Insurance tech

Each of the key Insurance Industry (Health, Home, Car) is undergoing a major transformation primarily due to very granular sensors, which are spitting tons of useful information. Companies have started evaluating innovative ways in which they can start leveraging real-time sensor data to provide a more personalized, real time insurance rates. A number of companies that recently raised millions from top venture investors and partnered with global incumbents are offering products and services including policy comparison services, and peer-to-peer insurance.

These are a few interesting trends in this Industry:

1) Big Data Intelligence

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.

2) Multiple new Channels

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.

3) Innovative Insurance Models

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.