By Marielle Rodriguez, Social Media and Brand Design Coordinator, Triple-I
For Black History Month, Triple-I focuses on black entrepreneurs and innovative leaders in insurance. We sat down with Kevin Henderson, founder and CEO of Indenseo, an analytics software company based in Palo Alto, California, to talk about his background in insurtech and how telematics shapes the commercial auto insurance business.
Originally from West Medford, Massachusetts, Henderson moved to the Bay Area of California during the Internet 1.0 boom in the late 1990s, where he led the global computer company for the telematics company @Road [later acquired by Trimble] and collaborated with commercial car companies on their telematics program. . Henderson's extensive experience in actuarial telematics led him to create Indenseo in 2013.
Data has enormous potential for insurance, according to Henderson. We can now know in real time what is happening to the vehicle and how it is driven. By combining telematics data with contextual information such as road conditions, the border is your imagination. Referring to a Harvard Business article on diversity in innovation, he says that there is a positive relationship between [racial] the composition of partners and those who receive funding. "But his difficulties in getting VC funding also made him more strategic in his fundraising method." It made [us] use the capital we raised more efficiently, "he says.
While funding was a first battle, Henderson shares the importance of having a vision and people around you that you trust.
"You need to have people around you who know the ecosystem and people who will be honest with you. It's a number game and you have to be creative. Learn how to target investors with an interest in the markets you are trying to enter, he says.
Although telematics is synonymous with commercial fleets, personal line insurance is still low. COVID-19 has revealed the potential of telematics in personal lines. "People are more open to sharing their data," says Henderson. "The change in driver behavior caused by the pandemic has shown that people want to be priced based on how much they use their vehicles as opposed to a standard premium that does not take into account vehicle use."
The COVID-19 pandemic has also brought its own challenges to Indenseo, including a slowdown in the development of international operations, but Henderson believes these opportunities will help expand its operations in other countries. “Not everything can be done on Zoom. I will be back on planes when international travel and personal meetings are practical again.
As for the future of telematics in insurance, Henderson believes that commercial car will be developed very differently than personal lines.
“The risks are different, and the technology is different. The risk of caring for an 18-wheel drive truck or a service car will be very different from the risk of a four-wheel drive sedan, he says.
With the emergence of new specialty markets and new companies, distribution models will change and new products will emerge. All this makes the future of telematics and commercial car insurance quite unpredictable and exciting.
Indenseo will host a free webinar with Jeffrey Williams of Forrester February 25 13:00 ET as part of the "Connected Insurance" series on how the IoT will transform insurance. During the webinar, they will talk about trends, techniques and use cases.
You can learn more about the webinar and register here.
To learn more about Indenseo, visit Indenseo.com. Follow Kevin on Twitter at @KevinGHenderson .