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Speaker 1: Curta and welcome to the special episode of Shared Lunch.

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Speaker 1: Today we're talking about the world of insurance. We'll be

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Speaker 1: diving into specifically car insurance, why your premiums are going up,

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Speaker 1: tips on how to make sure you've got the right

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Speaker 1: cover in place, and innovations that are happening in the

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Speaker 1: insurance space.

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Speaker 2: I'm Sonya.

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Speaker 1: I'm the co CEO and co founder of shares E's,

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Speaker 1: and today I'm joined by Andy Kohn, who's the co

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Speaker 1: founder of our insurance partner COD.

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Speaker 3: Investing involves the risk you might lose the money you

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Speaker 3: start with. We recommend talking to a licensed financial advisor.

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Speaker 3: We also recommend reading product disclosure documents before deciding to invest.

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Speaker 3: Everything you're about to see and here is current at

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Speaker 3: the time of recording.

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Speaker 2: So well, for Mandy, tell us, car do you diferent insurance?

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Speaker 4: Well, I did a degree in physics and maths, and

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Speaker 4: then there are the holiday jobs that come out of that.

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Speaker 4: But one that there is is the actual aerial training

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Speaker 4: path and insurance. It's all about the maths and statistics

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Speaker 4: of insurance. I also knew about that because my father

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Speaker 4: was an actuary, and so that was the first job I.

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Speaker 1: Got Yeah, exciting that you've followed, you know, and your

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Speaker 1: dad sits there, so you started co Do you want

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Speaker 1: to tell us a bit about that?

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Speaker 5: Yeah, so do I suppose there was a bit that

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Speaker 5: led up to it.

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Speaker 4: My brother and I were working in Germany at the time.

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Speaker 5: We got over there for a week.

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Speaker 4: It ended up working for a digital insurance player, and

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Speaker 4: while we were up there, we became really impressed with

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Speaker 4: what the digital solution and insurance could mean. And so

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Speaker 4: then when we moved back to New Zealand and we

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Speaker 4: looked at the market and so we thought, generally a

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Speaker 4: digital assurance proposition is a good thing globally and makes

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Speaker 4: a lot of sense. And then in New Zealand, we

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Speaker 4: quite like the fact that the market is dominated by

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Speaker 4: two large players. A lot of people don't know, but

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Speaker 4: most of the brands in New Zealand lead back to

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Speaker 4: one of two large really had most companies they have

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Speaker 4: about ninety percent market share in the lines that we operate.

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Speaker 5: So we thought that the digital.

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Speaker 4: Transition was something that was coming and it's going to

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Speaker 4: be good for customers and a good opportunity.

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Speaker 5: And then we also liked the.

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Speaker 1: Market the namicing Yeah cool, Why did you think it

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Speaker 1: was good for customers.

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Speaker 4: Or what was it, gap me sol Yeah, yeah, absolutely,

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Speaker 4: So I mean that all sounds a bit worriing for

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Speaker 4: company has got. What it means for them is insurance

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Speaker 4: is cheap, so we can bring the price down and

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Speaker 4: also the service level can be better. So if you

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Speaker 4: think about the price point, we aim to be sort

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Speaker 4: of fight it's ten percent cheaper than our competitors. And

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Speaker 4: then also on the service level, if you need to

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Speaker 4: call us. Firstly, you probably don't need to because you

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Speaker 4: can do it all online. But if you do it,

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Speaker 4: we'll arts the phone in about thirty seconds compared to

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Speaker 4: say thirty minutes.

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Speaker 1: So les for about the assurance industry broadly, and so

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Speaker 1: what's been happening lately?

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Speaker 5: Yeah, so I suppose in subways not a lot. Assurance

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Speaker 5: is the safe thing. It's been for hundreds of years.

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Speaker 5: But then in New Zealand specificularly last.

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Speaker 4: Year and the premiums went up a lot, and then

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Speaker 4: car insurance, which is what we do and know really well.

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Speaker 4: There were a few factors that played into that. One

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Speaker 4: of them was there's quite a lot of inflation, so

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Speaker 4: inflation was running really hot last year, and then car

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Speaker 4: insurance inflation as a little bit more than background inflation.

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Speaker 4: Plus then we had the floods in Auckland and we

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Speaker 4: had the Cyclone Gabriel as well, So all of that

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Speaker 4: happened all at once, and so car insurance prices went

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Speaker 4: up by sever thirty percent or more any year, which

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Speaker 4: was really quite unheard of. And then that's having causing

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Speaker 4: some bigger discussions to happen about what that means for

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Speaker 4: home insurance in the market.

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Speaker 1: When you think about also at the same time, like

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Speaker 1: the new technologies that are coming out around insurance, what

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Speaker 1: do you see impacting the ad.

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Speaker 4: Yeah, there are some technologies that can actually bring down

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Speaker 4: the risk, and I think that's what we find most

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Speaker 4: exciting is you know what's here's your expected claims cost,

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Speaker 4: and then what can you do that is sort of

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Speaker 4: brings that down in a cost effective manner. And so

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Speaker 4: for home insurance that's relatively difficult. You just need homes

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Speaker 4: to be built a little bit better or not necessarily

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Speaker 4: in the floodplanes. And then for car insurance there were

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Speaker 4: specific examples, say twyter aquads that were getting stolen and

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Speaker 4: alarm and rate we looked at what it would cost

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Speaker 4: to cover them without an immobilizer and it worked out

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Speaker 4: to be about three.

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Speaker 2: Grandy and which is just how what's the what are

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Speaker 2: they worth?

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Speaker 5: That be like six grand ten.

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Speaker 2: Something like that?

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Speaker 5: You just can't pay that.

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Speaker 4: But then we ran a quick experiment with what is

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Speaker 4: what about we only underwrite them within a mobilizer cost

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Speaker 4: five or six hundred bucks to get one of those,

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Speaker 4: and then the cost comes down to about twelve uncle

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Speaker 4: bucks and so now it's completely endurable again and the

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Speaker 4: whole thing works. So, you know, when we look at

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Speaker 4: the market and how we can play in it, we

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Speaker 4: really like these little innovative solutions where what's the problem

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Speaker 4: that you're facing, how do you inject something relatively cost

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Speaker 4: effective that brings down the risk?

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Speaker 1: Why the Twitter aqua the easy to steal and people

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Speaker 1: became aware that they're still So we partner to deliver

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Speaker 1: a car insurance product to our customers. And so can

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Speaker 1: you tell us like who needs car insurance?

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Speaker 4: I can spoil us everyone with the car would be

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Speaker 4: my hope. You know, there are some people who choose

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Speaker 4: not to take insurance, but as someone who sells insurance

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Speaker 4: on are really advocate for them. It could really helps

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Speaker 4: people out. So yeah, really everyone with the car.

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Speaker 2: Do you think it should be mandatory?

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Speaker 4: I think it will be great if you could wave

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Speaker 4: a wand and make everyone have it. But I think

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Speaker 4: if making a mandatory means that there's a fine for

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Speaker 4: not having it, then most of the people who don't

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Speaker 4: pick it don't pick them because they can't afford it.

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Speaker 4: And what you're saying is now someone who is still

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Speaker 4: not going to happen sure it now gets a fine

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Speaker 4: when they get caught not having it.

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Speaker 5: I'm not sure really helps.

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Speaker 4: Yeah, pair enought, so probably not really.

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Speaker 2: Yeah, And what kind of cur insurance do people need?

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Speaker 2: So what are the different kinds?

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Speaker 5: Yeah?

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Speaker 4: I suppose that the two big differences you could go

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Speaker 4: third party or one of those experience or comprehensive.

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Speaker 5: And so.

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Speaker 4: I'm not a financial planner, don't have any special expertise there,

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Speaker 4: but I would say that I see quite a lot

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Speaker 4: of claims coming through, so I can definitely confirm that

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Speaker 4: they happen.

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Speaker 5: And if you've chosen something.

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Speaker 4: Like third party fire and theft, you are exposing yourself

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Speaker 4: to quite a bit of risk. About one in four,

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Speaker 4: one and five who our customers will claim every year.

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Speaker 4: And if you have third party only, you're unlikely to

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Speaker 4: be able to claim for most of those reasons. So

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Speaker 4: it definitely does happen, and it can be quite expensive,

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Speaker 4: and it might happen more than you think.

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Speaker 2: What are the most common claims that come.

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Speaker 4: Through some most common is about half them's big wind screens,

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Speaker 4: so just so we've got all those chipsy roads stones

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Speaker 4: flick up at the windscreen in the sparhalf. And for

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Speaker 4: the claims by number, the next biggest is collisions and

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Speaker 4: so that's by dollars, the overwhelming majority of what we

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Speaker 4: pay for. And then taking on down the list, you

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Speaker 4: get for small things like lost keys stolen cars. People

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Speaker 4: always think that's what insurance is for them, but less

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Speaker 4: than five percent of our claims up for stolen cars.

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Speaker 4: And the big risk is really that you're distracted and

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Speaker 4: you ran.

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Speaker 5: To the back of someone.

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Speaker 2: So what your top three if people are looking.

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Speaker 1: To change providers or reviewing their car insurance provider, like,

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Speaker 1: one of the top three things that people should consider.

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Speaker 4: I guess number one is are you with Global Shesi's.

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Speaker 5: The number two would be what's the price?

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Speaker 4: And then probably number three would be around what's actually

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Speaker 4: covered and what's the service standard? And what are you

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Speaker 4: paying for. For most people car insurance is going to

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Speaker 4: act exactly how they expect. But if you're using it

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Speaker 4: in an unusual way. You know, if you do a

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Speaker 4: lot of offer a driving wet, if you are using

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Speaker 4: a few business, if you've converted your car in something,

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Speaker 4: if you've modified it, it pays to really understand how

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Speaker 4: that's going to be true it sure?

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Speaker 2: And how about how to think about excess?

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Speaker 4: How I think about excess is what amount of money

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Speaker 4: am I comfortable paying immediately at a pinch or something

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Speaker 4: goes wrong, and then pick that right them out. If

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Speaker 4: you can afford to pay a little bit more, you

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Speaker 4: can say by fermiums. But if you're really going to

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Speaker 4: struggle to scrape together five hundred bucks in hundred bucks

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Speaker 4: wherever it is, then you might.

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Speaker 5: Be better off in all the lords.

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Speaker 1: And how about because I'm just thinking of the information

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Speaker 1: that you put in when you are looking at getting

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Speaker 1: a quote, or the information that you take before it,

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Speaker 1: like that calculates the premium. One of the ones is

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Speaker 1: car value or the value replacement value of the car.

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Speaker 2: Sometimes that comes almost of the.

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Speaker 1: Time it comes prepopulated with something you know, is there

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Speaker 1: something that people should be doing or what should be

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Speaker 1: in factory into that.

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Speaker 4: Yeah, and maybe that's another thing that people can take

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Speaker 4: as well as a market early or a greed value policy.

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Speaker 4: We offer an agreed value policy just because we don't

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Speaker 4: like the way that a market value policy operates.

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Speaker 2: What's the difference between the tip So.

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Speaker 4: If you write off your car with an agreed value policy,

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Speaker 4: we pay out being mopped that you and should have ford. Yeah,

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Speaker 4: but with the market value policy, it can be the

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Speaker 4: less or what we think it's worth and then that

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Speaker 4: you picked, which just becomes a little bit.

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Speaker 2: So say, you know, how often should people be considering

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Speaker 2: more reviewing their charage urns.

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Speaker 4: As often as you like, because if you do cancel

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Speaker 4: mid term, it sure as are obligated to give you

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Speaker 4: your premium back or almost all of it.

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Speaker 5: And so there's no real.

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Speaker 4: Maximum to how regularly be shopping. But once a year

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Speaker 4: sounds pretty good. You can send the annual renewal and

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Speaker 4: it's a good time.

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Speaker 5: To shop around.

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Speaker 6: It's a different for everyone, right, and you know, depending

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Speaker 6: on the type of car, things like that, But there's

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Speaker 6: also factors like around age and gender and how they

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Speaker 6: play in and so typically if you're under twenty five

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Speaker 6: and your mail, your premiums are higher.

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Speaker 2: Can you tell us a bit about that? And is

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Speaker 2: that changing?

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Speaker 4: Yeah, so I suppose the bad news is it's not

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Speaker 4: changing creerly. And I suppose there's a few things that

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Speaker 4: lead into it. And we do our pricing based on

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Speaker 4: what are costs to actually pay for claims for those people,

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Speaker 4: and so it costs a lot more to ensure you

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Speaker 4: am a person because they crash more. And then there

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Speaker 4: are a few factors that come into it. One is

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Speaker 4: that they haven't been driving for as long. Another is

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Speaker 4: that they're just younger and more prone to risky decision making.

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Speaker 4: Another is that they have busy social lights and so

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Speaker 4: they tend to be driving out late at night, maybe

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Speaker 4: after a drink or two.

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Speaker 5: Hope not too many, but all of them.

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Speaker 4: That just increases your risk and increases the amount that

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Speaker 4: we pay out. And not many of those things are

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Speaker 4: really like to be a change. The one thing that

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Speaker 4: could change is there are technologies out there for ensuring

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Speaker 4: that we don't do some of the worst behaviors. So

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Speaker 4: the worst things really is pulling out when there's not

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Speaker 4: a big space, following people too close behind, and looking

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Speaker 4: at your fine and you're supposed to be drunk it.

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Speaker 4: And so there are technological solutions that either penalize you

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Speaker 4: with your premiums if you do those things, or are

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Speaker 4: conversely ruw warch you if you die, or they can

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Speaker 4: prompt you when you're doing one of them and kind

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Speaker 4: of intubate. So we have looked at those for kind

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Speaker 4: off but the problem is the cost of the technology

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Speaker 4: is quite high compared to what it saves in kinds cost.

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Speaker 4: And yet also the services are quite sort of intrusive

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Speaker 4: and annoying, and we just didn't think people would go

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Speaker 4: for them. But then logited, as cars become more autonomous,

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Speaker 4: this has to matter less or less who's in the

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Speaker 4: driver's seat.

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Speaker 5: So there is some good news avingually and.

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Speaker 4: Probably the final point a is younger males are a

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Speaker 4: little bit worse than younger non males, but not that

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Speaker 4: much worse. So everybody still in that position in the

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Speaker 4: younger group.

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Speaker 2: So if we think about the future of insurance, like

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Speaker 2: how does it need to change?

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Speaker 4: I think there's becoming more of an awares of individual risk.

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Speaker 4: And if you think back a long time, everyone paid

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Speaker 4: more or less the same premium and then all the

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Speaker 4: risks swept up and that's changing now. People in more

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Speaker 4: earthquake prime cities are definitely seeing it. And we're talked

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Speaker 4: a little about younger drivers and why they pay more premiums.

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Speaker 4: And I think where insurers need to get better is

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Speaker 4: displaying to people what these risk factors are. You know,

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Speaker 4: we've done a lot of work to figure it all out,

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Speaker 4: and we don't always share that with the consumers. I

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Speaker 4: think if you think of an example where people are

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Speaker 4: looking to buy a house, they're not geologists. They don't

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Speaker 4: necessarily know what the what the risks are that they're facing,

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Speaker 4: and we could quite readily tell them. So the government,

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Speaker 4: I think the banks have a fairly good idea too,

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Speaker 4: but making that or a much more visible part of

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Speaker 4: the process is good. And then we talked about some

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Speaker 4: of the things with driving in the ways that you

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Speaker 4: can help people mitigate their risk with actuals as well.

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Speaker 4: We gave people a good path to bringing down their

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Speaker 4: their premiums by reducing the risks that they face. So

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Speaker 4: I see that as the future of insurance. It's becoming

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Speaker 4: kind of a risk partner that helps you before something happens,

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Speaker 4: rather than me in the ambulance at the bottom of

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Speaker 4: the cliff cleaning of the mess after it's already happened.

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Speaker 2: Before we go.

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Speaker 1: We've teamed up with Cove to offer car insurance for

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Speaker 1: Chasis customers with discounted prices. You can check out more

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Speaker 1: on our website or get a quote within the Chasis app.

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Speaker 1: Thanks again to and for joining us and talking about insurance.

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Speaker 2: Have a great week.