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Telematics for the Home
Customer Engagement & Insights
Co-Founder and CEO, Roost
Roel Peeters
VP Strategy, Innovation & Strategic Partnerships, Desjardins
Roost Confidential 2
Speakers
Boris Collignon
Global Leader in Property Telematics Focused on the Insurance Industry
For Personal and Commercial Lines
Launched in Silicon Valley in
2014 by successful tech
entrepreneurs
Currently partnered with 25+
insurance companies around
the globe
300K+ Sensors in market in all
50 US states, Canada, Europe,
and Australia
Billions of new data points
provided to insurance
companies and their
policyholders
Roost Confidential 3
Who We Are
Strategic Investment Partners
• Direct to consumer focus initially• Zero insurance partners
• Saw opportunity to help P&C insurance industry transform• Pivoted company to focus 100% on P&C insurance industry
• Met with 250+ insurance company executive teams around the world• Established 25+ partnerships with insurance carriers
• Hundreds of thousands of sensors deployed globally to policyholders
• Initial insights developed from multiple data sources• Customer journey
• Policyholder engagement
• Loss prevention & mitigation
Roost Experience & Insights Our journey over 5 years
Roost Confidential 4
Insurance Carrier Partners
Roost Confidential 5
Key Insights• Roost solutions are compelling and work for carriers of all sizes
• This is as much about digital customer engagement as it is about loss mitigation for carriers
Where the industry has been
• Reactionary indemnification
• Communicate once or twice a year
• High loss costs 40-60% of premium
• Historic static data gathered outside the
property
Where the industry is going
• Proactive prevention
• Communicate often with policyholder
• Reduce loss costs
• Capture real-time data within the property to
support better risk selection & pricing
Roost Confidential 6
Key Insights• The insurance industry is embracing sensor technology to help drive transformation
• Numerous new insurance carriers are bundling insurance policies with sensors
• Distribution of sensors to policyholders is becoming table-stakes in P&C insurance
How Roost is Driving Digital Transformation
f• 10.4% response rate from 12,000 Roost users invited
• Roost sensors installed – Water Leak/Freeze (857), Smart 9V Battery (632), Smart Garage Door/Other (159)
• User activation period range
• (1) Water Leak/Freeze sensor – 1 year
• (1) Smart 9V Battery – 2 years
• Largest demographic – Male, 45 to 60 years old, $100K to $150K household income, 92% are homeowners
Roost Confidential 7
Roost US Homeowner Survey - February 2019 Survey data & insights
Primary quantitative study of 1,252 Roost device customers that responded to survey
Perceived poor
value proposition
Policyholder’s View of Value Proposition
Roost Confidential 8
54%
Smart home devices are too expensive
45%
I don’t see any benefit to my lifestyle
Key Insights• Most policyholders will not purchase Smart Water Leak/Freeze or Smart Smoke Alarms/sensors
• 86% believe that Roost is a valuable addition to their home
• 85% believe that they have a greater sense of peace-of-mind
What has been Desjardins’ experience with the Alert program?
• Objective: • Provide carriers with a white-label turn-key solution to offer policyholders a free carrier-branded mobile app with
one Roost smart home sensor for < $50
• Carrier benefits:• Capture policyholder verified email and mobile phone number
• “Real Estate” on policyholder’s phone with a branded mobile app
• New positive engagement with policyholder – improved brand exposure, brand affinity, NPS and customer experience
• Opportunity to mitigate or reduce fire and water leak claim costs
• Access to new data from inside the home
• Policyholder benefits: • Increase peace-of-mind at home through new “safety solutions”
• New positive perception of their carrier
• Solution detail:• One Roost smart sensor + white-labeled app + mobile app services
Roost’s ApproachSeed One Strategy
Roost Confidential 10
Core value propositions:
• Customer engagement• Sensors enable a positive tangible experience• Compelling reason to download a mobile app• Verified email and mobile phone number• Transition from a paper to a digital relationship• Increased NPS, retention and brand affinity
• Claims cost mitigation• Reduce the cost of fire claims by faster
response to smoke alarm alerts & 911 action.• Eliminate the filing of water claims by early detection of
slow leaks • Helps transition to “prevention and protection”
• Data• Sensor and application data
Solution components:
• Cloud connected smart sensors
• White-label mobile app & services
• Data capture
• Turn-key deployment
Roost Confidential 11
The Roost Home and Property Telematics SolutionSensors + branded mobile app + data + deployment program…
Key Insights• Policyholders 77% more likely to recommend their insurance company after receiving a Roost sensor
• Alerted water leak claims resulted in lower claims costs
How does the Alert program fit in the context of a broader customer engagement strategy?
You have an existing mobile app
Roost programs drive significantly higher
policyholder downloads of your mobile app
Two choices:
• Use Roost white-label app (included in program)
that links to your consumer portal
• Integrate Roost functionality into your existing
app (requires Roost SDK & IT integration project)
Access to policyholder relevant and engaging high
value 3rd party services
Carriers will experience significant increase in
mobile app downloads with Roost
You don’t have a mobile app
The Roost white-label carrier branded mobile
app is the digital engagement platform that
connects you to policyholders and agents
• Roost white-label app becomes your de-facto
mobile app for policyholder engagement
• Looks, acts, and feels like carrier mobile app
• You now have verified email and mobile phone
numbers for all participating policyholders
• Manages and monitors Roost devices
• Provides policyholders with link to carrier
consumer portal and high-value 3rd party services
Put your brand in front of your policyholders multiple times each month
The Roost White-Label Mobile AppThe digital engagement connection to your policyholders
Roost Confidential 13
Insurance Carrier White-Label AppYour brand & functionality + homeowner focused engagement services
Roost Confidential 14
Mobile App Services TodayMuch more than management & monitoring of Roost sensors
App home screen
• Management & monitoring of Roost sensors and data
• Links to carrier self-service portal for policyholder services
• ID Card
• Pay-My-Bill
• FNOL
• Policy service
• Claim status
• Roadside Assistance
Roost Confidential 15
Severe weather alerts
Hyper local notifications drive action
• 500 m2 or zip code granularity
User enables up to 2 locations
Severe weather event warnings
• Precipitation
• Hail, heavy rain, flash flood, heavy snow accumulation
• Wind, storms & wildfire
• High wind, thunderstorms, tornado, hurricane, tropical storms, wildfire warning
• Temperatures
• Freezing temps & high temp warnings
Property Services
• Water leak notification... app button
triggers “local plumber call back in less
than 90 seconds“ feature
• Quick link to 250,000 local area home &
property service providers in the US
• Proactive property prevention services
communication platform
Key Insight73% of policyholders interact with the Roost mobile app monthly, 34% weekly, 13% daily
What is the importance of customer interaction with your mobile app?
Turn-key Custom ProgramRapid custom program development & sensor deployment
Roost Confidential 17
• Kick off session with core team
• Customize by segmentation target and outreach method
• Build customer journeys to optimize impact
• Roost can drive the engagement execution
• Marketing automation to drive opt-in
• Surveys – qualification and post ship.
• Direct shipment and fulfillment to policyholders
• Weekly meetings and Quarterly Business Reviews during initial 9-12 month program rollout period
• No IT resources required
90 day launch and deploymentProject task
Duration
(days) 18 25 2 9 16 23 30 6 13 20 27 3 10 17 24 1 8 15 22 29
Kickoff 1 6/21/2018
Identify Customer Journeys (CJs) 7
Digital assets
Identify assets associated with CJ 5
Customize online CJ Assets 8
Edit and iterate for online assets 20
Implement & test marketing automation 20
Approval of marketting automation - 8/22
Marketing automation ready - 8/27
Print assets
Roost design custom package sleeve & QSG 7
Partner review of package sleeve & QSG 4
Approval of custom sleeve & QSG to print - 7/11
Partner design custom print welcome card 7
Roost review of welcome card & revisions 4
Printing of proof & delivery to partner - 7/11
Approval of welcome card to print - 7/18
Print assets are printed in China 21
Co-branded app
App customization 28
App testing & review 28
Approval of app - 9/12
App release to Apple / Google Play -
Shipment
Pack and sea ship from China 42
Arrival of sea shipment - 9/17
Program launch - 9/24
September OctoberJune July August
Key Insights• Successful carriers iterate early and often to maximize success
• Plan 6 to 9 months to maximize customer journey effectiveness
Included in the Homeowners Pilot Program
Roost Homeowners Pilot ProgramWhat is included
Roost Confidential 18
• One Roost Water Leak/Freeze sensor
• Option for 2-pack with one Water Leak/Freeze sensor + one Smart Garage Door sensor or Smart 9V battery
• Carrier-branded mobile app customization and maintenance
• Carrier-branded packaging, quick start guide, and custom welcome card
• Data and data dashboard
• Development of customer journey
• Marketing automation tools
• Implementation management
• Manage inventory, pick, pack, ship, and track sensors to policyholders
• On-going customer support via text, e-mail, or telephone
Policyholder Loyalty
Roost Confidential 19
Nearly 40% of U.S. broadband households report that they would switch insurance
providers to obtain smart home products.
77% of Roost customers would be more likely to recommend their insurance company after receiving Roost sensor
47 NPS those who received their Roost device from an
Insurance Carrier
What has been your experience with the impact of Alert on retention?
•Results from water leaks and fires in users homes • Significantly less claims filed
• Lower claims cost
Reduction of claim cost impact
Roost Confidential 21
Directional analysis of claims cost from people that installed a water leak detector and/or a smart 9V battery
• Highest value/lowest cost, best ROI solution in market
- Program payback period typically under 12 months
- Increased policyholder peace-of-mind and satisfaction with their insurance carrier
- Real digital engagement that results in a much-improved customer experience for policyholders
• Solutions built exclusively for the P&C insurance industry and branded for the insurance carrier
• More than 25 insurance company partners around the globe, and growing
• Sustainable growth trajectory and R&D investment focus
• Over 100 years of combined insurance industry/insurtech experience on Roost team
• Single-minded focus on helping the insurance industry and their policyholders
Why Roost?Best combination of affordable loss mitigation & policyholder engagement
Roost Confidential 22
Digital Transformation. Proactive Prevention. Value.
• Highest value/lowest cost, best ROI solution in market
- Program payback period typically under 12 months
- Increased policyholder peace-of-mind and satisfaction with their insurance carrier
- Real digital engagement that results in a much-improved customer experience for policyholders
• Solutions built exclusively for the P&C insurance industry and branded for the insurance carrier
• More than 25 insurance company partners around the globe, and growing
• Sustainable growth trajectory and R&D investment focus
• Over 100 years of combined insurance industry/insurtech experience on Roost team
• Single-minded focus on helping the insurance industry and their policyholders
Why Roost?Best combination of affordable loss mitigation & policyholder engagement
Roost Confidential 22
Digital Transformation. Proactive Prevention. Value.
What impact have you seen on claims cost? Any final thoughts?