Telematics Update will host a free webinar with Towers Watson and Ford on Friday May 9 to discuss the decisions today’s Usage Based Insurance players need to make about data management to ensure they’re prepared for the underwriting requirements of tomorrow.
In a decisive online meeting between the two UBI innovators, Robin Harbage, Director, Towers Watson and Dave Chronowski, Product Manager - Connected Services Solutions, Ford, will analyse data management choices. Experts suggest that wrong decisions made now could have a detrimental effect on the future success of an insurer’s UBI program. If data is not processed, stored and organized properly, this can affect the viability of using today’s data for tomorrow’s more sophisticated programs. As insurers seek to store the vast quantities of big data that UBI programs bring with them, storing ‘cleaned’ UBI data appears to be a good solution to mounting costs. Be warned! There can be implications with mining historic data that has been cleaned. Robin Harbage will explain the benefits of storing the data in raw form.
Sign up to attend the webinar here: http://www.telematicsupdate.com/insurance-telematics/webinar.php
According to David Lukens, Director of Telematics at Lexis Nexis, which keeps both raw and processed data indefinitely; ‘Among the many reasons not to drop data, is that carriers want to incorporate telematics elements into their multivariate rating models’.
Additional focus on data and the forms in which it must be stored will come under scrutiny with the entrance of new players to the market. While a small handful of automakers have been dipping into the UBI industry, during the next year we expect to see most of the major OEMs formalising their role in this market. With this in mind, the webinar will also examine data exchanges that will be occurring with increasing frequency in the future with regards to automakers: Will the trend be for their partnerships to be with the insurance carrier directly or with a data aggregator, and what are the implications for the insurance carriers? This timely webinar has limited places so Telematics Update advised attendees to sign up ASAP while seats still remain: http://www.telematicsupdate.com/insurance-telematics/webinar.php
The webinar is being conducted in exclusive association with the Insurance Telematics USA Conference which will further examine and provide much-needed analysis of these fundamental questions surrounding data and the automaker role in the UBI space (date location etc.).This event, North America’s biggest and most respected insurance telematics conference, provides the only place where the entire value chain gathers under one roof. The conference will examine the roadmap to the tipping point of the industry, as it takes UBI programs to the mass-market.
Preliminary topics for discussion at this must-attend event for anyone serious about insurance telematics are available on the website (http://www.telematicsupdate.com/insurance-telematics/).
Here’s a quick snapshot:
- UBI Objectives to Determine Business Models: Look at how insurers are re-aligning their business goals with a focus on improving loss ratios, claims processes and enhancing the insurer-insured relationship in order to maximize UBI solutions and offer more than simply reduced pricing
- Crunch 'Big Data' as Volumes Step-Up a Notch: Discuss how data capture devices and core systems must efficiently collect, organize and analyze high volumes of granular data to provide accurate information for sophisticated data collection and future programs
- Regulation and IP Shapes the Market: Take a look at the developments in the regulatory and patent landscape, including data protection legislation and the new patent licensing arrangement, to avoid potential IP infringements and legal ramifications
- Scrutinize the OEM – Insurer Relationship: Debate how the relationship between insurers and OEMs may develop as telematics become an integral component of the vehicle and both parties look to utilize the data in order to enhance the customer experience
- Accelerate the Uptake of UBI in Commercial Lines: Assess the potential of services such as improved driver performance and fuel economy to offer huge savings to fleet managers to highlight the benefits of UBI and encourage use of the fleet technologies already in place for UBI purposes
- Increase Consumer Awareness with Savvy Marketing Techniques: Insurance telematics can reach mass-market status through the use of traditional marketing channels such as TV adverts and new options such as the online aggregator in order to increase customer base
All the latest announcements and speaker line-up for 2014 will be released on the website in the coming weeks. The complimentary brochure can be downloaded on the website including the full conference agenda: http://www.telematicsupdate.com/insurance-telematics/conference-event-brochure.php
About Telematics Update:
Telematics Update Conferences are the most prestigious in the industry. We produce the largest telematics events in North America, Europe & Asia, and attract the most influential speakers providing a rich environment for establishing strategic relationships and networking.
Project Director | Telematics Update
T: (UStf) 1 800 814 3459 ext 7546 | (Global) +44 (0)20 7375 7546