A few forwardlooking insurers are either planning to or piloting the sale of telematics data to other industries and potentially pass on the savings to their consumers by reducing premiums.
Goals and Objectives
Create new revenue streams by selling risk-specific data to stakeholders in the wider insurance ecosystem; for example, driving scores to other insurers, shared mobility services, travel and roadside assistance providers; life risk/insurability scores that consumers can use while switching carriers; selling location/ property risk scores to estate agents or other insurers.
IoT, Cognitive capabilities, Advanced analytics, Cloud
Use Case Summary
To maintain presence in a flat and highly competitive marketplace, insurers should explore new revenue streams by leveraging the power of data and knowledge of risk to complement traditional business models