Forthcoming Event: Big Data and Innovation in Insurance - Breaking the Risk Model
Technology is changing the way insurance is sold and priced, which will have a profound impact on consumers.
The amount of data available about individuals (and by extension, society as a whole) has exploded in recent years and the more recent additions of wearables, connected homes and increased mobile usage have taken us to a point where, for most people, there is a wealth of data ready to be mobilised. Insurance providers of all types are now trying to make use of this data in order to provide more competitive and accurate pricing for customers. The basic principle is that with more data known about someone, the pricing can become more specific and tailored, reducing the risk and ultimately ending up with a keener price for both the client and the insurer. Or at least, that’s the idea. This talk is for any students with an interest in innovation, fintech or the issues financial services faces as it comes to terms with the implications of big data and the internet of things.