Craig Hollingworth

By: Craig Hollingworth

Craig is the MD of Concirrus’ Motor business and has been a pioneer in the Internet of Things (IoT), mobile technology and connectivity. Craig is an accomplished entrepreneur who also has the benefit of understanding larger businesses from several years in senior positions with O2, France Telecom, and Masternaut. Craig is passionate about helping clients leverage the IoT to take a proactive approach to risk management, develop a competitive edge in a very crowded market and drive profitable growth.

12 Sep, 2019

Quest, TECHNOLOGY, FLEET, MOTOR, INSURTECH, motorinsurance, surecam

Breaking down the barriers part two: bridging the gap

Unlike many other industries, the commercial motor industry has been using technology to track the performance of fleets for years. But, despite all this investment in technology, Fleet Managers have not seen a great deal of change to their insurance premiums for three primary reasons:

1.False positive alerts, sheer volume and disparity of the data produced by various telematics providers;

2.The silos across the insurance industry 

3.The outdated underwriting models being used by the insurance industry

In part one of this series, we dove into the data and suggested ways to overcome this challenge. Now we’ll look at the complexities of the insurance industry and why insurers find it difficult to deliver innovative insurance products to fleet customers. 

Creating value for all

The insurance industry is a complex market made up of a chain of entities, each with their own interests. First there is the capital provider, then the retrocessionaire, the reinsurer, the reinsurance broker, the insurer, the MGA or broker and then finally the customer. To justify investment in fleet technology, each stakeholder needs to make a margin and, unfortunately, there has not yet been a universal solution. For this reason, everyone has continued to work in their own interests. 

With so many different telematics and video providers on the market, fleet operators will likely continue to invest in a solution that works best for their individual needs. Therefore, the only way to break down the barriers between stakeholders is to incorporate software that aggregates all data from all sources and makes it useful for everyone. Software is now available that makes such data accessible to all on both the fleet and insurance sides, so everyone can easily draw value from the same data. 

Alongside the advancements in onboard telematics technology discussed in part one, this new and improved software will finally see everyone in the motor insurance market value chain benefit. From better visibility of commercial motor risk to the development of new policies and products. The ability to better understand and cater for the market will drive profitability.

So far in this series, we’ve talked about how to overcome data inaccuracies as well as addressed issues engrained in the structure of the insurance industry. In the final part we’ll discuss why we believe the existing underwriting models to be outdated and how technology can help them assess risk far more accurately.

More information

Concirrus is the creator of Quest Motor and Quest Fleet, which combines multiple data sources in one, simple, easy to use application and analyses them to discover new insights into risk. A technology agnostic platform, Quest pulls together dynamic, real-time data from vehicle sensors, telematics, video and other relevant datasets to deliver:

  • A clear understanding of driver behaviour and risk
  • Proactive risk management functionality
  • Automated collision reports within minutes to assist with FNOL
  • New revenue opportunities

Quest enables a transparent relationship between fleet operators and their insurers, as well as reinsurers, retrocessionaires and capital providers, creating value for all. Find out more about Quest Motor and Quest Fleet. 

Read about Concirrus’ partnership with SureCam, the market leader in connected camera technology.

 


Related Posts