In the ever-evolving landscape of insurance, the quest to better serve consumers is a constant battle. In an attempt to craft the ultimate value proposition for consumers, incumbents are harnessing the power of real-time data to revolutionise the way in which they operate.
From personalised coverage options to more precise risk assessments, the integration of timely data is reshaping the insurance industry’s approach to meeting the evolving needs of consumers.
As part of the esteemed Professional InsurTech Certificate, InsurTech Analyst spoke to a host of industry experts to compile their views on the topic.
Robert Lumley, co-founder and director of Insurtech Gateway, was one of the distinguished industry experts offered up their views. When asked whether insurers were thinking about the value proposition for consumers by collecting timely data, he stated.
“One of the businesses in our portfolio that we back is Human.ai. They collect about a gigabyte of data from each vehicle every month. Then assessors can price in to the tenth of a second, basically, a premium depending on what the seatbelts are plugged in, and all these sorts of things that start telling you what the car is being used for now. You’ve got to then make sure that you get that data, put it into a pricing model that works.
“Traditionally, we used to do review pricing, where we’ve seen what happened in the last 12 months and try to segment it into different things that might happen in the next 12 months. We’ve now got a situation where AI will tell us what’s probably going to happen when you take another right turn, either a dangerous fault, or some people have left an event in the middle of the road and therefore is likely to give us an injury claim, etc.
“So we can change people’s movements based on risk coming in real-time. And we’ve got to then work out how you get that back to the person that it matters to. So if it’s a feed managing, you’ve got to then make sure that the data arrives at an adequate time and in an adequate form that enables them to change that event.”
Ultimately, by leveraging real-time data collection and analysis, insurers can now assess risk factors dynamically. This addition to their arsenal is set to allow a greater value proposition for consumers who are looking to adopt modernised and efficient products.
To listen to the whole presentation, enrol in the Professional InsurTech Certificate.
About the Professional InsurTech Certificate:
The Professional InsurTech Certificate course offers a comprehensive and practical exploration of Insurance Technology (InsurTech) for professionals operating in the insurance industry. With a focus on practical applications, the course covers vital topics including the fundamentals of InsurTech, adoption strategies for insurance companies, regulatory perspectives, data analytics, customer engagement, claims processing, risk assessment, and emerging technologies like AI and ML tailored specifically for the insurance sector.
Distinguished by its holistic approach to the InsurTech landscape, this course integrates real-world case studies with insights from leading InsurTech innovators and senior leaders from insurance companies.
You can enrol here.
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