Historically, insurers used 50-, 100-, and 500-year flood models for risk evaluation and pricing. The extreme weather events we have experienced in 2018 alone prove how dated these methods really are.
To better understand their customers and potential current/future liability claims, forward-thinking insurers are monitoring, analyzing, and integrating external data sources in real time (weather feeds, photos, CCTV/car dashcams, news and stock feeds, and satellite imagery, to name just a few). By integrating and injecting these new data sources into their risk models and underwriting, insurers are better able to identify their risk appetites and effectively price and also evaluate claim outcomes.
With digital being the preferred interaction method by customers, the insurance industry must deal with an influx of new processes and data sources. For life and health, the usage of wearables and patient monitoring produces a wealth of data. The challenge is can the Insurance industry effectively leverage this new real-time information?
The session will include real-world case studies, including how a global general insurer is now quickly analyzing and monitoring 50,000 customers and targets, gaining new insights into the market. A global reinsurance and specialty company that now leverages digital news channels to monitor its risk portfolio for early warning claims indicators to help drive down loss costs. Another example is how a global life & health insurance company is leveraging real-time data to understand the impact of wearables to monitor patient health.