E64 - Tim Spicer - Disrupting the Automotive Insurance Market with Risk-Rated Pricing

Tim Spicer is the Head of Automotive Business at Assetinsure Pty
Ltd. Assetinsure delivers innovative specialist insurance
solutions to the business community. The company has been
delivering a variety of innovative solutions to the Australia and
New Zealand market since 2004.


Tim has more than 25 years of experience in actuarial science
working primarily in general insurance and accident compensation
sectors.


Currently, Tim is moving towards a new direction in his career
through his role at Assetinsure where he is focused on developing
high-quality products and services for the automotive sector to
help reduce monetary and regulatory uncertainty related to
financing, ownership, and maintenance of motor vehicles.


Previously, Tim worked at various actuarial leadership positions
at organisations such as Eric Insurance, Genworth, Ernst &
Young, Taylor Fry Consulting Actuaries, and more.


In this exclusive episode, Tim shares all about the add-on
insurance market that we may not see in the headlines that much,
but it’s certainly in many parts of our life.


What is addon insurance?

Types of add-on insurance in the market.

How the add-on insurance market is running and the dynamics
among the parties involved.

What are the major business processes within the
industry?

The challenges, structure, and composition of various
elements of the business processes.

How the insurance policies and products are being packaged
and sold.

How the add-on insurance products are priced.

The prevalence of the community-rated pricing system and why
it needs to change.

The changes that Tim and his company are looking to introduce
to move into risk-rated pricing.

Use of data analytics in risk-rated pricing.

The technological infrastructure that is needed such as the
API and the purchase of data from external sources.

How this change into the risk-rated pricing can be
revolutionary for the add-on insurance industry.



If you are a senior manager coming from an IT background, you
will really enjoy the focus and understanding that Tim shares
about the product challenges people are facing within the
industry.


How the purchase and buying behaviours of the customers are super
important for understanding how to sell a new or existing
product. Also, how to take the ability to look at the bigger
picture and the economics of different stakeholders into
consideration.


If you like this episode make sure to subscribe and share the
episode with friends and colleagues.


BusinessAnalytics, Insurance, InsuranceAnalytics,
PricingAnalytics, CustomerExperience, DataScience