Watchstone Group is a holding company with technology at its core.

Our businesses offer leading technology solutions primarily to the insurance, automotive and healthcare industries.

While we have a diverse portfolio, our operating businesses are unified by a set of shared commercial principles:

■We seek to anticipate change and we have the agility to exploit the dynamism of customer behaviour
■We invest in the people and technologies that will drive innovation and success in our markets
■We promote in-depth sector knowledge and experience as the starting point of value creation, and
■We strive for efficiency across our businesses through the optimal allocation of resources and good governance

                   

NEWS

26th Jan 2018 Pre-close trading update
11th May 2017 Prospective claim by Slater and Gordon
05th May 2017 Report and Accounts for the year ended 31 December 2016
27th Apr 2017 Preliminary results for the year ended 31 December 2016

VIDEO/AUDIO/PRESENTATIONS

May 2017 2016 Annual Report and Accounts
Jun 2016 Presentation-Results for the six months ended 30 June 2016
27th May Watchstone Audio Webcast-Financial Results
27th Jan Watchstone Group Outline Strategy

EVENTS

The 2017 Commercial Vehicle Show (CV Show)25th-27th April -UK (Hubio)
The Strategic Claims conference2nd March-UK (Hubio)
2017 Insurance-Canada.ca Technology Conference28th February-Canada (Hubio)
NRF's Annual Convention & EXPO (Retail's BIG Show)15th-17th January-USA (Tech Mahindra-Bronze sponsors/exhibitor)
2017 Commercial Vehicle Show25th-27th April-UK (Hubio Fleet-exhibitor)

WEBSITES




LINKS TO DEDICATED PAGES

pt Health
ingenie Updated 2nd June
Innocare Updated 2nd June

For the first time ever, Post's hugely-popular conferences - Motor Claims and Insurance Telematics will come together under one roof for one super charged event designed to address the challenges shaping motor insurance in 2016 and beyond.

Post's Motor Insurance World taking place on 25 May at the Double Tree Hilton Hotel in Milton Keynes, is an exciting new event that fuses up to the minute content from the industry's leading speakers with a bustling exhibition space for inspiring innovation.

Committed to serving our insurer community, this event will cover motor claims, underwriting and insurance telematics to provide delegates with a one-stop shop for all things motor.

If you attend just one motor event this year, make it this one!

http://www.motorinsuranceworld.co.uk/

hubio sharing a stand with Tech Mahindra:



https://twitter.com/louiserobertson

EDIT:

Hubio Insurance ‏@hubioinsurance · 2h hours ago

Our Insurance Strategy Director, @_NeilThomson is at #PostMotor. Chat to him on @tech_mahindra 's stand about #UBI

https://twitter.com/hubioinsurance

Usage-based insurance (UBI) product demo | Hubio
Published on May 25, 2016

Hubio’s end-to-end insurance technology solutions are changing the game for insurers and automotive organisations. Watch to see how our modular solutions would work for you.

Business Advisory Service Ltd (BAS) is one of the UK’s largest energy switching brokerages and employs over 280 energy experts in the UK and South Africa.

Since 2006, we have helped more than 35,000 UK businesses switch their energy providers and saved a total of £42 million. We provide a range of energy, water and waste services and work closely with the UK’s top providers to find the most cost effective solutions to our clients and secure the best rates available on the market.


*****************************************************


TELCA 2016 Business Person of the Year shortlist (The Energy Live Consultancy Awards)

Energy Live News is pleased to announce the shortlist for Business Person of the Year. The following people have been shortlisted:

Nick Proctor, Amber Energy

Chris Shaw, Business Advisory Service

Kelly Ivison, Exchange Utility

Emily Groves, Indigo Swan

Peter Kirkham, Smart Utility Management

Gerard Duggan, Utilitrack

James Longley, Utility Bidder

Graham Cooke, Zenergi

The winner will be announced on 30th June at the awards ceremony held at the Honourable Artillery Company.

http://www.energylivenews.com/telca-2016-shortlist/

Hubio, the usage based insurance technology company owned by Watchstone Group has teamed up with Indian carmaker Mahindra to offer telematics-based insurance services.

http://www.newslocker.com/en-uk/profession/insurance/ex-quindell-unit-hubio-teams-up-with-indian-carmaker-mahindra/view/

SEE POST 41

27 May 2016
Watchstone Group plc
("Watchstone" or the "Company" or the "Group")

Results for the year ended 31 December 2015

Watchstone (AIM:WTG.L) today announces its results for the year ended 31 December 2015, a period of radical change for the Group.

Financial summary:

· Underlying* business revenues steady at £58.3m (2014: £56.5m)

· Underlying EBITDA loss of £16.1m (2014: loss of £16.8m)

· Disposal of the Professional Services Division generated a profit of £494.3m

· Impairment of goodwill and other intangible and non-cash assets - total charge of £113.5m (2014: £129.1m). Further details of the impairments can be found in notes 6 and 7 to the financial information in this announcement

· Total profit after tax £274.9m (2014: loss of £374.5m)

· Group net assets (excluding contingent liabilities) of £137.1m representing approximately 297 pence per share following capital return of £411.9m

· Group cash at 31 December 2015 of £103.2m including £97.6m in the Company. Group cash of £93.1m (unaudited) as at 20 May 2016 including cash in the Company of £86.9m (unaudited) with a further £50.0m (unaudited) in escrow.

* Underlying includes ptHealth, Hubio, Ingenie, BAS, Maine Finance and Central

Operational highlights:

· Disposal of the Professional Services Division for £645m plus deferred contingent consideration completed in May 2015

· Court approved capital return of 90 pence per ordinary share completed in December 2015

· New Group CEO and Board in place which has brought stability and started to rebuild investor confidence

· Substantial work completed and on-going to simplify the Group, reduce the Group's losses and build the platform to deliver the best possible shareholder value from all the Group's operational and other assets

· Clear strategy and plan for all Group businesses - energetically pursuing opportunities and robustly dealing with challenges

Current trading (unaudited):

· Overall trading is in line with expectations with some good momentum in ptHealth, ingenie and BAS

· ptHealth has had a solid start to the year

o Unaudited revenue of £6.6m in Q1 2016 (an increase of 4.4% vs. Q1 2015 (excluding exchange rate fluctuations) from a reduced number of clinics)

o Average revenue per clinic up 12% in Q1 2016 compared to the same period in 2015

o Assessment and treatment numbers have increased by 11% and 7% respectively during the same period

o Launch of InnoCare as a spin out of ptHealth

· ingenie performing strongly in Q1 2016

o Gross Written Premium up 23% to £20.7m in Q1 2016 (Q1 2015: £16.8m)

o Policies written up 19% to 10,706 in Q1 2016 (Q1 2015: 8,985)

o Approximately 39,700 policies in force at 31 March 2016 (31 March 2015: 34,515)

· Hubio stable but historic growth expectations proven to be unrealistic- business being reshaped in line with market opportunities

o Unaudited Q1 2016 revenue of £4.3m (Q1 2015: £4.1m)

o Active devices as at 30 April 2016 was 38,631, 77% more than at 30 April 2015 this was largely recovering from technical issues with a large customer in the US

· BAS is now cash generative whilst work continues to improve Maine Finance and quotesupermarket.com

o Unaudited BAS revenues for Q1 2016 of £0.8m, an increase of 21% on the same period in 2015 and the business is now cash generative

o Unaudited Q1 2016 total revenue for Maine Finance and quotesupermarket.com was £0.4m (Q1 2015: £0.5m)

http://www.moneyam.com/action/news/showArticle?id=5349631

Results for the year ended 31 December 2015 (continued)

Indro Mukerjee, Group Chief Executive Officer said: "Even taking the legacy, non-operational matters to one side, the Group I joined in September 2015 was disproportionately complex and needed operational improvement. At the same time, I have found a number of good examples of advanced technology capabilities; capable people; and healthy market positions across our operating companies.

I believe we have made strong progress towards our key objectives in the last three quarters and there is demonstrable momentum in our ptHealth/InnoCare, ingenie and BAS businesses with a strong determination to continue to set Hubio and Maine Finance/QSM on paths to maximise their potential."

Richard Rose, Non-executive Chairman said: "I am very pleased with the significant progress the Group has made over the course of the last twelve months. The new Board has successfully refocused the Group's strategic priorities while drawing a line under the past by working tirelessly to deliver the highest standards of corporate governance.

The sale of our legal services business and the significant return of value to investors marked the start of rebuilding shareholder confidence and we are confident of continuing to deliver value. Watchstone now has solid foundations on which to build further and the Board and the management team are committed to maximising the potential of the remaining businesses."

The Annual Report and Accounts for the year ended 31 December 2015, Notice of the Annual General Meeting ("AGM") and a Form of Proxy will be posted to registered shareholders.

The AGM is to be held at 10.00am on 30 June 2016 at Plaza Suites 1 - 3, 200 Westminster Bridge Road, London SE1 7UT. Following the AGM, there will be a product demonstration and showcase from the Group's companies.

These results have been extracted from the Annual Report and Accounts for the year ended 31 December 2015, a full version of which is available at www.watchstonegroup.com/investors.

http://www.moneyam.com/action/news/showArticle?id=5349631

From the WTG website:

Announcement

Report

Presentation


Webcast/Video

Link to historic 'Shareholder information'

Shareholder information

The directors have been notified, or are aware of the following interests in the issued share capital of the company in respect of the shareholdings, and related holding percentages, of the following significant shareholders and directors of Watchstone Group plc as at 24 May 2016.

Major shareholder information

Name--------------------------------------------No. of Shares-------------------% Holding

Beach Point Capital Management LLP-----------4,001,335-----------------------8.69%
M&G Investments (Prudential)------------------2,916,666-----------------------6.34%
Sand Grove Capital Management LLP-----------2,305,383-----------------------5.01%


Subtotal------------------------------------------9,223,384 ----------------------20.04%


Current total shares in issue 46,038,333 as at 24 May 2016 with none being held as treasury and 1.97% being held “not in public hands” i.e. held by directors, directors of subsidiaries, trustees of employee share schemes / pension funds or any other substantial shareholders (>10%).

Director information

Name---------------------------------------No. of Shares-------------------% Holding

Richard Rose--------------------------------100,000--------------------------0.22%
Indro Mukerjee-------------------------------50,550--------------------------0.11%
Mark Williams---------------------------------50,550--------------------------0.11%
Lord Howard of Lympne----------------------12,608-------------------------0.03%
David Currie-------------------------------------1950--------------------less than 0.01%

Subtotal---------------------------------------215,658-------------------less than 0.47%

http://www.watchstonegroup.com/investors/shareholder-information/

Hubio takes expert soundings

Hubio launched earlier this year. As part of our strategic development Hubio has been active in consulting with, and showcasing our products to, a number of leading consultants and analysts in a bid to capture their expertise and understand the zeitgeist in the sectors we operate in.

This learning mindset has led to some important insights into the marketplace today. These have enabled us to adapt and add to our solutions and products in a way that accurately reflects and meets the needs of our customers and sets the scene for our continued relevance and preparedness for the future.

Previously, the research and consulting firm Celent outlined a scenario whereby the market for auto insurance could shrink dramatically as a result of improved road safety through telematics, anti-collision technologies and driverless cars. Celent’s Jamie MacGregor recently remarked: “Today, this scenario is fast becoming a reality. Insurance carriers operating in this market need a cost effective solution that is able to flex with demand, offer insight around driver behaviour, and deliver a compelling driver proposition. In launching Hubio, the Watchstone Group has created a technology services company to focus on navigating the change ahead.”

Paul Anderson of Gartner, a leading technology research and advisory company, commented: “Through a strategic partnership with Gartner, Hubio is able to align their solutions to market demands now and in the future by inspiring their development teams to conceive breakthrough ideas. Strategic decisions are validated to determine where Hubio should go next from a product, geography and market perspective.”

Participating in industry events and mixing with our peers and competitors is another avenue Hubio is exploiting to further our knowledge and increase our visibility.

Indro Mukerjee, CEO, Watchstone Group PLC, has spoken about Hubio at a number of events, as have senior colleagues. Our participation in public forums has provided us with a valuable platform for the presentation and exchange of ideas in this fast-moving and fast-changing landscape. Andrew Pym, Head of Insurance, TU-Automotive, confirmed this, saying: “It is clear that Hubio understands the need for insurers to be prepared for change. Indro has positioned Hubio to bring new, flexible, technology equipped for the future changing demands of the industry.”


Through our presence, be that as keynote speakers, panellists or delegates, we have established relevant relationships with other players, allowing for a frank and valuable interchange of ideas as evidenced in the words of William Hawkins of KBW: “Indro’s presentation at KBW’s European insurance technology conference was thought-provoking and inspiring. We think there is everything to play for between incumbents and newcomers to the insurance value chain. Hubio was presented as a model that blends industry and technology expertise to partner with insurers to win in the new industry landscape.”

Hubio continues to explore and adapt whilst partnering with our customers to deliver outstanding service and an unparalleled consumer experience, anticipating future needs. Nurturing our existing relationships and forging new ones – with customers, partners, thought leaders and experts – will be an integral part of our ongoing journey.

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

Dialectic Capital Management, LP taken 2,307,438 (5.012%)

http://www.moneyam.com/action/news/showArticle?id=5353288

Link to historic 'Shareholder information'

Shareholder information

The directors have been notified, or are aware of the following interests in the issued share capital of the company in respect of the shareholdings, and related holding percentages, of the following significant shareholders and directors of Watchstone Group plc as at 02 June 2016.

Major shareholder information

Name--------------------------------------------No. of Shares-------------------% Holding

Beach Point Capital Management LLP-----------4,001,335-----------------------8.69%
M&G Investments (Prudential)------------------2,916,666-----------------------6.34%
Dialectic Capital Management LP----------------2,307,438-----------------------5.01%
Sand Grove Capital Management LLP-----------2,305,383-----------------------5.01%


Subtotal------------------------------------------11,530,822----------------------25.05%


Current total shares in issue 46,038,333 as at 24 May 2016 with none being held as treasury and 1.97% being held “not in public hands” i.e. held by directors, directors of subsidiaries, trustees of employee share schemes / pension funds or any other substantial shareholders (>10%).

Director information

Name---------------------------------------No. of Shares-------------------% Holding

Richard Rose--------------------------------100,000--------------------------0.22%
Indro Mukerjee-------------------------------50,550--------------------------0.11%
Mark Williams---------------------------------50,550--------------------------0.11%
Lord Howard of Lympne----------------------12,608-------------------------0.03%
David Currie-------------------------------------1950--------------------less than 0.01%

Subtotal---------------------------------------215,658-------------------less than 0.47%

http://www.watchstonegroup.com/investors/shareholder-information/

News & Updates

The future of managing claims

There’s no secret about what consumers want from their insurance providers: rapid, efficient service tailored to individual needs. However they also want the lowest possible premiums, so insurers have traditionally had to strike a balance between investing in customer service resource and keeping prices low.

That was in the past. New technology offers insurers the opportunity to provide customers with levels of service that would have been unimaginable just five years ago.

What customers will expect from insurers

Modern consumers have higher expectations of responsiveness from their insurers. The impact of the digital world including social media, online commerce and the continued growth in smartphone usage means that people want to be able to carry out a task when they wish and in the manner they wish. Delays and being kept on hold are less and less acceptable in this ‘always-on’ environment.

Claims handling in the future

Imagine being available for your customers whenever and wherever they need you, without delay. Today’s claims teams are always racing to improve effectiveness and efficiency: whether it’s answering calls, entering claim details or assessing settlement options, if claim volumes are high then response times will suffer.

Telematics enable insurers to know about customers’ road accidents the instant they occur. The customer can use an app to select a local repairer to attend the scene or call a breakdown service. The system will log the location of the incident, weather conditions and other important information. If the incident is much more serious and the customer is not responsive, the system can even call the emergency services to attend the scene.

Meanwhile, claims will also be processed more smoothly because the customer will be able to input details and engage with the insurer directly through a web app on their personal device or mobile. If the customer prefers to provide information by telephone, a call script can be generated in response to the information already gathered about the incident.

Insurers are already embracing the added value that telematics has to offer. According to a recent study by the British Insurance Brokers’ Association (BIBA), the number of live telematics-based motor insurance policies have increased by 40% in just one year.

How Hubio can help

Using our award-winning claims technology, Hubio’s products allow customers to report and track their own claims easily via the web. For customers, this provides the instant engagement they want, while for insurers it reduces inbound call traffic and cuts operating costs. Our speed of implementation proves to be a real plus, particularly due to the rapid ‘Return on Investment’ received as a response.

In addition, Hubio systems offer excellent control and overview for insurers. Systems can be trialled and deployed rapidly and regulatory performance can be monitored at the click of a button. Claims handling staff are freed to concentrate on using their skills to negotiate claims settlement and deliver excellent customer service rather than inputting data, improving overall job satisfaction. You will also have a system with in-built analytics reporting which can give you invaluable information about emerging trends.

Today’s insurance industry is more complex than ever, with multiple platforms and technologies. Our built-in configurability empowers your business users to adapt and modify the way they work as the market changes around them, while our digital and omni-channel functionality ensures maximum efficiency along the way.

Come and say hello

Why not catch up with Hubio at the TINtech Insurance Network Technology Conference on 14 June 2016? We’ll be on stand 25 in the Grand Connaught Rooms, London and would love to talk to you about how telematics can improve your customer service.

Three ways usage-based insurance (UBI) can improve underwriting accuracy

Underwriting is evolving. Traditionally, insurance risks have been calculated on accident rates, driving records, vehicle type, postcode and age. Customer expectations are now shifting. They are looking for more personalised premiums that are based specifically on their driving behaviour, not just generic sector information. The time for a more insightful, real-time and accurate assessment of drivers is upon us. ‘Pay As You Drive’ is out – ‘Pay How You Drive’ is in.

According to research by the British Insurance Brokers’ Association (BIBA), the number of live telematics-based motor insurance policies, including black box policies, in January 2016 had increased by 40% compared to the previous year. Uptake is accelerating, so what are the risks of sticking with tradition?

Non-UBI strategies perpetuate inaccurate underwriting performance, administration inefficiencies, claims leakage and even heighten the chance for fraudulent claims. Legacy technology is not only stifling agility and responsiveness of claims teams, but it is also slowing down decision-making and impacting customer service. In turn, this leads to poor customer retention and dwindling loyalty.

What’s more, regulatory regimes are so rigorous, this can leave insurers prone to reputational damage if they do not have robust systems and process-based safeguards in place.

3 ways UBI boosts underwriting accuracy

There are numerous ways in which UBI improves underwriting accuracy, but three of the most important are…

1.Full transparency of premium breakdowns

UBI data enables you to see and show exactly what customer behaviours and factors are affecting the premium and what may cause it to fluctuate.

2.Onscreen pricing

By having a clear understanding of customer behaviour, insurers can help them to realise the risks so they can buy the most appropriate – and most proportionate – cover for their circumstances. When it comes to premium prices, think ‘one size fits me’ not ‘one size fits all’.

3.Real-time rate changes

The provision of real-time rate changes allows underwriters to base premium on actual risk, instead of on generic, average risk. Accuracy is all about precision, and timeliness plays a huge part in this. UBI enables you to immediately see where rates are changing so you can manage them more effectively.

How else does UBI help?

UBI provides insurers with the perfect reason to engage regularly with their customer base. This unprecedented level of interaction has the ability to transform the relationship from necessity to one of mutual benefit, which in turn encourages the purchase of additional services and products at the point of need.

UBI is also a driver for accident reduction. According to research by RAC Business, more than half (52%) of the 500 UK businesses surveyed revealed the use of black box technology had resulted in a reduced number of collisions, while 58% had witnessed a decrease in speeding incidents and fines. Businesses are benefitting from UBI in other areas too, with more than two fifths (43%) saying their duty of care policies were supported by the use of telematics, and more than one in 10 (11%) revealed the installation of telematics had decreased insurance premiums.

We’re taking UBI to the next level, enabling true end-to-end UBI via easy integration of driver connectivity and telematics to your administration systems. This provides you with full control of the data needed for your underwriting needs.

Looking to the future

Nielsen predicts that 90% of new cars will have on-board telematics technology as a standard by 2020. Going forward, the integration costs that are currently associated with telematics will drop even further. And as partnerships with telecom providers develop, telematics will advance to include additional functionality, such as geo-location, roadside assistance and vehicle diagnostics – all factors that will help drive underwriting accuracy even further.

2020 is also predicted to be a year of connectivity, with 20.8billion connected devices estimated by the end of the year – the equivalent of more than 2 devices for every human on earth. Cars are no exception, and with these connected cars will come built-in insurance monitoring and young driver behaviour tracking. Our infographic highlights this in more detail.

At Hubio, our core enterprise insurance suite (EIS) and usage-based insurance solutions can be implemented rapidly, allowing you as an underwriter to successfully compete both in today’s and tomorrow’s world. Our insurance software solutions enable you to streamline your processes, from policies to billing and rating, with integrated business intelligence and insurance analytics.

Want to learn more?

Come and chat more to the Hubio team about how UBI can have a positive effect on underwriting accuracy at the TINtech Insurance Network Technology Conference on 14 June 2016. We’ll be in the Grand Connaught Rooms, London and will be happy to discuss the benefits of UBI.

Interview: Indro Mukerjee, Watchstone (Part 1)
By Jonathan Swift | Interview | 1 June 2016


Against the backdrop of legal action and a fraud investigation, Jonathan Swift finds out how Indro Mukerjee is burying the Quindell past and focusing on the future.

Indro Mukerjee loves a sporting analogy. Indeed he loves analogies of all types.

Within minutes of the interview starting, the Watchstone CEO is belying his intellectual exterior by simulating how football goalkeepers play up for the cameras by making easy saves look harder as the Post photographer takes aim with his lens.

An avid Arsenal fan, Mukerjee continues to pepper the discussion with plenty of other comparisons to illustrate how he intends to turn the technology company formerly known as Quindell around, against a backdrop that includes the threat of legal action from disgruntled shareholders, a Serious Fraud Office investigation and media interest out of proportion to the size of the AIM-listed firm.

Asked why he took up a position in September 2015 that many may deem a poisoned chalice, Mukerjee responds: “When you open a quiz book, do you start at the beginning and work your way up to the more challenging tests? Or do you go to the end and look at the hardest thing first? I have a tendency to do the latter; so I like things that are quite challenging, and this fell into this category.”

The Watchstone board also played a significant role. Despite having only heard of the firm days before meeting chairman Richard Rose, and then digesting the full gory detail of the now infamous report by Gotham City Research, when he was introduced to the executive he says he felt an immediate connection.

“I had finished spinning out another company [splitting Plastic Logic into two firms, one focused on technology, the other manufacturing] and was looking to do something completely different. But a contact of a contact told me Quindell was running a process, and that I should talk to Richard.

“Of course, I was originally sceptical, and became more sceptical when I did the further reading – but I liked him a lot, felt he would be an excellent chairman and was inspired by the work he’d already done. I then met the rest of the board and was very impressed with them and the agenda that they had started too.”

http://postlive.dev.incisive.pro.pugpig.com/2016/06/01/interview-indro-mukerjee-watchstone/

Interview: Indro Mukerjee, Watchstone (Part 2)
By Jonathan Swift | Interview | 1 June 2016

Refocus on technology

When Mukerjee succeeded Robert Fielding as CEO, Watchstone had already disposed of its legal services division to Australian firm Slater & Gordon, and although it had refocused on its technology based properties, the firm was still mired in a run of bad press with its brand [then Quindell] frequently prefixed with words like ‘beleaguered’ and ‘troubled’.

However, contrary to external impressions, what struck him, was that the operational people within the business far from being low on morale, were up for the challenge of reviving the fortunes of the company, rather than being encumbered by the weight of the Quindell legacy.

“There definitely needed to be some repositioning and repurposing of some of the people here; but at the same time, it should be said that there was a lot of energy that made me excited about the potential. And the things they are doing now, they could do before I came, so all this stuff did not materialise because I am a software engineer,” Mukerjee adds, gearing up to launch into full analogy mode again.

“My role is to be the guy with the broom in a curling team that goes in front of the stone and sweeps away the stuff that prevents it from finding its target; and so I am chief broom sweeper, but they are the ones who have the brains and the know-how. I just have to give them the confidence to get where we need to succeed.”

When Mukerjee talks about the ‘stuff’ it is doing now, in insurance terms he is referring to the launch of its new brand Hubio earlier this year, which bought together three existing businesses IT-Freedom, Himex and Iter8 in Canada to create a business specialising in usage-based insurance and telematics.

He has also assembled a team to run the business, including former IT-Freedom director Andrew Passfield as chief product officer, who was already part of the business, and head of Automotive Andrew Betteley and insurance strategy director Neil Thomson, who are new to the business having joined from Autologic Diagnostics and SSP respectively.

Mukerjee says the Hubio team understand the “eco-system of the digital insurer” and how if insurers do not take steps to encourage “continuous engagement” with their customers from renewal to claim – and everything in between and after – they could find non-incumbents such as telcos eating their lunch.

“What we know is that there are non-insurers, that through their superior customer engagement techniques are entering the insurance market, including it as an offering alongside their other services,” he adds.

“So it is up to insurers to make sure that they don’t get caught out by [competitors] encroaching on their space, but to solidify themselves and work out how to broaden into other [complementary] spaces.”


Data analytics is very much the “new battleground,” in the telematics and UBI space, according to Mukerjee, who notes hardware fixed into a car is preferable in terms of data quality, while mobile has a distinct advantage in terms of price.

“Hardware is good for certain niches, such as young drivers, because of the larger premiums, but in the mass market it will [gravitate to] mobile phones, so the challenge is to ensure the data that you collect from a mobile phone is better than someone else’s.”

As such Mukerjee is confident Hubio has the tools to help insurers by offering them an end-to-end solution where customers can quote and buy, engage and even claim – on one mobile-compatible platform. And what’s more you can install it quickly, with the firm already recording implementation times of 15 weeks for the likes of Zenith and ERS, down to seven for the RAC. Timescales that are likely to prick the ears in many boardrooms.

“[Insurance] is a market where the technology is made more complicated than it needs to be and is often called a disruptor. But we are working to try and make technology easier to understand, which is why I prefer the term enabler,” Mukerjee continues.

http://postlive.dev.incisive.pro.pugpig.com/2016/06/01/interview-indro-mukerjee-watchstone/

Interview: Indro Mukerjee, Watchstone (Part 3)
By Jonathan Swift | Interview | 1 June 2016

Confusing market

“This is a massively confusing market for customers, trying to understand a catalogue of different technology suppliers that are all making claims about what they can do,” claims Mukerjee.

“Sometimes their products overlap, or the language is different, but through my insurance induction [Mukerjee admits he did not even know who his motor and household insurer were before taking the role] I have had the privilege to meet a lot of important figures, including CEOs. And when you talk to them they confirm that trying to navigate through the market and understand the suppliers is difficult.”

Within his wider insurance portfolio, Mukerjee also inherited a consumer brand in telematics insurer Ingenie; for which he has already bought back its founder Richard King, less than a year after he stepped down.

Despite its consumer leanings, Mukerjee says that it remains an integral part of the group, and one which he particularly keen to mine for intellectual property that it can repurpose and potentially market to other clients in much the same way Watchstone has done with Innocare – which spun out of its Canadian physiotherapy arm PT Health.

“Within Ingenie there are some very interesting technologies, which we use to drive the service that we offer its customers. And so in a similar way to how we have taken out core technologies in the healthcare business we are looking at how we could do the same with Ingenie.”

These include how Ingenie uses data extracted from over 200 rules covering driver behaviours from breaking to accelerating to draw conclusions.

One thing Quindell became known for in the past was the volume of regulatory news service announcements and updates it used to release containing varying degrees of detail. Under Mukerjee though, the business will operate in a wholly different way.

“RNS announcements are obligatory pieces of information that you share because you are a listed company. It is not a press release, it is not a piece of marketing. We need to be a company that separates those things and what we do with our RNSs is what we need to do to satisfy our obligations.”

http://postlive.dev.incisive.pro.pugpig.com/2016/06/01/interview-indro-mukerjee-watchstone/

Is this the longest page in MoneyAm history banjo .

Interview: Indro Mukerjee, Watchstone (Part 4)
By Jonathan Swift | Interview | 1 June 2016

SFO investigation

On Watchstone, which is the first listed firm Mukerjee has worked for, despite doing an initial public offering with Video Logic in 1994, he adds: “We will be very strict on that. We are not going to start blowing hot air or pump loads of stuff into the market, because what happens is people might believe you once, but you do it a couple of times and you begin to irritate them. You have to be straight with them.”

Mukerjee is very focused on the operational businesses within Watchstone [he is the launch CEO of Hubio for instance], but he admits as group CEO he cannot ignore the fact that there is an ongoing SFO investigation into its historic [pre-November 2014] ‘business and accounting practices’; while law firm Legal Friend continues to build up evidence for a class action.



“They are what they are and we just have to deal with them. And when the press has covered them to be honest it is has been entirely understandable, as it is an interesting story. We live in a free society and so we should not be surprised,” Mukerjee says. “It is occasionally a bit hysterical, but is only one aspect of the company.”

Having worked with private equity, Mukerjee is used to getting a return on investments; and despite its recent troubles, Watchstone is already garnering some attention from potential acquisition partners, which is testimony to the work of the current executive. Indeed in April it rejected an offer – touted to come from Tantalum Corporation, a rival insurance technology business, with the firm rumoured to still maintain an interest despite the rebuttal.

“What you have to remember as someone in my position is that you are the servant of the shareholders. So if they want the journey to stop at any point that is up to them. And if someone makes an offer that the shareholders are satisfied with, then we will partner with them and everyone will be happy,” Mukerjee reflects.

“As to how long that will or won’t be is not something I know; but I have a particular vision regarding the operational work that I am doing with these businesses and I know what I want to do.

“I also know what success will feel like; and what we need to do in terms of that focus. And, in the meantime, if something happens then it happens.”


http://postlive.dev.incisive.pro.pugpig.com/2016/06/01/interview-indro-mukerjee-watchstone/

and from 27th May 2016:

Watchstone CEO asks the insurance industry for ‘level playing field’
By Stephanie Denton | News | 27 May 2016

Watchstone CEO Indro Mukerjee has urged the insurance industry to give the group formerly known as Quindell a ‘chance’ and let it move away from its history.

Speaking to Post following the release of the firm’s 2015 results and his first resulting period Mukerjee, pictured, said: “Going forward people will tar us with the brush of the past but I would like the chance of the market looking at us a sincere business that is not acting inappropriately. We’d like a level playing field to engage that way. I am really determined to make this work.”

He added: “I joined in September last year with my eyes open and this was not my first job. What I have found is sincere and capable people but there are also challenges.”

Mukerjee feels the firm is already a very different company and claimed these results are “a starting point” for him.

Those challenges include an ongoing Serious Fraud Office investigation, which the firm said in its results it continues to cooperate fully with and is now the only regulatory enquiry to which the company is subject.

Watchstone Group reported a £16.1m loss of pre-tax earnings for the year ended 31 December 2015 and Mukerjee said in his CEO statement: “Our focus has been on the simultaneous aims of reducing the group’s unsustainable losses while creating a platform to achieve the best possible value and performance from our operating businesses.”

The firm reported £7.6m of annualised losses have been “eliminated” to date with the total expected to be in excess of £13.5m by the end of 2016.

Speaking to Post Mark Williams, Watchstone group finance director, said: “Broadly speaking the 2015 results is as expected. Last year we had enormous restructuring, the sale of business and the change of CEO, and we didn’t expect to do anything significant in 2015.

“We took actions to stop losses where needed and the results were as expected. We put anchors in to stop losses and that included disposing of business and reducing our cost base in business. This started in 2015 and is continuing. We now plan to move into positive earnings and growth.”

Also included in the full year 2015 results Watchstone revealed its recently launched insurance technology business Hubio had unaudited quarter one revenue of £4.3m. Mukerjee admits in this area the business had “poor market connections” partly due to “past reputational issues within the insurance sector and partly due to financial constraints”.

As a consequence of these challenges Mukerjee said the sales and commercial pipeline was “weak” across all product lines and that the number of active devices was “not where it should be”.

However, he added: “We believe this is a solid market going forward and we have faith in it – growth is slower than predicted but we do believe it is the place to be. We are confidence about having technology that is relevant to the market and where the market is going. Hubio is already well developed technology and the insurance sector is trying to connect more with its customer. This is still a stigma purchase and insurers are looking for the technology to connect.”

Targeting growth in this area Mukerjee said the firm would be launching Hubio Fleet targeting small to medium sized fleets of five to 100 vehicles and it would be working on opportunities with dealerships and motoring organisations. He added that the firm is positive about usage based insurance stating this is the “area of greatest unfulfilled hope for Hubio to date”.

Regarding the Ingenie telematics based business, which reported unaudited revenue of £3.5m for Q1 2016, up 34% Mukerjee said the decision had been taken last year to energise the brand with a greater focus on market including smart social media and radio campaigns. Ingenie works with a panel of insurers including Ageas, RSA, Covea and LV.

Mukerjee said Ingenie would be using its technology, which includes the ability to host data, process journey information, perform advanced server side analytics and driver scoring algorithms, to create a white label proposition which can be licensed to multiple third party brands/insurers that wish to create their own young driver telematics offering.

http://postlive.dev.incisive.pro.pugpig.com/2016/05/27/watchstone-ceo-asks-the-insurance-industry-for-level-playing-field/