Technological revolution in the motor insurance market

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1 Technological revolution in the motor insurance market Market differentiation, lower customer acquisition costs and reduced claims are indisputable advantages of using telematics based motor insurance products Despite the fact that motor insurance is a key business product for most of the insurance companies in the region, for a number of years the market has not seen any significant changes in motor insurance portfolio. There were some attempts of differentiation through new services offered in addition to standardized motor insurance products. However, this is to be seen more as an evolution than a revolution - more so considering that similar services have been available in the neighboring countries for some time now and as such do not bring a significant level of innovation to the motor insurance market. It is a well-known rule that in the absence of product differentiation in a saturated market the price of this product shall likely plunge (provided that the market is liberalized), which is also accompanied by a loss of customer loyalty to the product (according to the data by the European Commission, over 25 percent of motor insurance customers have tried to change their insurance company over the past two years). One of probably most interesting global trends in the field of motor insurance comes from UK, US and Italian market. After communication and information technologies found its footing in many other industries, the time has come for the motor insurance industry to embrace it as well. Gorjan Agačević, the Managing Director of the company Amodo, explains to us how new technology can enable not only new products, but also entirely new business models, which will soon take over the motor insurance industry. Instead of the currently available motor vehicle insurance policies, which have a fixed annual price, this new solution will allow the price of the insurance to be determined based on how often we drive, in which time of day and in what kind of weather conditions, but it will also depend on the behavior and habits of the driver. In the global market, this concept is known as Usage Based Insurance. Advantages of new business models There are two common models based on this technology, known as Pay As You Drive (PAYD), and Pay How You Drive (PHYD). The PAYD model involves an insurance premium which is calculated based on the kilometers driven. On the other hand, the PHYD model takes into account the driver s behavior in terms of safe driving along the distance driven. The necessary data are obtained through devices which are either installed in the course of the vehicle production or are installed in the vehicle in aftermarket. The devices send to the insurer the pertinent information on mileage, condition of the vehicle and the general policyholder s behavior in traffic. Instead of the currently available motor vehicle insurance policies, which have a fixed annual price, this new solution will allow the price of the insurance to be determined based on how often we drive, in which time of day and in what kind of weather conditions, but it will also depend on the behavior and habits of the driver. In the global market, this concept is known as Usage Based Insurance."

2 Night driving, weekend rides, aggressive driving, sudden braking, sudden acceleration, making sudden turns and the type of road on which the driver is driving are among the parameters which shall be taken into account. In addition to using the installed device, the information can be obtained through a specialized smartphone application or a device which connects to the OBDII connector which is present in most cars on European roads today. Which technology and what type of devices shall be selected, as well as which data shall be gathered depends on the manner in which the insurance company wishes to approach the market, and the company Amodo offers consulting services on how to achieve it, in addition to providing integration of all of these technologies, explains Agačević. This solution has proven to be very useful for the purposes of advanced segmentation of the insurance company s customers. Based on the information which is gathered from the vehicle it is possible to determine the risk category for each insured customer more accurately, and thus increase potential profitability of such policies. Share of Europeans who have tried to switch their provider in the last 2 years (%) MTPL insurance Internet service Mobile telephone services Fixed telephone services Mortgage loan Savings & investments Home insurance Long term loan Current bank account Electricity supply services Gas supply services 0% 5% 10% 15% 20% 25% Source: European Commission - Euromonitor January 2009 The question is whether the Croatian insurers will take the offensive with new solutions, or will eventually find themselves in the position where they have to defend themselves against foreign parties which will, according to Lloyd's announcement, enter the Croatian market offering this product very soon. The advantages of these new insurance models are many, and insurance companies may profit from them in different ways. Introducing a solution based on telematics enables entirely new motor insurance products to be launched. The insurance company gains the ability to differentiate itself from the competition, to lower the average cost of customer acquisition, and the entire company brand enjoys the benefits of being the first one with such a solution in the market. The advantage which is maybe easiest to quantify, are significantly lower claim costs among the customers with this type of motor insurance policy. Specifically, the insurance companies in the markets in which these solutions have already been made available have been reporting up to 30 percent lower damage claims in case of these motor insurance policies. The data also show that the claim frequency has also declined by per cent," points out Agačević. "There are numerous other advantages to this technology, such as the establishment of a new communication channel between insurance companies and their policyholders by enabling individual customers to access their driving statistics and related reports. Customers tend to check their data on average two to five times a week, whether via internet or smartphone application, which are both components of our solution, explains Agačević. But it s not only insurance companies who can benefit from using this technology. Their policyholders enjoy significant benefits, as well, according to Agačević: "The first benefit of this technology for the drivers is certainly the improved safety. Not only will the drivers be able to see for themselves how they drive, and whether or not they drive safely and efficiently, but the insurance company will also be able to provide them with information on how to reduce their exposure to the risk of accidents." A high-risk group of drivers in Croatia are most definitely young drivers up to 24 years, who are frequently involved in traffic accidents with fatal consequences. According to the Bulletin of road traffic safety, in 2011 a total of 3,672 young people between the ages of 18 and 24 died. Using this technology the parents of young drivers will be able to increase

3 the driving safety of their children by having access to the statistics concerning their driving. This way they will be able to further instruct them and educate them about safe driving. In this context it is important to note the factor of self-control, because young people will be more likely to drive more cautiously and with more concern for safety knowing that their parents can observe their driving. Furthermore, the system allows the users to automatically share relevant information about the traffic conditions, warn about traffic jams or accidents that may have happened, or when the best time for going in a certain direction is. This is only some of the information that will be made available to the customers of this type of insurance. "Further advantages are clearly financial in nature. Whereas the insured customers will pay the insurance premium depending on how much, when and how they drive, they will themselves be able to affect the price of their policy. In addition to monitoring and improving the efficacy of their driving, they will be able to significantly lower their fuel expenses. According to the existing estimates of potential fuel savings, they may amount to some 10 percent a year," says Agačević. Customer acquisition Amodo is the only company in the region offering solutions and consulting services in the field of insurance telematics. This technology allows for a far more sophisticated way of calculating motor insurance premiums compared to calculating premiums based on general assumptions and basic information such as location, gender and age of the insured, as well as basic information about the car. Agačević is aware that those who serve as a vanguard do not have it easy, but in terms of interest in the domestic market they have encountered a similar reaction wherever they went: You have approached us at just the right time, but it is no mere coincidence that Amodo has decided to act just now, rather it was because our market has just entered the first stages liberalization. "We have assumed that the first step in the ensuing struggle on the newly liberalized market would be to reduce prices. We have come up with a range of promising solutions, where we "Further advantages are clearly financial in nature. Whereas the insured customers will pay the insurance premium depending on how much, when and how they drive, they will themselves be able to affect the price of their policy..." put up a fight in a different, better way which does not require price reduction, but instead provides additional value. Nevertheless, it should be clear that new technology means also adoption of the new business processes. Some insurance companies are more ready for a change from a technical standpoint because they have already implemented certain advanced solutions with which we can easily integrate, while others need a little bit more time. With this in mind we have developed a solution, which is in terms of technological challenges and costs, adapted to the market conditions like ours. What sets us apart from the European competition is the focus of our solutions on customer acquisition and retention. Of course, when we talk about acquiring and retaining customers, it is important to emphasize that exclusively those customers who are potentially profitable are targeted - the customers with an acceptable risk factor" comments Agačević. The simplest version is the one in which the insurance company begins to collect data based on which certain products can be created, for example by finding out what constitutes risky driving in Zagreb or on the way to Dubrovnik. The insights derived from the collected data the insurance company may than share with its policyholders to reduce risky behavior in traffic.

4 "I would urge insurance companies to move, to be among the first on the market, because it is easier and more cost efficient to keep your customers than to win them from someone else. I am well aware that the insurance companies find it challenging to make this decision when approached with something as revolutionary as this, something that radically changes the way things are, and there are certainly going to be insurance companies that will say: "Let's just see how someone else has implemented it." I would suggest them not to wait because the solution is not that complicated to implement. Precise geolocation data are presented exclusively to insured customers so that they can see where they drive unsafely. Gorjan Agačević amodo managing director As a company we bring together not only the technical solution, but also the expertise of people who have worked in the insurance market for a number of years and have experience in implementing such solutions, explains Agačević. It is vital to know how to position a particular product or a solution in the market. Often clients are concerned about the issue of data protection because telematics enable recording data such as the insured customer s movement, but it s important to emphasize that the insurance company has no information on the exact locations in this regard. Instead, they collect data on which type of road the drivers are driving or whether they spend more time driving in rural or urban environments; which is the information relevant for risk assessment and not personal information. Precise geo-location data are presented exclusively to insured customers so that they can see where they make risky driving moves. The key question on every insured customer s mind: "Do I gain enough from this service to be willing to share certain information that describes me?" Agačević believes that every business model should be able to answer this question before trying its luck in the market. How to position a product When asked why telematics have experienced such strong development ever since their introduction in the western country markets, Agačević says that in Western Europe higher insurance premiums are common and so the insurance companies have had more resources to invest in something new, but that the solution his company is presenting allows the insurance companies in our region to follow. "Knowing the situation in the local market makes our jobs easier. Additionally, we believe in presenting appealing opportunities in terms of pricing, because a lot of clients in this region are price sensitive, says Agačević who holds that we are about to embark on a renaissance of telematics. "You can have the best product, but if you do not know how to place it on the market, it simply is not going to happen," says Agačević. "With minimal investment telematics based solutions allow the insurers to test the situation in the market. Our platform is based on several modules - the first is a web based platform designed for the insurance company through which an analysis of the insured drivers driving habits and risks is performed.

5 Additionally, we have two types of devices, the so-called black box which is installed in the car and the OBDII device which can be independently integrated. Finally there is a web based platform for insured customers, which they can use to monitor their own performance and driving statistics and receive tips on how to improve their driving safety. In addition to the web platform, we have created a smartphone application for the insured customers, which the drivers can use to learn more about the new offers from their insurance company. The same application can be used for detailed analysis and reporting of their driving behavior. The overachieving goal of all these efforts is to help the drivers navigate traffic more safely and efficiently. Agačević wishes to send the insurers the message that the time is right to make a move, but he warns that technology alone is not enough. The key question is how to launch the product on the market, and Amodo asserts that they can offer not only the technical solution, but also the know-how on how to position the product in the home market in an innovative way.

I am Takaoki Endo, General Manager of the Corporate Planning Department of MS&AD Insurance Group Holdings, Inc.

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