The product holds great potential, but many insurance organizations consider UBI enabled by IoT as just another product offering to meet customer expectations. Initiatives are mostly discrete and tactical – data is not being analyzed effectively to enable great experiences or generate new revenue streams. All customer segments are not convinced about the value they receive in return for the data being shared with the insurance organizations.
Goals and Objectives
Invest in analytics and cognitive technologies to leverage the power of telematics data to draw valuable and actionable insights and convert UBI to a key enabler to digitally transform experiences. Adopt an integrated strategy that covers product and risk management to improve adoption across customer segments. Work with niche technology players that can effectively merge data analytics with the policy holder’s risk exposures as well as other partners in the wider ecosystem to maximize the benefits.
IoT, Big Data, Mobile technologies, Cloud, Advanced analytics, Cognitive technologies, Next-gen security
Use Case Summary
Offer a vehicle insurance product that relies on real world data such as individual and current driving behavior rather than actuarial studies of aggregated historical data to determine premium pricing. Improve customer experience through more accurate pricing based on individual risks and enable loss prevention and reduction in fraudulent claims with real-time monitoring and tracking.