Lot of sensor data from wearable’s, connected cars, home automation is flowing through in real time to massive “Real time Stream processing” engines to generate lot of Dynamic Intelligence. Startups are applying Machine learning, Predictive Analytics to create new innovative Insurance Models, which could be dynamic/, personalized for each person.
More than 90 % of the insurance is sold through agents through emails/ in-person or phone channels. This model has scalability issues and restricts the choices people have to find the most appropriate model for their needs. Now new channels like Web, Mobile, and social media is being used to sell more customized Insurance solution based on the person’s needs. People can buy it real-time and for much shorter durations.
New innovative Insurance models like Peer to peer models are slowly picking up. Also due to focus on self driving cars, connected cars, sensor devices, the entire Insurance model will need to change.