Connected insurance: the evolution of insurance business
Posted: Mon Jan 06, 2025 9:59 am
Connected insurance may seem like a futuristic trend, but in reality it is the evolution, made possible by technological development, of the core activity typical of insurance agencies, an activity that consists of formulating a risk assessment based on customers' personal information to dynamically determine the price of insurance products. In other words: connected insurance represents a considerable step forward towards the goal of developing accurate forecasts that allow commercial proposals to be made increasingly more tailored and therefore more attractive to the individual consumer . It is the horizon, until recently considered unattainable, of perfectly customized services. Such a result seems incredibly closer today because, with the progress of digital technologies, the units of information (data points) available to insurance companies are increasing.
What are the benefits of connected insurance?
To build their products, insurance companies today can exploit cayman islands whatsapp resource some of the devices we use in our daily lives to collect advanced , real-time data and use it within automated processes (processes that are increasingly being enhanced thanks to applications of artificial intelligence and machine learning).
On the customer side , this means being able to count on profiled offers that better match real expectations and on timely and personalized communication . Thanks to connected insurance, the insured receives treatment designed for his specific situation.
On the insurance side, data-driven connected insurance solutions allow for more rigorous customer monitoring to promptly send alerts and reminders in the event of potentially risky behavior. Thanks to insurtech – digital technologies applied to insurance – it becomes possible to offer better products (because they are created starting from data-based insights) and design innovative actions with the aim of increasing customer engagement , building loyalty and reducing the number of complaints.
In short: telematics and IoT make it possible to optimize costs, offer more targeted and flexible insurance policies, and personalize the Customer Experience. Going even further into detail, customers and insurance companies benefit from the transformations produced by connected insurance on at least four fundamental aspects:
What are the benefits of connected insurance?
To build their products, insurance companies today can exploit cayman islands whatsapp resource some of the devices we use in our daily lives to collect advanced , real-time data and use it within automated processes (processes that are increasingly being enhanced thanks to applications of artificial intelligence and machine learning).
On the customer side , this means being able to count on profiled offers that better match real expectations and on timely and personalized communication . Thanks to connected insurance, the insured receives treatment designed for his specific situation.
On the insurance side, data-driven connected insurance solutions allow for more rigorous customer monitoring to promptly send alerts and reminders in the event of potentially risky behavior. Thanks to insurtech – digital technologies applied to insurance – it becomes possible to offer better products (because they are created starting from data-based insights) and design innovative actions with the aim of increasing customer engagement , building loyalty and reducing the number of complaints.
In short: telematics and IoT make it possible to optimize costs, offer more targeted and flexible insurance policies, and personalize the Customer Experience. Going even further into detail, customers and insurance companies benefit from the transformations produced by connected insurance on at least four fundamental aspects: