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Telematics Beyond Devices

Devices, Networks, Portals for UBI are just tip of the Iceberg
by

Namrata Damani

on 1 February 2013

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Transcript of Telematics Beyond Devices

Devices, Networks, Portals for UBI are JUST the TIP of the Iceberg How do we determine ROI? How does UBI work and what data should be collected ? What other services can we offer with UBI? What states should we include? What type of product do we launch? What are the risks involved? How do we start? How do we manage support for policyholders? Where do we procure devices? Who should be on our Steering committee? How do we conduct a pilot? How many devices do we want to run for a sample data set to build a rating model? How do we manage all the data we will get? Everyone was focused on the ride through the waves in the new ship, not noticing the Iceberg…until the last minute……… Then, everything shifted !! Be Cognizant of the Iceberg !! Be prepared, go beyond devices, reap the advantages, differentiate……….. Kimberley J. Gunther
Cognizant Telematics Practice Leader
201-220-8614 Kimberley.gunther@cognizant.com Jeff Wallace
Cognizant Mobility Practice Leader
510-859-4636 Cognizant's Insurance Telematics program approach Conclusion UBI is a disruptive technology for insurers and policyholders. UBI has a technology risk in insurance. Involve an expert for program management and roadmap development. Make sure you have a strategy to maximize the ROI by leveraging deeper analytics in claims, mobility solutions and connected car services. Choose a UBI platform based on your current needs and future wants. Differentiate for competitive advantage with a UBI product plus value added services UBI requires a holistic view UBI functional architecture Collaborate for seamless business as usual UBI needs Big Data solutions Telematics can generate volumes of data that are orders of magnitude larger than what insurers have dealt with historically 100,000 cars sending data every alternate second can be more than 2 petabytes of data for one year. Imagine the computing power required to analyze it real-time and send information back to the driver Telematic devices can generate petabytes of data and insureres typically do not have the platform to handle it Application of telematics in claims investigation and servicing Telematics transformed FNOL process Value of UBI - ROI over time Mobility can help enhance "Driving Experience" Mobility can help foster a safe driving environment Gamification helps in further adoption of safer driving Connected Car objectives Connected car - Solution canvas Cognizant has relationships with top 9/10 auto manufacturers (OEM’s) Creating solutions and interconnectivity for insurers, OEM’s, and retail jeff.wallace@cognizant.com
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