‘Dine and Debate’ at Twickenham Stadium
To celebrate The Bodyshop Awards’ 20th birthday, it hosted a black-tie gala and ceremony at Twickenham Stadium. Audatex was one of the proud sponsors, and held an insurer event during the day, as well as early celebrations with our bodyshop customers.
Alongside AkzoNobel and Enterprise UK, the team at Audatex put on a lunch and learn event for prominent insurers in the presidential suite at Twickenham, and had two fantastic speakers. The first up was Anna-Marie Baisden, head of automotive research at BMI Research, followed by Paolo Cuomo, COO of Charles Taylor Managing Agency and co-founder of InsTech London. The aim of the event was to provide an open forum to discuss the issues facing the insurance industry, and to bring the various companies within the insurance ecosystem together in one place.
Anna-Marie provided us with a detailed overview of the current economy and specifically, the automotive market. It was fascinating to see how emerging markets are set to lead the way when it comes to vehicle sales growth; what the potential impact of the next generation is, and how important they consider getting on the road to be. A few hot trends were highlighted as potentially impactful for the insurance industry such as PCP and of course, importing trends post-Brexit – topics that brought about healthy discussion between those in attendance.
After Anna-Marie’s insight into the potential opportunities and risks, Paolo Cuomo – founder of an organisation bringing the insurance ecosystem together to deliberate the future of the industry – took to the stage.
Paolo talked us through the technologies impacting the industry right across the value chain such as telematics, augmented reality, IoT (Internet of things), drones and blockchain. It was interesting to hear about how the proliferation of these new technologies will significantly change the insurer landscape, and how the connected asset world – where there is a blurring of the line between the home and the car as both become ‘smart’ – will shift policies so that they insure the people rather than the products. Currently, the insurance industry runs on an ‘experience’ model… the longer you’ve been on the road with no accident, the cheaper your premiums. With the increase in telematics and data analytics, a potential shift in the future might be towards an ‘exposure’ model: rather than looking at how much experience you have had as a driver, insurers may instead look at where you regularly drive and what the area is like for accidents, which could get rid of no claims bonuses for example.
We are extremely grateful to AkzoNobel and Enterprise UK who were premium sponsors, and also to Anna-Marie and Paolo for taking the time to come and present to us on the industry as it stands, and what it could look like in the future.