TECHNOLOGY
3 . Risk management Risk management and risk assessment is a transformed space in insurtech . Technologies from wearables to satellites are responsible for providing data that can be correctly analysed and then used to create new products and lower premiums – while also preventing claims from happening in the first place .
Data analytics platforms need to be flexible enough to plug into the latest technologies and process that information . Risk is also an element that needs to be considered when a company is scaling its operations . Insurtechs require a workflow solution that doesn ’ t reduce their control , yet also supports their growth strategy .
4 . Monitoring data quality According to Martin , an analytics platform is only as good as the data it can process . He warns insurtechs to remain mindful of the quality of the data being collected and how it is going to be integrated into the platform .
His advice ? “ Look for platforms with established connectors and open APIs . You may need to consider a data integration tool , such as Talend , to ensure the data coming into your platform is of good quality and in the right format to be processed .” He adds that a key factor is considering the technology already in place and how the platform will fit in or coexist with these other technologies .
“ With the plethora of data available , manual processing is costly , time consuming , and inaccurate ”
NEIL MARTIN QBASE insurtechdigital . com 109