(MoneyNewsWire.Net, February 23, 2017 ) Data has undoubtedly altered the way the insurance industry works, enabling companies to access more information about customers and allowing them to offer the potential for cheaper premiums and rewards. Telematics, wearables, and connected homes are the main established examples.
The health sector is where big data's impact is most evident, with wearable technology increasingly used by large insurers, which offer cheaper premiums, reward schemes and health benefits in exchange for personal data. Statista has forecast that the wearable device market value will value US$12.7 billion, and 13.45 million devices will be shipped worldwide, in 2018.
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Report Summary
Similar to all aspects of insurance technology (insurtech), it is the large insurers which are struggling most with modernizing systems and approaches. This is due to ingrained processes and an inability to tolerate failure, meaning that innovation is often stymied. Other challenges, such as difficulties in attracting innovative talent and entrenched IT systems, also prevent rapid change. Smaller companies and startups have often developed through trial and error, and therefore have more tolerance for failure. They also tend to be managed by more technically aware people and are less reliant on dated IT systems that would be cost-prohibitive to update.
As insurers increasingly hold greater amounts of data, often of an extremely personal nature, the potential damage of a cyberattack increases. The data is already expensive to store safely, but costly fines, set to be introduced in the new EU data protection regulation of 2018, will force insurers to invest in cybersecurity.
Many insurers are looking to reduce paid claims by preventing them. This is the case in healthcare, and is also seen in the property and motor categories with connected homes and telematics. As well as reducing claims, this will also help insurers to build relationships with customers, as traditionally contact only occurs when a policy is due for renewal.
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Report Scope
The challenge for insurers is to both figure out how to make money from the vast amounts of data to which they have access, and to offer customers the levels of digital service they have come to expect from nearly all other sectors.
Many aspects of taxi, hotel, travel and entertainment services have been digitalized to offer customers quick and easy access. Spotify, Netflix, Amazon, eBay Uber and Airbnb have all revolutionized their respective industries.
The report looks at how far the insurance sector has come, and what still needs to be done to achieve this.
Companies Mentioned:
Dell FitSense FitBit Vitalty Aviva Amazon Google Facebook Netflix Uber Domotz BestBuy Nest Labs BuzzMov
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