Page 24 - The Insurance Times May 2021

Insurance technologies
used for increasing
insurance penetration:
Y Mobile Applications
Y Internet of things
Y Blockchain
Y Predictive Analysis
Y Machine Learning and Artificial
Intelligence
Y Social media
Y Telematics
Y Drone
Y RPA (Robotic Process
Automation)
Source: www.bimabazaar.com Y Cloud Technology

Underwriting
Type of Technology Remarks
Two lines of insurance that are using more insuretech for
increasing insurance penetration are motor and health. By using Cloud Technology,
Insurer can host large volumes
Cloud Technology of data and analyze it in ways
For health, wearable monitoring devices are already very
that simply wasn't possible five
popular among insurers to access live data on their insured
to ten years ago.
instead of relying on health records and claim history. This
sort of live data analytics will lead to more accurate risk Advance data analytics is being
Advanced analytics leveraged by insurers for driving
assessment and pricing and may in turn lead to premium
profitability and enhancing
discounts or rewards for policyholders who stay healthy and
customer experience.
active.
The use of telematics helps
insurers to accurately estimate
Similarly, with motor insurance, a device called telematics
claim damages and reduce fraud
could be plugged into the car and the insurer could receive
by enabling them to analyze the
data on how the policyholders drive the vehicle, depending
Telematics driving data (such as hard braking,
on the results, insurers can make the premium adjustment.
speed, and time) during an
A move towards flexible add-on covers of shorter durations
accident. The additional data can
will be made possible through the Internet of things (IoT) also be used by insurers to refine
and wearables. Through this technology, asset usage can be or differentiate UBI products.
constantly monitored. In the future, car insurance may cover
Insurers are very much interested
and be priced for city driving and customers would need to in IoT because it enables
buy an add-on cover when going on a road trip. Internet of innovative models and also
things (IoT) creates a strong data pool, for
Claims Exam. Connected Car, Connected
Image and video-based systems are expected to help in Home, Connected Health.
claims processing, fraud identification, accurate Smart Phones Insurance intenmediaries or
documentation and for notes recognition. For example, insured can use their tablet/
research on using the image of a human face to map out smartphone for issuance of
diseases and morbidities is currently under way. policies and for their spot

24 The Insurance Times, May 2021