Lighthouse #13
Curating the best insurance, insurtech, innovation and leadership content for you.
Ron Arnold
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Everything you’ve ever wanted is on the other side of fear.
George Addair
Ford advances on UBI solutions: Ford continues down the path of enabling access to telematics data through this newly announced initiative with Verisk. Together, they are planning to deliver “insurance-ready” data from connected Ford vehicles. The aim is to help insurers develop usage-based programs. In addition to the U.K., the service will be available in Germany, France, Italy and Spain. According to Verisk, the agreement will provide insurers with more precise insights into a driver’s risks and allow for the tailoring of policies. The approach requires the driver to give consent, after which insurers will be able to view standardised metrics via Verisk’s Data Insight Hub. This poses some interesting challenges for insurers - will Verisk and Ford be holding the cards in terms of the risk insights? One might expect it should see further momentum for usage based motor products - which is presumably Ford’s goal here? Getting UBI mainstream makes the data very valuable. Source: Property Casualty 360
Does Tesla have an edge in insurance? Moodys says TESLA and other auto manufacturers have an advantage over incumbent insurers. Connected Cars are furnishing powerful information. This information is handy from an insurance perspective - providing powerful insights about risk. Slicker digital interfaces allow for the prospect of truly “embedded” offers, that are low friction and easy for consumers. And manufacturers have a fair bit of information about how cars are built and access to parts, and EVs will change important facets of vehicle repair.
That said, historically auto manufacturer forays into auto insurance have not been particularly successful. It is not the main game when selling a car, insurance margins are thin and 60-80 cents in every dollar goes to claims - and repairing cars can be “messy”. So will privelaged access to powerful data, better digital interfaces and the shift to EVs mean auto manufacturers can make a better fist of insurance this time around? Do they pose a real challenge for incumbents? Source: Insurance Journal
Home365 - hybrid insurtech and property management company: Home365, a super interesting platform has just raised US$25m in a Series B. The digital solution looks to solve a variety of “problems” in the one solution. It helps investors through real estate investing education, acquisition of investment properties, day-to-day property management while underwriting the performance of the assets. Home365 offers several services as part of the package including sourcing tenants, repairs and maintenance, preventative maintenance, and rent guarantee. Tenants are able to report maintenance and repair issues through the Home365 app. Home365 manages US$1.5b+ in investment assets across 7,000 properties in 17 cities and seven US states. Be interesting to see how Home365 evolves - seems like a good proposition! Source: Coverager
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