Smart Summit London, taking place on the 19th and 20th of September at the Business Design Centre in London, will see over 1,500 delegates and 180 speakers discussing IoT and Connected Living.
Nick Walker, Director of Connected Solutions, joined the RAC Telematics team at the start of 2015 from Masternaut, where he was managing director of their Central European business. In preparation for his discussion about ‘Using Technology to get closer to the customer’, took some time to complete our speaker Q&A:
How is IoT transforming your business?
Massively. Our business has been entirely reactive in its service delivery, and lacking in opportunity for meaningful customer touch-points. IoT is turning that around and enabling us to become pro-active and add value to customer relationships. This is very significant to the value we can offer.
In which ways are you adapting business models to leverage IoT capability?
Our business both in Roadside Assistance, and as an insurance broker, is all about managing risk. IoT is giving us much greater insight into the risks we are insuring and so we can better manage the risks and better communicate with customers to help them avoid risk. IoT gives us much greater insight and as a consequence enables us to adapt our commercial models.
Please can you share examples of insurance providers you have heard of, making maximum benefit of new technologies?
We are one! Roadside Assistance is an insured product. With new technologies, such as IoT and Digital, we are driving efficiencies in our business through increased knowledge. With connectivity into vehicles, we are able to assess vehicle failure before despatching a patrol van – ensuring that the patrol carries the right part to repair the vehicle. In many cases we are able to predict vehicle failure ahead of it happening, eliminating the need for a breakdown visit.
What potential does new technology have to increase efficiencies in the insurance industry?
Technology, if deployed in the right way, will increase the levels of customer engagement which lead to increased loyalty and retention. That in itself drives efficiency with the cost of acquisition of new customers.
Which new services and solutions are being offered to customers thanks to digital technology advances?
In the vehicle sector, the connection between vehicle, insurer and driver leads to all manner of possibilities. Driver services such as vehicle health checks, reminders for maintenance and servicing, travel information, route information etc. It also enables the customer to self-serve more than ever before.
How are new connected services changing insurance propositions?
Insurance propositions are becoming more relevant and more tailored to the individual. In the past, good and bad drivers have been categorised based on history. Now, that assessment can be done in real time. And think about the young driver who has no experience or history. They have been automatically assumed to be bad drivers and high risk. Is that fair? Well now, technology can segregate good and bad drivers no matter what age or history.
How are insurance providers leveraging data to better engage with customers?
Insurers are now able to use data to offer advice and guidance to customers to help them reduce their risk. This is beneficial to both the customer and the insurer. Engagement can now be based on value and relevance rather than engagement for engagements sake. Positive all around.
What new approaches are being brought to insurance policies to include smart home solutions?
Smart homes, like Connected vehicles, offer up an ability to manage risk in real time. We will see much more bundling of insurance services as smart technology embraces all of our assets that we insure.
How can insurance providers evolve their role in the smart home?
Through claims data, Insurers have a really good view of the types of risk that can occur in a home and make smart technologies more relevant. Insurers should be able to state what type of data is relevant and what is not.
What are your predictions for IoT transformations in the insurance industry over the next couple of years?
UBI will continue to experience high levels of growth and penetration. Growth rates as high as 80% (CAGR) are being stated. This will be fuelled by UBI entering into more mature age groups as well as the technology being deployed at vehicle build. Insurers, if they have not already, must embrace this change or face a bleak future.
To register your place and hear from our 180 leading speakers click here. Additionally, for further information on speaking opportunities, sponsorship and exhibition options at the UK’s leading Smart Summit, please visit www.iotsmartsummitlondon.com or contact the Smart Summit London Team on +44 (0) 330 335 3900 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
About Smart Summit London
Smart Summit is a 2 day conference and exhibition covering the Internet of Things (IoT) ecosystem and its impact on the digital society.
Now in its 3rd year, the event features Europe's leading Smart Home Summit and a further 5 tracks all designed to compliment each other.
With over 180 visionary speakers, gain a unique insight from industry heavyweights and hear case study examples from major contributors.
Make sure you are present in London on the 19th and 20th September for THE Smart IoT event of 2017.
