TECHNOLOGY
“ IoT and 5G will continue to proliferate into our lives – our homes , cars , offices . The ability to harness the value from this data is the most important and challenging next step for Insurtechs . Major ”
CHRIS GILL OVER-C
dynamic risk factors in near time , enabling them to select and price commercial Casualty and Property policies more accurately for customers and offer more focused additional value add services through claims and risk solutions .
Heywood agrees , and says a number of insurtechs are already taking a radical approach to data aggregation , which will be key in guiding the future of insurtech .
“ IoT and 5G will continue to proliferate into our lives – our homes , cars , offices . The ability to harness the value from this data is the most important and challenging next step for Insurtechs . Major insurers are increasingly working closely with and investing in Insurtechs , many of which are in the IoT area . For example , Allianz launched their ' open space ' which allows developers to actively participate to solve some of the largest challenges in the industry .”
He adds , “ Insurtechs should focus on greater data aggregation and the use of alternative data within processes , such as underwriting and claims management . The most successful Insurtechs will find the ' golden ' combination that enables them to consistently provide predictive results .”
114 March 2022