http://www.thestreet.com/story/11302142/1/towers-watson-to-expand-driveabilitysm-program.html
With an increasing number of automobile insurers implementing usage-based insurance (UBI) products that analyze data from in-car devices (telematics), global professional services company Towers Watson (NYSE, NASDAQ: TW) has made several senior appointments to lead the wider rollout of its DriveAbility SM program.
DriveAbility provides strategic, logistic and analytical support to enable insurers to create products that are priced according to monitored driver behaviors and help policyholders improve driving habits. To date, the company has mainly focused on the U.S., where it has created a hosted data service for a pool of participating U.S. insurers. This has resulted in the analysis of millions of individual journeys so far.
The international DriveAbility program will be led by Geoff Werner, a Towers Watson director. Other Towers Watson UBI veterans leading the team are Robin Harbage, sales and marketing; Eric Shishko, operations and product; and Tony Lovick, analytics.
Rory O’Brien, global head of Towers Watson’s Risk Consulting and Software business, said the intention is to help companies adapt to a completely different business model for car insurance.
“Our experience, not only in the U.S. but also in Europe, means we can help insurers avoid the potholes on the way to developing attractive and profitable UBI products,” said O’Brien. “We add significant value in the sophistication of the analytics we help clients apply to the massive volumes of data that are typically generated. In addition, we help clients navigate unfamiliar regulatory and technological issues to tailor a complicated product to each company’s particular brand.”
The level of interest in UBI in the U.S. is reflected in the fact that every state except Hawaii now has at least one product available to vehicle owners. Several products have also been launched in the Canada, Israel, Italy, Japan, South Africa and the U.K.
“In our opinion, the products that already exist have only scratched the surface of the potential of this market,” said O’Brien. “With the pressures on profitability that car insurers in many parts of the world face, the ability to harness telematic capability could lead to a revolution in the way that automobile insurance is offered.”
Thursday, November 10, 2011
USA Progressive CEO: Snapshot Results ‘Appealing’
NU Online News Service, Nov. 8, 3:03 p.m. EST
Progressive’s chief executive says the company doesn’t have a lot of data, but it knows it has something “very appealing” in its Snapshot product.
During a conference call to discuss third-quarter earnings, Chief Executive Officer Glenn Renwick told analysts the take-up rate for the Snapshot product is “very good” and the “overall retention is up meaningfully,” exceeding the auto insurer’s estimates.
Using a small device that drivers plug into a car's diagnostic system, Snapshot tracks driver mileage, time of day and hard braking practices. After 6 months, the driver returns the device to Progressive to see if the data earns the driver discounts.
Many have received discounts, Renwick reported.
In an increasingly rate-positive insurance environment, Renwick said the product could have more importance as a tool to allow consumers to “control their own rate level.”
The insurer distributes its insurance products directly and through agents, who are competing with each other to come up with the best pitch for Snapshot, Renwick said.
Agency sales of Snapshot have lagged direct sales but Renwick said he hopes the product becomes a good thing for agents.
“I suspect it’ll just take some time in the marketplace,” he said. “As it plays out, agents should be more willing to get on board.”
The company’s advertising has been effective in communicating the product to customers, and it is hoped that once there is a wider acceptance, Snapshot will be easier for agents to sell to consumers.
Agency business grew 2 percent during the third quarter this year compared to last year. Direct business grew 5 percent.
Third-quarter net income fell more than 40 percent to $150.7 million compared to $261.1 million a year ago during the same quarter.
Progressive reported a net realized loss on securities investments of $52.6 million during the third quarter.
The company incurred about $63 million in third-quarter catastrophe losses, including about $20 million from Hurricane Irene.
Net premiums written and policies-in-force grew 4 percent and 5 percent, respectively, compared to the third quarter in 2010.
Progressive’s chief executive says the company doesn’t have a lot of data, but it knows it has something “very appealing” in its Snapshot product.
During a conference call to discuss third-quarter earnings, Chief Executive Officer Glenn Renwick told analysts the take-up rate for the Snapshot product is “very good” and the “overall retention is up meaningfully,” exceeding the auto insurer’s estimates.
Using a small device that drivers plug into a car's diagnostic system, Snapshot tracks driver mileage, time of day and hard braking practices. After 6 months, the driver returns the device to Progressive to see if the data earns the driver discounts.
Many have received discounts, Renwick reported.
In an increasingly rate-positive insurance environment, Renwick said the product could have more importance as a tool to allow consumers to “control their own rate level.”
The insurer distributes its insurance products directly and through agents, who are competing with each other to come up with the best pitch for Snapshot, Renwick said.
Agency sales of Snapshot have lagged direct sales but Renwick said he hopes the product becomes a good thing for agents.
“I suspect it’ll just take some time in the marketplace,” he said. “As it plays out, agents should be more willing to get on board.”
The company’s advertising has been effective in communicating the product to customers, and it is hoped that once there is a wider acceptance, Snapshot will be easier for agents to sell to consumers.
Agency business grew 2 percent during the third quarter this year compared to last year. Direct business grew 5 percent.
Third-quarter net income fell more than 40 percent to $150.7 million compared to $261.1 million a year ago during the same quarter.
Progressive reported a net realized loss on securities investments of $52.6 million during the third quarter.
The company incurred about $63 million in third-quarter catastrophe losses, including about $20 million from Hurricane Irene.
Net premiums written and policies-in-force grew 4 percent and 5 percent, respectively, compared to the third quarter in 2010.
nsw State Government puts Western Sydney P-plate drivers put on notice
http://express.whereilive.com.au/news/story/state-government-puts-western-sydney-p-plate-drivers-put-on-notice/
YOUNG drivers take note: you’re officially on notice.
The state government is conducting a road safety trial targeting the behaviour of Western Sydney p-platers. Roads Minister Duncan Gay said young Western Sydney drivers were over-represented in NSW accident statistics.
They had accounted for 28 fatal crashes and thousands of injuries in the past two years, he added.
TELL US: Will this program change driver behaviour? Comment below
The P-Plate Drivers Project, a joint initiative of the RTA, the Transport Accident Commission, the NRMA, and other bodies, will recruit P-platers to take part in a series of “behaviour change-oriented driver education” aimed at changing those figures.
Drivers will be put through an eight-hour course that looks at risk awareness, risk factors and safety. They will then go on the road for a two-hour practical driving session.
rather than simply teaching them how to drive. Following the course work they are then put on the road for a two hour practical driving session.
“A key performance indicator for the project is to see whether a minimum 10 per cent reduction in crashes can be achieved,” Mr Gay said.
The young drivers will also have to undertake a self-assessment to gauge their own driving behaviour.
DRIVER EDUCATION
WHO: P-platers will be recruited to join a trial project to change driver behaviour
HOW: An eight-hour course focusing on risk awareness and road safety followed by a two-hour driving session
YOUNG drivers take note: you’re officially on notice.
The state government is conducting a road safety trial targeting the behaviour of Western Sydney p-platers. Roads Minister Duncan Gay said young Western Sydney drivers were over-represented in NSW accident statistics.
They had accounted for 28 fatal crashes and thousands of injuries in the past two years, he added.
TELL US: Will this program change driver behaviour? Comment below
The P-Plate Drivers Project, a joint initiative of the RTA, the Transport Accident Commission, the NRMA, and other bodies, will recruit P-platers to take part in a series of “behaviour change-oriented driver education” aimed at changing those figures.
Drivers will be put through an eight-hour course that looks at risk awareness, risk factors and safety. They will then go on the road for a two-hour practical driving session.
rather than simply teaching them how to drive. Following the course work they are then put on the road for a two hour practical driving session.
“A key performance indicator for the project is to see whether a minimum 10 per cent reduction in crashes can be achieved,” Mr Gay said.
The young drivers will also have to undertake a self-assessment to gauge their own driving behaviour.
DRIVER EDUCATION
WHO: P-platers will be recruited to join a trial project to change driver behaviour
HOW: An eight-hour course focusing on risk awareness and road safety followed by a two-hour driving session
NSW govt denies secret cameras November 6, 2011
http://news.smh.com.au/breaking-news-national/nsw-govt-denies-secret-cameras-20111106-1n1px.html
NSW govt denies secret cameras
November 6, 2011
AAP
NSW Roads Minister Duncan Gay has rejected claims the government acted secretly when it installed speed cameras across the state.
Thirty-two speed cameras were secretly switched on to catch out thousands of drivers, raising $1.2 million in revenue for the state government, News Limited reported on Sunday.
The opposition on Sunday called on Mr Gay to come clean on the installation of the cameras, saying the government had been caught out saying one thing and doing another.
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"What is the point of removing 38 cameras and then secretly planting 32 back in? Motorists are entitled to feel completely betrayed and confused," opposition roads spokesman Robert Furolo said.
"This makes an absolute mockery of the government's promise to be transparent with drivers."
Last July, the Roads and Traffic Authority (RTA) was ordered to immediately shut down 38 of the state's 141 speed cameras after Auditor-General Peter Achterstraat released a report saying they had no road safety benefit.
However, Mr Gay said the News Limited report was "totally incorrect", insisting the government had been "open and transparent" on the issue of safety and speed cameras.
"We said when the safety cameras were being installed, during the audit of speed cameras, that they would remain in warning phase for speeding offences and nothing has changed," Mr Gay said.
"We were open and up front when we said the cameras would still detect red-light offences or anyone speeding more than 45 kilometres over the limit."
NSW govt denies secret cameras
November 6, 2011
AAP
NSW Roads Minister Duncan Gay has rejected claims the government acted secretly when it installed speed cameras across the state.
Thirty-two speed cameras were secretly switched on to catch out thousands of drivers, raising $1.2 million in revenue for the state government, News Limited reported on Sunday.
The opposition on Sunday called on Mr Gay to come clean on the installation of the cameras, saying the government had been caught out saying one thing and doing another.
Advertisement: Story continues below
"What is the point of removing 38 cameras and then secretly planting 32 back in? Motorists are entitled to feel completely betrayed and confused," opposition roads spokesman Robert Furolo said.
"This makes an absolute mockery of the government's promise to be transparent with drivers."
Last July, the Roads and Traffic Authority (RTA) was ordered to immediately shut down 38 of the state's 141 speed cameras after Auditor-General Peter Achterstraat released a report saying they had no road safety benefit.
However, Mr Gay said the News Limited report was "totally incorrect", insisting the government had been "open and transparent" on the issue of safety and speed cameras.
"We said when the safety cameras were being installed, during the audit of speed cameras, that they would remain in warning phase for speeding offences and nothing has changed," Mr Gay said.
"We were open and up front when we said the cameras would still detect red-light offences or anyone speeding more than 45 kilometres over the limit."
Tuesday, November 1, 2011
7 News - SpeedAlerting slows 90% of driver show RTA trial
Mark furguson: a trial of new technology has proven effective in putting the brakes on speeding drivers today the government reveal results of the GPS speedalert trial that encouraged 90% of drivers taking part to slowdown
John wall: participants where private drivers they were not government driver, every day Mums and dads and young people
No more speeding tickets -SpeedAlert-Live the free app that protects your driving license from the risks of unintentional speeding. www.speedalertlive.com
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watch the video
Transcript
Mark furguson: a trial of new technology has proven effective in putting the brakes on speeding drivers today the government reveal results of the GPS speedalert trial that encouraged 90% of drivers taking part to slowdown.
John wall: participants where private drivers they were not government driver, every day Mums and dads and young people.
No more speeding tickets -SpeedAlert-Live the free app that protects your driving license from the risks of unintentional speeding. www.speedalertlive.com
Found this Blog interesting? Please consider sharing.
Ten News reports that NSW Liberals take firm stand on SpeedAlerting
Watch Video
Transcript
Matt Doran Ten News: NSW Authorities unveil anti-speeding technology which could drastically slash New South Wales road toll.
Matt Doran Ten News: a GPS system that recognises every New South Wales Road and its speed limit
David Borger NSW Roads Minister: people actually given that information that they are speeding in real-time, this is the largest trial in the world that we know of using this technology.
Matt Doran: 100 NSW drivers where tested over sox months, roughly 9 in 10 reduced their speed. Developers say the system could save around 35 live each year, the NSW opposition (liberals) want it made mandatory
Andrew Stoner Shadow NSW Roads Minister: this is not policy, its simply the announcement of the results of the trial.
Matt Doran: a smartphone application is also underdevelopment
Matt Doran: Mat Doran Ten News:
No more speeding tickets -SpeedAlert-Live the free app that protects your driving license from the risks of unintentional speeding. www.speedalertlive.com
Found this Blog interesting? Please consider sharing.
9 News -SpeedAlerting could save 35 Lives a year says RTA
Transcript
Sarah Harris: Cameras like these are very well signed, you would have to
be pretty dumb to get caught, still plenty of drivers do
Peter Overton: And sarah this comes as the government announces the results of the trial of an anti-speeding device.
Sarah Harris: yes that right Peter the trial lasted six months and
involved 100 drivers testing this new GPS speed warning system that
makes a beeping sound when the driver exceeds the speed limit. This
trial found the gadget could save 35 lives and avoid 1500 injuries
every year if it was installed in evey car across New south wales, but
the transport minister says that won't happen it is not being made
compulsory.
Peter Overton: Sarah thank you
No
more speeding tickets -SpeedAlert-Live the free app that protects your
driving license from the risks of unintentional speeding. www.speedalertlive.com
Found this Blog interesting? Please consider sharing.
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