Frost & Sullivan will host a live, complimentary Growth Innovation Leadership (GIL) briefing, titled "5 Ways To Monetize Data in the Auto Industry," on Thursday, April 12, 2018, at 4:00 pm BST (11 a.m. EST). The webinar will offer insight from Archana Vidyasekar, Global Research Manager and Niranjan Manohar, Program Manager, Global Automotive & Transportation Research Team at Frost & Sullivan. The webinar will also feature commentary from Ben Volkov, CEO and co-founder at Otonomo and Louwrens Appelcryn, Director Business Development for driveability and consulting at Octo Advisory Inc.
"Data monetization business models are still in the nascent stage," said Manohar. "Willingness to pay will become the key variable that will determine pricing benchmarks for data products, as data-led transformations are inevitable considering the increasing number of digital touchpoints and evolving use cases."
The webinar will explain different data monetization business models being discussed in the automotive industry and the different pricing models being evaluated in order to tap into growth opportunities.
Insight will reportedly include:
- UBI hold the highest potential with an opportunity of $25-$40 per car per year. This could range from pay as you drive (PAYD) to pay how you drive (PHYD) business models, which are the most preferred types of metrics to calculate insurance premiums. The idea here is to provide real-time data services to support a full digital transformation of the policyholder experience.
- The most popular model today is data bartering, as most car companies and suppliers don't know what to do with the data they have. This model typically involves information-based exchanges—data exchanges between Waze and city municipalities, for example. However, some car companies are ahead of the curve. For example, BMW launched its own data brokering marketplace model in Germany as a pilot called BMW CarData. In partnership with IBM, BMW follows a white-label service business model where 8.5 million BMW vehicles have built-in telematics systems that operate using the open-source CarData Platform.
- Car data customers can range from energy companies and fleet operators to retailers like Starbucks and McDonald's that want to know when you are likely to purchase your next coffee or burger. Frost & Sullivan identified over 50 different organizational types that want to profit from vehicle, driving behavior, and location data.
For more information and to register for the webinar, click here.