Considering the drop impact that preventative insurance services are going to have on premium revenues, the insurance industry will need to invest like the top priority going forward is pooling its customer’s data and selling risk-specific information to stakeholders in the wider insurance ecosystem such as shared mobility services, driving scores to other insures while switching carriers, and location/property risk scores to estate agents or other insurers. While many insurers have been slow to capitalize on their vast stores of data, some far-sighted carriers have begun monetizing this increasingly valuable resource (e.g., ZhongAn, KBC Verzekeringhen). They’ve started harnessing data from their operations, and often external sources, to boost profits by improving efficiencies and creating new businesses. These innovative companies are likely to secure a significant “first mover” advantage over their more cautious rivals.
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, Digital platforms
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