Current Situation
Digital twin technology may disrupt the way commercial property risk is handled from quoting, continuous monitoring, and loss prevention. Few commercial insurers and reinsurers support the use of digital twins underlying technologies such as IoT analytics, AR/VR technologies, and geospatial intelligence to continuously monitor loss exposure, employee behavior, and perils. This new inflow of information might be shared with insurers to provide risk-based pricing mechanisms.
Goals and Objectives
Leverage sensor-based technologies to monitor activities in factories or business establishments, or track the condition of property, workers, or cargo to prevent accidental damage or damage due to human or environmental factors. Rely on behavior-based pricing models to generate loyalty and virtuous effects.
Technology Deployed
IoT
Big Data
Mobile Technologies
5G
Cloud
Advanced analytics
Cognitive technologies
Next-gen security
Digital platforms
Use Case Summary
Leverage sensor-based technologies to monitor activities in factories or business establishments, or track the condition of property, workers, or cargo to prevent accidental damage or damage due to human or environmental factors. Improve customer experience through omni-channel engagement, risk-based pricing, and fraud handling through real-time monitoring and tracking.