Page 21 - Insurance Times August 2021

Optimal use of location intelligence and for the last 129 years. The data consider the wind intensity
data which had occurred in the past 129 years, this data is
analytics to improve the services provided to
extracted, segregated and processed for the number of
citizens and customers cyclones that had occurred within the area, and using the
For forecasting and analyzing the past data and for trends statistical method are used for prediction analysis.
analysis or for the prediction of the events the different
statistical methods are used based on the distribution and In each report, wind speeds in km/hr, Flash Floods & Storm
the relationship of the data. Surge height at the given Geographical location has
mentioned, this is highlighted in classified zones with
Data collection of the natural events is quite difficult as most
different scale. Hazard zones viz. Red Zone, Orange Zone,
of the past records are in tabular data. The next challenge Yellow Zone, Blue Zone and Green Zone are marked on
is conversion of the data in GIS platform and the segregation analyzing historical catastrophic Cyclonic events from 1891
of data based on the events and the intensity of the impacts to till date.
it has.

On GIS platform, Storm Surge zones are marked on the
Unique value proposition by TROPCYS for
coast of India as defined by INCOIS and sea water
emergency response penetration on land is marked by analyzing published reports
TROPCYC application has been developed for the prediction from IMD. All the reports are in descriptive formats; now
or the forecast of the cyclone events that are probable to after analyzing we have converted reports in tabular format
occur. The TROPCYC system considers the past cyclonic event for clear understanding of the users. T
Increased levels of personalization hit the term assurance market

as more insurtechs launch pay-as-you-go life insurance

Over the past year life insurers have had to rethink their strategies, being pushed to adopt greater levels of digital
services and underwriting flexibility – an area where life insurers have typically lagged. While the direct channel was
already gaining ground before the COVID-19 pandemic, consumers’ preference for life insurance is bound to continue
shifting even further in the coming years – especially as insurtech are increasingly targeting the life insurance market
with pay-as-you-go life insurance, says GlobalData, a leading data and analytics company.
GlobalData’s 2020 UK Insurance Consumer Survey found that 24.8% of consumers visited a price comparison website
(PCW) before purchasing term assurance in 2020, up from 19.6% in 2019. In the non-mortgage-related market, the
proportion of consumers seeking out comparison services was much higher at 31.6%. GlobalData’s 2020 survey also
found that financial savings are increasingly becoming a key priority for term assurance customers, with 69.1% of
consumers that would consider wearing an activity tracker and exchanging that data with a life insurance company
only doing so for financial rewards, up by 18.6 percentage points (pp) compared to 2019.

Jazmin Chong, Insurance Analyst at GlobalData, comments: “These findings illustrate how consumers are becoming
increasingly self-reliant and financially conscious, especially when it comes to term insurance policies – a market that
is heavily tied to the mortgage market. Despite this, non-mortgage-related was the only term assurance product to
record an increase, up 2.2% in terms of new contracts sold in 2020. Meanwhile, contracts sold in the mortgage-related
term assurance market contracted by 5.1% for the year. Going forward, GlobalData forecasts that new contracts for
mortgage and non-mortgaged-related term will grow by 4% in 2022.”
Growth in the term assurance market for the next five years will be driven by both an economic recovery and the
removal of COVID-19 underwriting restrictions. Even more importantly, a greater number of consumers will purchase
term assurance policies because the pandemic has illustrated the negative impact of unprecedented events. Ensuring
family members are protected upon death remains the key driver leading to purchases in the term assurance market.
These include fully digital insurtech DeadHappy, which offers pay-as-you-go term assurance. Its application process
invites customers to create a ‘deathwish’ – something that makes the process more light-hearted and engages with a
younger audience who do not normally think about death. In addition, fully digital insurtech Bequest launched a pay-
as-you-go term assurance policy in July 2021, providing instant cover that targets parents and families. Bequest has
rapidly captured venture capital investment interest, securing £1.7m in seed funding upon launching its new product.

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