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SECTION I FUNDAMENTALS OF THE UBI MARKET reconstruction information. We analyse the impact of EDRs on insurance claims in Section III. We attempted to map out the situation in the following figure, considering that the information is often vague and changes often. Fig 1.30: UBI programme filing criteria vary depending on each state Confidentiality request not allowed Confidentiality request protected Licence Confidentiality request allowed agreement No filing required signed by AAAA. Reserved for employees of BBBB DC P E R R & K N I G H T Source: Perr&Knight, PTOLEMUS Confidentiality is required to file a UBI programme in order to protect the IP of the rating algorithm. In some states, specific steps have been taken to protect the filing. For example in New Jersey, a separate section is dedicated to the rating algorithms for on-board sensors. Strictly reserved to BBBB In Wyoming, filing is not required, as the state is considered a competitive market. employees. Distribution to third Finally, in North Carolina, the situation is again very different. A bill was passed in April 2013 to authorise UBI offerings in the state. In the same week, another bill was passed to re-instate the driver age as a determining factor in calculation of the insurance premium. parties is prohibited © PTOLEMUS - www.ptolemus.com - Global Usage-based Insurance Study - January 2016 - All rights reserved Strictly reserved for the internal use of the reader - Distribution to third parties is prohibited 104
SECTION I FUNDAMENTALS OF THE UBI MARKET Filing smartphone UBI In 2013, no filing had ever been proposed for mobile-only UBI solutions. Our understanding was that there was no immediately recognisable impediments to provide smartphone-based UBI since the DoIs did not look at the data collecting technology nor its accuracy. Licence They are however asking how the data is transferred to the insurance carrier and require the driver to be informed of what the smartphone does in relation to the rating. agreement We expect new rules to be added by carriers in their filing explaining that alongside the plug-in device, the policy is using data from the smartphone. A separate filing is only required if the insurer has no prior UBI filing. signed by In 2014, Allstate launched a mobile version of Drivewise, which pushed most insurers including Progressive to reflect on the possibility of using phones for data collection and rating. We analyse mobile offerings and opportunities in Section IV. 5. The advent of online distribution AAAA. Reserved for employees of BBBB In numerous countries, direct online distribution has significantly altered the playing field for insurance companies. According to Swiss Re, in 2011-12, the share of direct insurance in non-life premiums varied from 11% in Latin America, to 28% in Western Europe, 32% in Asia and 47% in North America. For example, 43% of private car insurance sold in the UK in 2010 was through direct channels such as telephone and the web, this increases to 60% when talking about young drivers. In France, the FFSA reports that 45% of motor insurance was sold by insurers directly to consumers, yet the portion of that sold online is still below 10%. Strictly reserved to BBBB In China, the direct channel has grown very fast, representing 19% of motor premiums in 2012. On the other hand, this share only represented 4.5% in Belgium and 3% in Spain. employees. Distribution to third Online price comparison websites such as comparethemarket.com, confused.com in the UK, assurland.com and LeLynx.fr in France or CoverHound and Google Compare in the US have helped increase transparency and direct competition parties is prohibited © PTOLEMUS - www.ptolemus.com - Global Usage-based Insurance Study - January 2016 - All rights reserved Strictly reserved for the internal use of the reader - Distribution to third parties is prohibited 105
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