The conference « Challenges and growth points of car insurance» took place in Moscow on July, 12. As expected, this event aroused great interest and gathered together more than 80 participants, such as executives and experts of various spheres related to the car insurance market. Reports were made by heads of the largest insurance companies, developers of key solutions and innovative projects, leading experts of this industry. StarLine ScPA and R-Telematica company provided the joint report « How to increase the client base of the insurer in crisis«. Alexander Nikiforov, head of StarLine Telematics, and Alexey Kasatkin, commercial director of R-Telematica, told the participants and guests of the conference about the joint project «ВО!Дитель» .
The project is aimed at the car insurers, providing them access to the most high-quality part of their target audience, that is drivers with a reliably careful driving style. At the same time the insurance company saves its time and efforts, as it does not need to check and select drivers. A considerable base of car owners has already been accumulated within the project «ВО!Дитель» , and it continues to grow. The driving style of these car owners has been carefully analyzed for a long period of time and car run. The project is ready to provide the most careful candidate drivers to the insurers so that they could create individual proposals for them (discounts, terms, etc.).
The important point is the privacy of drivers. The insurance companies are provided with the identification numbers and their driving assessment only. The drivers receive their individual proposals from the insurance companies directly through «ВО!Дитель» system, from StarLine ScPA. Within the project its security and telematic equipment and online service collect data on the driving parameters. The created base is strictly confidential and well protected. Even R-Telematica, the partner of this project, receives the collected data as depersonalized numbers.
R-Telematica processes the data with the motion parameters, taking into account the road and weather conditions, by powerful intellectual algorithms, and issues assessment of driving style with high precision and reliability. This final information is offered to the insurers ready to join the project.
Alexander Nikiforov, head of StarLine Telematics, says :«ВО!Дитель» is a joint project of two insurance companies. StarLine acts as the supplier of data and equipment, while R-Telematica company processes data on the basis of its own mathematical model and interacts with the insurance companies».
Today StarLine telematic equipment is registered at 400 000 users, half of whom can receive targeted push notifications. The database for the pilot project is formed from these users and consists of 5000 careful drivers.
The car owners provided by the project «ВО!Дитель» are interesting to the insurers due to the smaller risk of road accidents and a low risk of car hijack, as they use the reliable StarLine security equipment. Statistics clearly confirms that.
The project «ВО!Дитель» helps the insurers to solve at least three problems without spending any additional time and efforts:
1. To find new opportunities to attract customers and to increase percent of clients willing to stay with their insurer.
2. To start the additional selection of existing and new clients. It is important that the client feels that tariffication is individual.
3. To open the eyes of the consumers at the familiar things in their car insurance.
R-Telematica together with StarLine offer services of their employees to create «Smart CASCO» insurance products for the careful drivers.
The report of StarLine and R-Telematica was made within the section « Ideas of market development in crisis and drop of consumer demand«. Representatives of insurance companies showed great interest to the presentation. The speakers provided exhaustive answers to all the questions that followed.
Igor Zhuk, director of the insurance market department of the Bank of Russia:
«I don’t see the potential to reduce costs (in CASCO) without using the technology (telematics). Within 6-12 months it will become clear how to change the market of motor car insurance to profitability or to take some more categorical measures for its restructuring».