Recent Study Shows Insurance Companies Moving Towards Wearable Technology for Big Data Analytics
The combination of miniaturized data collection devices and powerful big data analysis is beginning to have what could be a transformative effect on the insurance industry, says Quadrant Information Services, a leading technology supplier to property and casualty carriers. Health-related wearables--such as the Fitbit Flex or the Jawbone UP, for example--used by many Americans to track their physical activity or vital signs, are playing a new and rapidly growing role in setting rates for health insurance.
According to a recent study conducted by
"In many ways, this is a terrific idea," commented Quadrant CEO
Macauley notes that there are some issues regarding this technology that need to be carefully handled, among them data security and privacy. The benefits, however, are compelling, and both employers and carriers are beginning to find ways to implement the technology without alienating customers.
For example, the CEO of
Auto insurance, per Macauley, is another area in which monitoring technology is enabling a new approach to risk evaluation and rate-setting. Auto insurers such as Progressive and
Sensor technology is also offering ways to lower costs for even the most expensive covered class of drivers, young men.
And not only drivers, but the roads they drive on, are being measured and analyzed. According to the latest statistics from the
Quadrant Information Services, which for 25 years has been devoted to providing increasingly better data analytics to property and casualty insurers, is firmly convinced that personalized insurance based on big data analysis is the industry's next step. This will require a very high level of trust between agent and customer--higher, perhaps, than has traditionally been the case. The rewards for building that trust, however, are compelling.
"Big data," said Macauley, "will result in better coverage for customers and better control of cost and resources by carriers. And by raising awareness of the importance of healthy living, careful driving and safer roads, it will improve life for everyone."
About Quadrant Information Services:
Quadrant Information Services, headquartered in
1. Srinivasan,
2. Satariano, Adam, "Wear This Device So the Boss Knows You're Losing Weight,"
3. "Pay-per-mile insurance is saving our customers an average of
4. Gittleson, Kim, "How big data is changing the cost of insurance,"
5. Russon, Mary-Ann, "This is how self-driving cars can detect dangerous roads," IB Times
Read the full story at http://www.prweb.com/releases/2016/06/prweb13461762.htm
CH2M Expands Flood Management Expertise in Europe with Project Wins across the UK
In aftermath of marina fire, Urbanna heads into busy summer season
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News