iLAB UNDERSTANDS INSURANCE
Over the past decade, technology has drastically impacted the insurance industry. For example, big data has enabled the use of telematics, which can provide insurers actionable data about the habits of each individual customer, their susceptibility to risk and trends in the areas they live and work.
Harnessing the power of big data, insurers are able to amplify the actuarial calculations that determine premiums. Premiums are able to be accurate down to the specific customer, and high-risk candidates can be avoided altogether.
Understanding more about customer behavior greatly reduces the company’s exposure to risk and directly impact the bottom line. In addition, technology has led to customers wanting more control over their policies and how payments, claims or changes need to be processed.
This pressure has forced insurance companies to overhaul how they conduct business entirely. While these changes have worked to reduce a company’s exposure to risk from a traditional actuarial perspective, the pressure to adapt and innovate new technologies has heightened the risk elsewhere.
The improper calculation of premiums, or an inability to meet customer demands can have a devastating impact on a company’s revenue.
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