Creating motoring propositions that are compelling to consumers

Manjit Rana, Founder and Director, Ingenin

Helping forward thinking insurers create disruptive propositions

Creating telematics based propositions that are compelling to consumers

•"Are"insurers"best"placed"to"offer"telema4cs"based"proposi4ons"to"consumers?""•"What"do"consumers"want"from"telema4cs"based"proposi4ons"?""•"Where’s"the"focus"–"insurers"managing"the"risk"or"improving"the"driving"experience"for"motorists?""•"How"can"you"compete"with"motor"and"other"consumer"brands"when"promo4ng"your"insurance"proposi4on?"

"

What makes a product or service compelling to the consumer?

Engaging"proposi4ons"typically:""D  Improve"or"enhance"an"experience""D  Add"value"(preferably"unique"value)"""D  Provide"them"with"an"ego"boost"/"makes"them"

feel"good""D  Saves"them"money"

D  The"more"4me"they"spend"engaging"with"the"product"/"service"the"more"addic4ve"it"becomes"

Consumer)Trigger) Example)

Peers"&"Power" Social"mo4va4on,"status,"credibility"

Personal"Pursuits" Internal"mo4va4on,"fun,"personal"improvement"

Prairie"Dog"Events" Life"events,""

Produc4vity" TimeDsaving,"path"of"least"resistance"

Price" Sale,"discount,"free"

How does this match up to an insurance product?

D  Improve"or"enhance"an"experience""D  Add"value"(preferably"unique"value)"""D  Provide"them"with"an"ego"boost"/"makes"

them"feel"good""D  Saves"them"money"

D  The"more"4me"they"spend"engaging"with"the"product"/"service"the"more"addic4ve"it"becomes"

Motoring segments

•  Learning)to)drive)–  Most"recep4ve"to"feedback"–  Goal"is"to"pass"test"quickly"as"possible"

•  Just)passed)test)–)really)learning)to)drive)–  Parents"anxiety""–  Showing"of"to"their"friends"–  Purchasing"a"car"

•  Comfortable)driver)–  easiest"/"cheapest"/"quickest"/"most"comfortable"/"prac4cal"way"to"get"to"my"des4na4on""

What are consumers actually thinking about?

•  Top)of)mind)–  What’s"the"cheapest,"easiest,"quickest,"

most"comfortable"way"to"get"me"to"my"des4na4on?"

–  Do"I"know"how"to"get"to"the"des4na4on?"•  Enter"des4na4on"into"smartphone"

satnav"•  Enter"des4na4on"into"vehicle"satnav"

system"•  Head"in"general"direct"and"

determine"precise"rou4ne"once"closer"

–  Do"I"have"sufficient"fuel"for"the"journey?"•  No,"where"can"I"get"some"without"

much"devia4on"that’s"not"too"expensive"/"where"I"get"loyalty"benefits?"

–  Is"my"car"taxed?"–  Are"my"tyres"properly"inflated?"–  Do"I"have"a"current"MOT?"–  Is"my"insurance"valid?"–  I"hope"I"don’t"have"an"accident.."

What benefits could you provide to a motorist?

•  Driver)friendly)mobile)call,)SMS,)email,)social)media)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))

•  Timely)reminders)when)MOT,)TAX,)Insurance)needs)renewing)–  Budget"plan"to"spread"cost"of"these"

across"the"year"•  Maintenance)

–  Create"a"service"to"match"cars"needing"a"service"to"garages"with"spare"capacity"(laterooms.com"model)"

•  Unexpected)repair)bills)–  Spread"cost"using"shortDterm"loan"/"

credit"facility"

•  Safety)–  Driver"fa4gue"–  Uninsured"drivers"–  Well"maintained"cars"on"the"road"

•  Accident)–  Proac4ve"accident"detec4on"/"

management"•  DropTag,"Smartphone,"

blackbox,"inDcar"tech)"

What benefits could you provide to a motorist?

•  PrevenHon)2.0)–  Guardian"angel"for"the"motorist"

•  Proac4vely"looking"out"for"the"motorist"and"his"vehicle"

•  Use"of"crowdDsourcing"to"create"NRT"hazard"alerts"(Waze)"

•  Monitoring"safe"distance"from"car"in"front"

•  Aler4ng"driver"of"speeding"

What benefits could you provide to a motorist?

Rewards)Scheme)!“If!we!can!help!reduce!the!number!and!severity!of!accidents!we!save!money!which!we!will!share!back!with!you!the!policy!holders”!

•  Points)accrued)for:)–  driving"during"safer"hours"–  Winter"check"–  Taking"a"break"over"2"hours"on"long"

journeys"–  Avoiding"accident"prone"roads"–  Slowing"down"in"bad"weather"/"outside"

schools"–  Parking"in"“safe”"loca4ons"""""""""""""""""""""""""""""""""""""""""""""""–  Driving"“safely”"ie"not"aggressively"

•  UHlise)points)for))–  Discounts"on"using"the"insurers"supply"

chain"for"services"–  Regular"smaller"rewards"or"build"up"for"

greater"value"rewards"

What benefits could you provide to a motorist?

•  Insurance)approach)–  Penalising"or"not"permibng"driving"at"

night"–  Penalising"Driving"aggressively"

•  Mobile)network)provider?)–  Already"trusted"to"as"the"gateway"between"us"and"online"services"–  Already"gathering"and"processing"vast"amounts"of"data"

•  The)car)mfrs)–  Already"trust"and"have"a"posi4ve"rela4on"with"the"brand"–  Services"closely"aligned"–  BMW"NFC"key"

•  Apple)/)Google)–  Strong"affinity"with"consumers"–  Strong"brand"loyalty"

•  Insurance)companies)–  Nega4ve"image"–  Best"understanding"of"risk"and"claims"management"

Who could provide these services?

•  The)world)is)changing)at)a)dramaHc)pace)•  New)consumer)behaviors)and)expectaHons)are)driving)disrupHve)proposiHons)and)business)models)

–  Pay"as"you"use"motoring"–  Car"sharing"–  Lyd"/"Flightcar"

•  Industries)are)broadening)their)offerings)and)relaHonships)–  BMW"booking"your"train"4cket"and"hotel?"–  Telefonica"selling"you"travel"insurance"–  Vodafone"providing"you"home"security"–  Apple"cars?"

•  Insurance))–  Pet"telema4cs"–  Changing"rela4onships"

The Future

Thank you for listening…