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SECTION I FUNDAMENTALS OF THE UBI MARKET Interestingly, the price of spare parts in Europe which had kept growing by more than 2% started to stagnate with increase rates under 1%. In the US, the price increase has been felt particularly badly in the cost of repair as the graph below indicates. Fig 1.23: The increasing cost of repair in the US 260 220 180 140 Licence agreement signed by Motor vehicle body work New cars Cost of living AAAA. Reserved for employees of BBBB 100 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: US Bureau of Labor Statistics Unless public bodies mandate an open market for spare parts, this trend is likely to remain. Vehicle makers follow the printer-cartridge model where most of the profits are made on ink cartridges. Manufacturer-run workshops tend to be more expensive than others and as such, insurers tend to discourage their customers from using them. In certain countries, such as the UK, the price for spare parts has grown but general repair and maintenance prices have increased very fast - 50% more than inflation between 1998 and 2010. Strictly reserved to BBBB To counter this, most motor insurers are now tying up with certain "preferred partners" in order to cut down their claim costs. employees. Distribution to third This is the case of Pacifica, Generali, Aviva, Thélem Assurances and Sogessur, which have partnered with Assercar in France. The insurance companies have even taken a stake in the company's capital. 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 94
SECTION I FUNDAMENTALS OF THE UBI MARKET In March 2015, US-based AutoNation partnered with Zubie, the start-up supplier of a consumer services using an OBD dongle, to address its lack of solid relationship with drivers. To retain customers who buy cars at their dealerships and entice them back to perform service on these cars, they will start using real-time data from the Zubie device. The car data is linked to their CRM tools, enabling the dealer to call the driver at the appropriate time for maintenance and repair work. Licence agreement signed by AAAA. Reserved for employees of However, promoting the use of these partner networks remains a challenge, notably because insured customers tend to go to the closest garage (or the garage they are used to) when they have an accident. This explains why numerous insurance carriers have launched apps to help the drivers in many different situations, including in and after an accident, guiding their customers to the nearest certified repair centre. BBBB Fig 1.24: GEICO’s mobile application helps its customers find assistance Strictly reserved to BBBB employees. Distribution to third Source: GEICO 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 95
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