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The future of Insurance

Technologies of the future

With the rise of innovative technologies in the IoT domain, the density of sensor devices significantly increasing, providing valuable data for a finer-grained, usage-based risk assessment. For example, in logistics smart containers monitor location, temperature and other relevant information to track the quality and quantity of the shipment.

In the automotive domain sensors are useful to derive an anonymized driving profile, enabling insurance companies to offer client-specific, usage-based insurance policies. Scenarios like usage-based insurance (UBI) — so-called “pay-as-you-use” or “pay-as-you-drive” business models — have quickly moved out of pilot phases and proved their viability and value around the world. EY estimates that UBI policies will reach 15% market penetration by 2020 in Europe, Asia and the Americas, rapidly growing in the future years. Business analysis predict a reduction of 40% in claimed costs, substantially lower acquisition costs, and more effective policy pricing.

EY estimates that UBI policies will reach 15% market penetration by 2020 in Europe, Asia and the Americas, rapidly growing in the future years.

Problem

With the rise of new sources of data arising for the insurance industry, a crucial input to risk assessment and related scoring mechanisms, the insurance industry today faces a serious challenge to certify, utilize and price the data in an intelligent manner.

Data Science and Intelligence for modelling, forecasting and other insurance processes need a strong foundational data input to work on. To sustainably implement UBI products, provenance of the data source and most notably the data itself needs to be verified. Otherwise, insurance products of the future would be built on false information, enabling fraud and bypassing risk assessments, resulting in unjustified claim settlements and rendering UBI models as commercially unviable. Moreover, the legacy of manual, paper-based claim, underwriting, risk profiling is a severe bottleneck in the current insurance value chain creating severe overheads and costs.

Solution

The Weeve platform is a game-changer for insurance companies to implement UBI products and by connecting their platforms with real-time, sensor data. The Weeve platform is designed with emphasis on security and trust to provide the highest level of data attestation, reliability and accuracy while counteracting fraud.

Insurance companies supporting the Weeve platform activate the benefits of blockchain technology and smart contracts in order to automate billing and claims processes. Weeve empowers the smart technology to securely prevent the insurance value chain from the numerous cyber attack vectors and enable true business models to be built on top.

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