Technology driven trends in the motor insurance field and technological approaches to meet future challenges are just a few of the topics analyzed during “IIF 2019 – MOTOR INSURANCE – the innovation challenge”, taking place today, 8 April, in Vienna, Austria.
Fair pricing, ease of access, efficient claims handling, added value services offered to improve road safety are all aspects of the customer-insurer interaction for which new technologies may provide significant means of gaining competitive advantage and retain the customers.
Yet, embracing the technological “revolution” should be a carefully balanced decision considering both the elating opportunities and the inherent challenges. “IIF 2019 – MOTOR INSURANCE – the innovation challenge” addresses both sides of the decision-making process, benefitting from relevant experiences across Europe.
The event was organized with the support of RECREX and our partners:
Official Partners: VIG – Vienna Insurance Group, Guy Carpenter
Main Partner: FRISS
Mateo CARBONE, Founder and Director, IoT Insurance Observatory, Italy
IoT offers new opportunities for insurance companies, including the growth of insurance portfolio. For example, Discovery (South African company) scaled-up its auto business with a value proposition based on the promise made to clients that they will receive back up to 50% of monthly gas spending ;
Both in Italy and South Africa, insurers are selling the customer an “enhanced road side assistance” (telematics based services);
The typical insurance telematics offer in Italy includes a telematics device (black box to be installed on top to the battery for all the year – self installing), as well as a specialized insurance coverage: auto liability insurance coverage with 25% up-front. Many insurers have been able to sell telematic policies without material discount for the customer. Over 40% of the 7 millions of Italians with telematics chose it for the services;
The new technological developments (IoT/ telematics) offers the possibility of reinventing the claim process in insurance, through aspects such as: 1) Crash detection, assistance on site, reconstruction of the dynamic of crashes, 2) Prompt definition of exposure, 3) Digital customer interaction, 4) Enhanced the effectiveness of the claim evaluation and the efficiency of the claim process; …