- Wearables track the lifestyle to collect the data as it is in addition to doctor reports and standards. It is mostly a value-added solution, which is not the incentive in decision-making.
- Telematics devices are installed into a car to track the time of the day and night when someone is driving, the speed, mileage, intensity of acceleration or pressing brakes. Then, they send reports to the insurance company to customize the policy for each vehicle.
Accuscore determines accurate predictions by scoring driving risk based on the interpreted data collected from telematics devices, video cameras, and a smartphone app. It allows insurers and drivers to identify aggressive or distracting behavior on the road and anticipate risky driving events.
Blockchain: database security and connectivity
How it works:
Blockchain brings two main benefits to the insurance industry: fraud management and cost reduction for claim processing. Due to its decentralized nature, it provides enhanced security, trust and speed around transactions.
Despite the evident advantages that come with blockchain-based solutions, companies are reluctant to adopt it yet, due to the complexity of the decentralized model and vaguely-defined standards of adoption.
- Blockchain for P2P insurance combination ensures automation through smart contracts and guarantees payout to blockchain residents.
- Data verification allows for minimization or reduction of error, as an insurance company doesn’t need to rely on customer’s version of the truth.
- IoT enablement allows sensor hardware and devices to send information in real time with increased transparency.
Deloitte developed a solution for handling product warranties and insurance with the help of blockchain technology. Namely, they allow to store receipts, check the legitimacy of products making the insurance process more secure. For the use case, watch their video: