Innovation Project Summary Glimpse

The Future of Transportation - Autonomous Vehicles

“If I had asked people what they wanted they would have said faster horses”

- Henry Ford

4
Weeks
5
Members

Toronto
2017
NOV - DEC
3
MVPs
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Problem

The insurance industry is not prepared to seamlessly integrate with the future of transportation.

Preparing for the future of transportation

WHY?

The Autonomous Vehicles Experience Pains & Gains

CUSTOMER PAINS
  • Does not like driving
  • Distracted driving
  • Accidents
  • Uncertainties with AV’s
  • Too expensive
  • Parking
  • Traffic
Customer Gains
  • Peace of mind
  • New products and information
  • Reduced human error
  • Prevents accidents
  • Improve safety
  • Sharing where parking may not be required
Insurer Pains
  • New ownership models
  • Revenue loss
  • Regulators can not keep up
  • Very expensive collisions
  • Expensive litigations 
  • Relevancy
Insurer Gains
  • Simpler pricing model
  • Amazing loss ratios
  • Less injuries & deaths
  • New products to replace P & C
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Discovery

What regulations and policies need to be revisited in a fully autonomous world?

How can insurers adjust to new ownership models?

How can insurers price and adjudicate claims during the transition?

What do auto insurance products of the (near) future look like?

autonomous

SOLUTION

The final output of the project was a Portfolio Solution that included three different products.

1

DISCOVERY AND AWARENESS PORTAL

Carefreeroadstar.com is a referral fee based prot system to create an incentive framework for car manufactures, dealers and insurance companies to take part in the solution. This portal was created to address the safety concerns of customers by providing a manufacturer agnostic resource where customers can learn and experience what it's like to be in an autonomous vehicle.

 

2

ADAPTIVE RISK MODEL

This risk model takes into account the transition period or "messy middle" environment where customers have vehicles that have some autonomous features but are not fully autonomous.

 

 

3

TRANSPORTATION SHORT LEASING/UBI APPLICATION

This is for consumers who don't own a vehicle but require transportation. As autonomous vehicles are projected to be more appealing than taxis, this product is intended to be acting as a broker for autonomous transportation.

autonomous1
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ESTIMATED IMPACT

Platform evolves as autonomous capabilities evolve

One stop shopping for a variety of transportation options (per use, short lease, purchase)

Seamlessly connects the customer to the services he needs

Future3

Direct Loss Ratio

reduced

claims payout due to increased lower risk customers

Future4

Usage Based Insurance

increase

shift in revenues earned from traditional auto insurance

Future5

Business Opportunity

increase

from referrals and providing data to car manufacturers to improve safety

RESULTS

Over 16 days, our project team looked to define the opportunities and implications that autonomous vehicles bring to the auto insurance industry.

10
Empathy Maps
12
User Interviews
38
Survey
25
Wireframes
10
MVP Screens
2
Prototype Iterations
1
Innovation Report
3
Project Presentations
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