Published on Mar 20, 2019
Updated on Oct 15, 2019
With the advent of AI and cognitive automation at a rapid pace, there has been a holistic approach to insurance automation. Automation and IoT are already a reality for insurance. As per reports, AI in insurance reduces premium costs up to 25% while automation can help cut the claim processing cost by 30%.
Innovation and technology are the next frontiers in insurance. As many insurers have set out on a journey of smart insurance it has expanded their reach into more ecosystems than ever before.
The DriveSmart Service by Bajaj Allianz- a car insurance company, is an implementation of IOT in insurance. The service monitors the car through a vehicle tracking device and provides relevant diagnostics data of the car driving performance. The data derived not only helps in insurance claims but also aims at safer driving and lowered fuel costs.
The Global wearable fitness tracker (Fitbit) market was valued at $17,807 million in 2017 and is expected to increase at a CAGR of 19.2% by 2023 to value at $62,124 million. Fitbit for insurance marks the beginning of the revolution in the healthcare insurance industry. Several other such intelligent medical devices are underway to follow up.
Changes in the demographics, technology and business models have opened up a plethora of opportunities for the insurance industry. Let us have a look at some of the smart devices that are contributing to smarter insurances.
