Insurance Technology

Insurance Technology

An industry around technology applied to insurance sometimes also referred to as Insurtech or Insuretech, whereby companies sell or distribute insurance or related products (such as data) digitally.

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Edits on 28 Jan, 2021
Charley Baker
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Insurance technology Insurance Technology

An industry around technology applied to insurance sometimes also referred to as Insurtech or Insuretech, whereby companies sell or distribute insurance or related products (such as data) digitally.

Edits on 27 Jan, 2021
Holden Page
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AI and ML in insurtechAI and ML companies in insurtech

Erin Scherfner
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  • Blockchain
Erin Scherfner
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Internet of Things

Insurance companies can use connected devices to offer consumers a way to share personal information with their provider and possibly save money on their insurance policies, including wearable technologies. Through connected devices, such as connected toothbrushes or wearable activity trackers, insurance companies are able to compile more data on individuals' habits, including their activity, exercise, sleep habits, and eating habits in order to provide personalized policy plans and pricing.

The connected devices and sensors can be used to create digital ecosystems, such as "smart housing" which uses either cooperative business models with existing products (for example, a Google Nest or Amazon Alexa device) or they offer new digital add-on devices, such as home security systems. Other devices can be installed near potential accident or failure areas such as near water heaters and washing machines, or they can be installed in walls or roofing to report on structural integrity, and they can be installed along water lines to shut off in the case of a pipe burst.

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IoT companies in the insurtech industry

Internet of Things

Insurance companies can use connected devices to offer consumers a way to share personal information with their providers and possibly save money on their insurance policies, including wearable technologies. Through connected devices, such as connected toothbrushes or wearable activity trackers, insurance companies are able to compile more data on individuals' habits, including their activity, exercise, sleep habits, and eating habits in order to provide personalized policy plans and pricing.

...

Sensors have also been applied for supply chain insurance, where the data gathered from sensors can better evaluate riskrisks associated with goods moving through a supply chain and discover who is responsible when issues occur. These sensors are also used to understand the environmental conditions in both transit and storage and the effect on sensitive goods.

...

The connected devices and sensors can be used to create digital ecosystems, such as "smart housing" which uses either cooperative business models with existing products (for example, a Google Nest or Amazon Alexa device) or they offer new digital add-on devices, such as home security systems. Other devices can be installed near potential accident or failure areas such as near water heaters and washing machines, or they can be installed in walls or roofing to report on structural integrity, and they can be installed along water lines to shut off in the case of a pipe burst.

...

IoT insurtech companies

Erin Scherfner
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Insurtech and blockchain

Blockchain is being used for various insurance-related tasks including claim management, peer-to-peer insurance, reinsurance, and fraud detection. Companies are building blockchain tools that can be used to launch new insurance products as well as protect existing plans and claims.

Insurtech blockchain companies

Erin Scherfner
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Chatbots used in the insurtech industryChatbots startups

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Done companies used for insurtechDrone companies used for insurtech

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Chatbots used in the insurtech industry

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Done companies used for insurtech

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Machine learning systems have also been used for agricultural insurance, where the systems can assess satellite images to calculate damage and claims and areas where an insurance adjuster needs to be sent to a specific area for assessment. These systems have also been paired with mobile applications to allow clients to submit claims to an insurance provider, and for the provider to process the claim without calling an agent or paperwork.

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IoT companies in the insurtech industry

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AI and ML in the insurtech industry

AI and ML in insurtech

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Risk management companies

Predictive analytics and risk management companies

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Risk management companies

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Insurance companies are also using artificial intelligence for internal workflows, including digitizing paper records with optical character recognition to transition files to digital archives and storage in cloud archives. Similar technology can automatically review documents and reject them in the case of inconsistent information or errors, allowing staff to work with correctly filed claims. This use case is also known as Robotic Process Automation (RPA).

Automation (RPA).

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AI and ML in the insurtech industry

Edits on 25 Jan, 2021
Erin Scherfner
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Property and casualty insurers

Property insurance is a specific insurance type used to protect an individual’s personal property, such as their home, vehicles not in use, and other related large personal property assets. Casualty insurance broadly is described as liability insurance that covers damages or injury an individual is found personally responsible for. There are various types of property & casualty insurance including homeowner/ renter, pet, and car insurance.

Property, home, and renters' insurtech companies

Automotive insurtech companies

Pet insurtech companies

Erin Scherfner
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Overview
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  • Predictive analytics
  • Artificial Intelligence
  • Machine Learning
  • Internet-of-Things
  • Telematics
  • Social Media Data
  • Chatbots
  • Drones
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Many of these technologies are focused on the carrier and client relationship, increasing engagement with customers. The increase of technology also allows insurance companies to better monitor insured assets and prevent claims. In turn, customers can install devices and systems to demonstrate the lower risk and reduce claims costs.

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Using predictive analytics, insurance technology companies can identify and meet current and future insurance requirements and trends, identify the risk of insurance cancellations, identify the risk factors associated with particular insurance packages, assesassess the risk of fraudulent claims, manage types of claims using pattern recognition, and prospect new customers through trend analysis.

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Machine learning systems have also been used for agricultural insurance, where the systems can assess satellite images to calculate damage and claims and areas where an insurance adjustoradjuster needs to be sent to a specific area for assessment. These systems have also been paired with mobile applications to allow clients to submit claims to an insurance provider, and for the provider to process the claim without calling an agent or paperwork.

...

Insurance companies can use connected devices to offer consumers a way to share personal information with their provider and possibly save money on their insurance policies, including wearable technologies. Through connected devices, such as connected toothbrushes or wearable activity trackers, insurance companies are able to compile more data on individuals' habits, including their activity, exercise, sleep habits, and eating habits in order to provide personalized policy plans and pricing.

...

The connected devices and sensors can be used to create digital ecosystems, such as "smart housing" which uses either cooperative business models with existing products (for example, a Google Nest or Amazon Alexa device) or they offer new digital add-on devices, such as home security systems. Other devices can be installed near potential accident or failure areas such as near water heaters and washing machines, or they can be installed in walls or roofing to report on structural integrity, and they can be installed along water lines to shut off in the case of a pipe burst.

...

Similar to failure point devices, sensors can be installed for customers with flood insurance policies to provide property-based flood data and a risk-based pricing model. The pricing model is based on a plan based on the depth of flood insured against, and, in the case of flood, when the flood reaches the agreed uponagreed-upon level the insurance company can pay without requiring loss adjustment or claim processing.

...

Similar sensors can be used in commercial applications, such as sensors in warehouses to assess risk to employees and risk of damage or theft. For example, they have been used to provide datdata on plants and equipment and can monitor the equipment remotely and detect or prevent misuse and damage. Sensors have also been used to monitor commercial buildings whichthat are not always fully occupied and where caretakers or staff are not around to monitor and react to any damages.

...

Sensors have also been applied for supply chain insurance, where the data gathered from sensors can better evaluate risk associated towith goods moving through a supply chain and discover who is responsible when issues occur. These sensors are also used to understand the environmental conditions in both transit and storage and the affecteffect on sensitive goods.

...

Telematic devices are is a hardware offering from insurance companies that can be installed in the engine reader of a car. These devices measure and monitor various indicators such as speed, location, and accidents to determine a customer's policy premium. Telematics may encourage better driving habits through lowered claims costs.

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Monitoring social media data, and the ability of insurance companies to monitor and manage risk in real time,real-time has the potential to reduce the occurrence of claims. Additionally, the use of data from telematics, connected devices, and social media has the potential to personalize products and services around individual needs and risk profiles.

Edits on 15 Jan, 2021
June Chang
June Chang edited on 15 Jan, 2021
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Insurance Technology

An industry around technology applied to insurance sometimes also referred to as Insurtech or Insuretech, whereby companies sell or distribute insurance or related products (such as data) digitally.

Edits on 12 Nov, 2020
Holden Page
Holden Page edited on 12 Nov, 2020
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Sensors
Aleksander Holm
Aleksander Holm edited on 12 Nov, 2020
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In the insurance industry, artificial intelligence technology and systems are used for claims analysis, anti-fraud, and processing image and video claims and related information from customers. Artificial intelligence has been used to identify and assess the insurance risks for business and discover new sources of revenue.

Insurance companies are also using artificial intelligence for internal workflows, including digitizing paper records with optical character recognition to transition files to digital archives and storage in cloud archives. Similar technology can automatically review documents and reject them in the case of inconsistent information or errors, allowing staff to work with correctly filed claims. This use case is also known as Robotic Process Automation (RPA).

...

Machine learning systems have also been used for agricultural insurance, where the systems can assess satellite images to calculate damage and claims and areas where an insurance adjustor needs to be sent to a specific area for assessment. These systems have also been paired with mobile applications to allow clients to submit claims to an insurance provider, and for the provider to process the claim without calling an agent or paperwork.

...

Insurance companies can use connected devices to offer consumers a way to share personal information with their provider and possibly save money on their insurance policies, including wearable technologies. Through connected devices, such as connected toothbrushes or wearable activity trackers, insurance companies are able to compile more data on individuals habits, including their activity, exercise, sleep habits, and eating habits in order to provide personalized policy plans and pricing.

The connected devices and sensors can be used to create digital ecosystems, such as "smart housing" which uses either cooperative business models with existing products (for example, a Google Nest or Amazon Alexa device) or they offer new digital add-on devices, such as home security systems. Other devices can be installed near potential accident or failure areas such as near water heaters and washing machines, or they can be installed in walls or roofing to report on structural integrity, and they can be installed along water lines to shut off in the case of a pipe burst.

Similar to failure point devices, sensors can be installed for customers with flood insurance policies to provide property-based flood data and a risk-based pricing model. The pricing model is based on a plan based on the depth of flood insured against, and, in the case of flood, when the flood reaches the agreed upon level the insurance company can pay without requiring loss adjustment or claim processing.

Similar to these products, insurance companies are using connected devices and sensors to develop ambient assisted living for aging individuals and people with limited mobility. These technologies are generally proposed for allowing individuals to pursue an independent lifestyle without losing the possibility of emergency or nursing services. And insurance companies are beginning to use them to provide customers additional services, such as home emergency care, while also offering lowered premiums.

Similar sensors can be used in commercial applications, such as sensors in warehouses to assess risk to employees and risk of damage or theft. For example, they have been used to provide dat on plants and equipment and can monitor the equipment remotely and detect or prevent misuse and damage. Sensors have also been used to monitor commercial buildings which are not always fully occupied and where caretakers or staff are not around to monitor and react to any damages.

Sensors have also been applied for supply chain insurance, where the data gathered from sensors can better evaluate risk associated to goods moving through a supply chain and discover who is responsible when issues occur. These sensors are also used to understand the environmental conditions in both transit and storage and the affect on sensitive goods.

...

Telematic devices are is a hardware offering from insurance companies that can be installed in the engine reader of a car . These devices measure and monitor various indicators such as speed, location, and accidents to determine a customer's policy premium. Telematics may encourage better driving habits through lowered claims costs.

Through telematics, insurance companies can offer usage-based insurance, pay-as-you-drive insurance, and pay-how-you-drive insurance. In the United Kingdom, O2 has launched a car insurance product which offers users a better price when they drive better. The company tracks the driver's habits, and in turn the driver can track their driving scores through a mobile application. O2 also offers users tips on improving their driving and mitigating risks.

Edits on 9 Nov, 2020
Charlie Hilton
Charlie Hilton edited on 9 Nov, 2020
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Charlie Hilton
Charlie Hilton edited on 9 Nov, 2020
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Insurance Technology

An industry around technology applied to insurance sometimes also referred to as Insurtech or Insuretech, whereby companies sell or distribute insurance or related products (such as data) digitally.

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