SMART HOME DEVICES
“ Insurers need to think about how their propositions integrate with solutions in the market , as it will likely only be at the high end that the premium for a given year will cover the cost of such solutions ”
DANIEL COLE SENIOR MANAGING DIRECTOR , PUBLICIS SAPIENT
Indeed , fitness trackers are a great example of how to utilise new forms of data alongside traditional data across the lifecycle of a policy , according to Chris Royles , EMEA Field CTO at Cloudera . “ By combining insight into a person ’ s lifestyle with more classical forms of data like medical records , insurers have a significantly better understanding of risks related to health and how this impacts life insurance . Data is the driving force behind this real-time risk assessment , which is revolutionising the insurance industry .”
Insurers have much more data at their disposal The growing popularity of smart home devices clearly means that insurers have more data in total – and more sources of data – at
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