OVE RVI E W I NSURT E CH & T E L E MAT I CS Dr. Mic - - PowerPoint PPT Presentation

OVE RVI E W I NSURT E CH & T E L E MAT I CS

• Dr. Mic he lle O sb o rne , MBA, C IC

C hie f De p uty C o mmissio ne r

OVE RVI E W DOI UPDAT E S

• Dr. Mic he lle O sb o rne , MBA, C IC

C hie f De p uty C o mmissio ne r

CT R L E GI SL AT I ON R AT E MODE R NI ZAT I ON E ME R GE NCY MANAGE ME NT SMAR T P HONE AP P S AGE NCY AUDI T S

R OAD MAP T O

Ro a d Ma p T

• With Ag e nc y Audits

I NSURT E CH

As de fine d b y inve to pe dia a nd wikipe dia

T he purpo se o f Insurte c h sta rtup c o mpa nie s is to utilize te c hno lo g y to so lve pro b le ms in the insura nc e industry. Insurte c h re fe rs to se g me nts o f ne w te c hno lo g ie s in the insura nc e se c to r tha t use :

• Sma rtpho ne Apps
• Cla ims Ac c e le ra tio n T
• o ls
• Co nsume r Ac tivity We a ra b le s
• Individua l Co nsume r Risk De ve lo pme nt Syste ms
• Auto ma te d Co mplia nc e Pro c e ssing
• Online Po lic y Ha ndling

T his Pho to b y Unkno wn Autho r is lic e nse d unde r CC BY- NC-ND

INSUR T E CH

T he I nsura nc e Jo urna l pub lishe d a n a rtic le

• n Ma y 8, 2018 o n the

I nsurte c h ma rke t sha re . T he a rtic le c ite d a 2018 J.D. Po we r study, fo c using mo stly o n the a uto insura nc e industry. T he a rtic le indic a te s tha t just six pe rc e nt o f pro spe c tive c o nsume rs a re a wa re

• f o ne
• f the

fo llo wing I nsurte c h sta rtups:

I NSURT E CH

• L

e monade whic h is a n insura nc e

sta rtup tha t re lie s o n a rtific ia l inte llig e nc e a nd b e ha vio ra l e c o no mic s to pro vide insura nc e to re nte rs, c o nd o o wne rs a nd ho me o wne rs. I t’ s und e rwriting pro fits g o to no npro fits (in 2017 te n pe rc e nt o f its re ve nue s we nt to fo urte e n diffe re nt c a use s c ho se n b y the L e mo na de c o mmunity).

• Me troMile whic h is a pa y-pe r-mile a uto insura nc e pro vide r. T

he c o ve ra g e is de sig ne d fo r drive rs who drive le ss tha n 10,000 mile s a ye a r. I t pro p o se s to sa ve the ta rg e te d insure ds a ppro xima te ly $500 pe r ye a r. T he c o mpa ny is c urre ntly o pe ra ting in CA, I L , NJ, OR, PA, VA a nd WA.

• Sure is a c o mp a ny c urre ntly o ffe ring re nta l, pe t a nd o the r spe c ia lty c o nsume r c o ve ra g e s (suc h a s

tra ve l c o ve ra g e o r c a ta stro phic e ve nt c o ve ra g e ). T he se c o mp a nie s a re inve sting he a vily in na tio na l a dve rtising to b uild the ir b ra nd a nd insure rs a re no t ta king a ny c ha nc e s o n lo sing the ir ma rke t sha re .

T E L E MAT I CS

T e le ma tic s is de fine d (a c c o rding to Wikipe dia ) a s a n inte rdisc iplina ry fie ld tha t e nc o mpa sse s:

• T

e le c o mmunic a tio ns

• Ve hic ula r T

e c hno lo g ie s

• Ro a d T

ra nspo rta tio n

• Ro a d Sa fe ty
• E

le c tric a l E ng ine e ring (se nso rs, instrume nta tio n, wire le ss c o mmunic a tio ns, e tc .)

• Co mpute r Sc ie nc e (multime dia , Inte rne t, e tc )

T e le ma tic s is a me tho d o f mo nito ring ve hic le s a nd e ve n he a vy e q uipme nt b y utilizing :

• GPS
• E

ng ine Inte rfa c e

• Input/ Output Inte rfa c e
• SI

M c a rd

• Ac c e le ro me te r
• Buzze r
• Othe r o nb o a rd dia g no stic to o ls to re c o rd mo ve me nts o n a c o mpute rize d ma p

T he se c o mpo ne nts a llo w a c o mpute r to tra c k va rio us de ta ils suc h a s spe e d, idling , fue l use , tire pre ssure a nd o the r dia g no stic s to mo nito r ve hic le usa g e a nd driving ha b its.

ARE YOU RE ADY?

As de fine d b y inve to pe dia a nd wikipe dia

T E L E MAT I CS

Re g ula ting in this ne w mo de rnize d wo rld o f te le ma tic s:

T his Pho to b y Unkno wn Autho r is lic e nse d unde r CC BY-NC