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SECTION I FUNDAMENTALS OF THE UBI MARKET In that context, Insurethebox, a provider of telematics insurance in the UK now owned by MS&AD partnered with brands such as Marks & Spencer, The Carphone Warehouse, B&Q and Dixon's etc. to offer young driver specific insurance tariffs based on behaviour at the wheel and powered by customers ‘Reward Miles’ (i.e. discounts on their motor insurance) when they shop online through its dedicated portal (pictured). Licence agreement signed by The high level of activity and innovation in the last 5 years demonstrate how difficult it is to make a profit in motor insurance and how complicated it is to create a sustainable UBI offering. AAAA. Reserved for employees of In Italy, the success story is more evident: in December 2015, Generali indicated that it had reached 800,000 telematics policies. It sold 145,000 new policies in 2014 alone, representing 33% of the new business that year. BBBB In addition, it has reached interesting progress in its operational KPIs: • A reduction of 5 percentage point on its average loss ratio, • An addition of 3 percentage point to its average retention rate. Overall, since we last published this study, a lot more insurers have started offering UBI policies. In 2013, we counted 155 active UBI programmes in 17 countries. Today there are 204 active UBI programmes in 34 countries worldwide. The next graph shows the number of UBI programmes and some of the trials we know off in each country. Strictly reserved to BBBB We did not include Try Before You Buy (TBYB) programmes but included mobile UBI apps when they are effectively used for premium pricing based on driving behaviour. Norway and Slovenia have both one programme on the market (respectively Codan from RSA and Triglav) but they are TBYB only. employees. Distribution to third As predicted, the growth is not as much on the number of programmes in mature areas but in the number of countries that are now running UBI programmes. This suggests the bulk of the growth is yet to come. 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 122
SECTION I FUNDAMENTALS OF THE UBI MARKET The countries with the strongest level of activity have been the UK, the US and Canada. Numerous trials have also been launched in China where the regulation is being adapted to go towards a certain liberalisation of insurance tariffs. New countries have also appeared in the list such as Australia and Belgium. Fig 1.37: UBI trials* and launches in 2013 and 2015 Licence agreement signed by AAAA. Reserved for employees of BBBB Strictly reserved to BBBB Note: * Trials in transparent colours - An insurer can run more than one UBI programme, using different target segments or / and different devices employees. Distribution to third Source: PTOLEMUS Consulting Group quarterly dashboard By contrast, the uncertainties created by the Monti law, voted in 2013 - its decrees are still to be passed - have pushed most Italian insurance companies to wait for better clarity on the regulatory constraints. This factor, along with the already high 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 123
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