: • Fragmented market — technology winners are TBD • Data is unfamiliar, unstructured, and inconsistent, making insight creation difficult, lengthy, and costly • Inability to systematically validate existence of technology and audit discount eligibility
20.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. Verisk Telematics Data Exchange™ 20 OEM/TSP • Provides forum for mass adoption and monetization of data across entire insurance industry • Provides insurance industry with opportunity for cost-effective integration • Increases ease of insurance-discount application, resulting in increased consumer adoption of tech Verisk Analytics: • Brand is an established and well-known insurance industry leader • Pioneer and market leader of similar data exchanges for other products and markets (auto telematics, public record data, etc.) • Independent party facilitating data use Insurers: • Access to more data from more companies • Data is provided in normalized, consumable format for accelerated analysis • Minimizes the IT costs associated with building several independent integrations with data partners • Focus more time on generating insights and less time on brokering new relationships
21.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. 21 What’s Next? Seek broad application of IoT data across the insurance value chain. Early adopters will gain competitive advantages while those “late to the game” will have difficulty catching up. Look for opportunities to share data at scale to take advantage of full opportunity. Start with simpler use cases of applied IoT data and expand business models over time. 1 2 3 4 5 Partner with a “big data” specialist who is familiar with both industries .
22.
Verisk Insurance Solutions
| ISO AIR Worldwide Xactware © Verisk Analytics, Inc. All rights reserved. © Verisk Analytics, Inc. All rights reserved. Thank You IMUA Zack Schmiesing zschmiesing@verisk.com
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