One Day Auto Insurance Providing a New Customer Value

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1 One Day Auto Insurance Providing a New Customer Value Tsukasa Makino Deputy General Manager Corporate Planning Department & IT Planning Department Tokio Marine & Nichido Fire Insurance Co., Ltd. Visiting lecturer at Tokyo, Tsukuba and Kyushu University 1

2 About Tokio Marine & Nichido 1) Profile Established in 1879 (134 years old) Total Assets:US$87 Billion Net Premium Written:US$18 Billion Employees: Domestic:17,000, Overseas:16,000 (As of FY2011 1$=90Yen) 2) Product Lines Automobile Superinsurance(Non-life+Life) Homeowners Injury, Sickness Travel, Leisure Kid s Saving Type 401k Mutual Fund Life 3) Distribution System Tokio Marine & Nichido Agencies(46,000) HQ Branch (125) Sub Branch (427) Independent Car Dealer Bank Post office Etc.. 2

3 My Job Research, presentation, teaching at Universities Chicago 2006 Hong Kong 2005 Hong Kong 2006Shanghai 2008Shanghai 2008 Beijing2007 Now Printing London 2013 Paris 2008 Hong Kong 2008 Tsukuba Univ.2007 Las Vegas 2004 Coming Soon Las Vegas 2008 Boston2008 Wiesbahden 2011 Paris2008 New York 2007 Munster 2007 Taipei2008 Kyushu Univ.2008 Las Vegas 2006 San Francisco2008 Zurich2009 New Delhi 2006 Brisbane2008 Dallas2007 Orlando 2005 San Francisco 2008 Athens 2006Singapore 2008 Singapore 2007 Cairns 2005 Orlando 2009 Rio de Janeiro 2007 Orlando

4 Which one is more Moteru (モテる)? 10,000 Followers 30,000 Likes 4

5 Issues Mature Japanese Non Life insurance market. Decreasing motivation for young people to own a car. 10,000 Followers 30,000 Likes 5

6 Issues Auto Insurance premium surges up when it include young drivers Accidents caused by non-insured drivers 6

7 One Day Auto insurance On the market from Jan, 2012 Short term, simple and inexpensive auto insurance. Can be purchased via mobile phones. Grant maximum 20% discount for those who switched to annual policy. Plan Basic With automobile damage coverage Premium 500/day 1,000/day Liability (bodily injury and property) Driver/Passenger injury Liability for borrowed car damage Unlimited 10 million (lump-sum 100,000) Unlimited 10 million (lump-sum 100,000) - 3 million ( deductible) 7

8 Market Young generation who has driver s license and doesn t own a car (16million) Drive parent s or friend s car once a month in average (7million) Have an intention to own a car within a year(0.7million) 8

9 Objectives Cultivate auto insurance market in younger generation Provide more opportunity to drive cars to younger generation Reduce accidents caused by non-insured cars. 9

10 Process Pre-register Buy Pay Premium is added on the monthly mobile phone bill Read QR Code (agency code embedded) Register Input Name License plate No. Birthday Address address Date of driving Driver s License No. License expiry date 10

11 Sales is increasing with seasonal volatility Sales Volume Japanese summer holiday season Smartphones supported 11

12 Customer Research Are you satisfied with the product and service of One Day Auto Insurance? Will you consider Tokio Marine & Nichido when you buy annual auto Insurance? 90% customers satisfied 60% potential customers 12

13 Loss ratio is quite fair, considering the age of drivers Profitability Loss ratio is (slightly) lower than the normal auto insurance Loss Ratio Annual One Day 13

14 Market response I wanted to practice driving with my parents car before I buy my own. Insurance was my concern. One day auto insurance was very helpful for me - a customer - One day auto insurance grants maximum 20% discount to the users. That is a good promotion for auto sales to young generation. - An Executive of automobile manufacturer We appreciate the social merit of One day auto insurance to reduce the accidents caused by non-insured car, and its effect to foster market for automobile and insurance industry. -Manager, Insurance division, Financial Services Agency (FSA) 14

15 TMNF already had a strong brand name, but expanded it further Brand recognition. 21% of the One Day Auto Insurance customers recognized the name of Tokio Marine & Nichido after they knew or bought One day auto insurance. 15

16 Awards Nikkei Grand prize for superior financial products and services (Jan 2012) Second place of Nikkei Advertisement Award (Oct.2012) 16

17 Strong positive effect to our annual auto business Market expansion One day auto insurance Annual auto insurance 160,000 policies 1,000 policies 160 million yen 170 million yen From Jan.2012 to Nov

18 There were, of course challenges which other companies couldn t overcome Challenges How to evaluate the risk and calculate premium? How to avoid fraud? How to avoid channel conflict with agencies? Will it work? Will our peers copy our products? 18

19 How to evaluate the risk and calculate premium? Conducted in-depth claims analysis on the target cluster in our customers. Utilized other data source which may have similar risk profile (such as claims data of rent-a-car) 19

20 How to avoid fraud? Introduced pre-registration system. Users should register their personal data before they can buy a policy. Automobile coverage plan can only be purchased 1 week after the registration. Pre-register Can apply for Basic Plan Can apply for Automobile Coverage Plan One Week 20

21 How to avoid channel conflict with agencies? One Day Auto is distributed by agencies. The users of One Day Auto are potential customers of annual auto insurance for the agencies. The users are potential car buyers as well. Car-dealeragencies obtain lead information by selling One Day Auto. TMNF is providing PC application to help agencies promote selling One Day Auto.(e.g generate flyers with QR) Pre-register Buy Agency Data Commission & Data 21

22 Will it work? Experience in NTT docomo One Time Insurance since Sports & Leisure, Golf, Overseas Travel, Domestic Travel Piloted by NTT docomo 3 months prior to the grand opening. Docomo One Time Insurance (AUTO) Source: NTT docomo 22

23 Won t our peers copy our products? 23

24 Lessons Leaned Have a courage to take a new business chance. Always think Customer, Society and Agency s benefit first. Company s benefit will follow. Build Win-Win-Win model. Trust customers. Do not miss opportunities by assuming customers are always evil You ll never learn until you try. 24

25 Next Steps 25

26 We have been dealing with very limited information How is the customer s health condition Feedback form Marketing Market Research What the customer wants/ thinks/ feels How the accident happened Underwriting /Rating Karte Claims form Claims How the customer drives Application Form Structured Data Filter & Convert Real Information 26

27 We have to deal with real and huge information to create value How is the customer s health condition Heart rate Blood pressure Miles run or walked Weight Marketing Blogs Facebook YouTube Mixi Amazon Twitter What the customer wants/ thinks/ feels How the accident happened Underwriting /Rating How the customer drives Accurate Mileage Speed Hour/day Acceleration Deceleration Analyze& Create Value Engine Speed Gravity Brakes Airbag Seatbelt What the customer is doing Claims Real Information S A L 27 E

28 Thank You! Contact: 28

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