— KPMG TOP THREE INSURTECH-LEADER USE CASES
“ Insurers must tackle the ethical questions that arise about how they will use this data if they want to avoid a potential backlash now – or in the future – against Big Data ”
— KPMG TOP THREE INSURTECH-LEADER USE CASES
Hippo One of InsurTech ’ s ‘ unicorn ’ companies ( valued at more than USD $ 1bn ), Hippo owes much of its success to its highly innovative use of Big Data gathered from complimentary smart / IoT devices provided to its customers ( over 400,000 units have been deployed so far ). In conjunction with this , the company also uses myriad data streams like property records , aerial photography and permit documentation to create a more accurate impression of policyholders . Shifting the focus from the ‘ repair and replace ’ style of insurance and towards a much more preventative paradigm , Hippo works with its customers to provide optimal coverage that reflects their individual circumstances . “ Think of it as the equivalent of a safe driver discount for auto insurance ,” said the company . “ Since these devices help detect issues , minimise damages and make homes run more efficiently , they also minimise the number of claims you ’ ll file .”
Hippo
CEO – Assaf Wand
CIO – Richard McCathron
CTO – Ran Harpaz
Root Insurance Currently the most valuable InsurTech on the market , it is no exaggeration to say that Root Insurance has revolutionised car insurance . Powered entirely by smartphone technology , the company uses data gathered from users ’ smartphones to gain incomparably accurate insights into driving habits and overall safety . Using this information , Root
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