DIGITAL TRANSFORMATION
“ Drawing on 5G ' s benefits , mobile and wearable deviceinitiated commerce has the potential to grow at a much faster pace ” which will include increased gamification for incentive initiatives , more widespread uses in health insurance , auto insurance , the P & C space and more .
White says : “ 5G will offer many benefits for insurtech companies , including reduced latency to help decrease transaction and settlement times . It will also facilitate the adoption of AI to enable greater personalisation and improvements to customer experience .” This additional data traffic , White predicts , will put more stress on backbone networks , meaning “ many will need to find ways to increase their available bandwidth and likely data centre capacity ”.
Meanwhile , Boris Cipot , Senior Security Engineer at Synopsys Software Integrity Group , says these issues will be addressed in stages – and investment will be needed to ensure the transition to quantum insurance services are successful . Decentralised data centres will also be required as time goes on .
Cipot concludes : “ Big cities hold the infrastructure to support better data connectivity . In more rural areas , the infrastructure may not be as robust . Therefore , information systems may not be the latest and greatest currently in all locations . Additionally , 5G technology is able to cover vast distances ; therefore , the data centres supporting 5G tech need to be able to be decentralised .”
MANISH DEVGAN CHIEF PRODUCT OFFICER , HAZELCAST insurtechdigital . com 55