Big data and insurance product development

The development of insurance products is largely based on the analysis of information from the Big Data, which is itself connected to the Internet of Things (IoT)* and the Blockchain Registers**.

big dataPut together, these sets make it possible to develop the so-called intelligent insurance contracts. In other words, contracts that can be implemented themselves and enforce conditions without human intervention.

Connected to the blockchain, a rented apartment's lock can thus trigger its "smart contract" when its entry code is inserted. The insurance policy is then activated and priced according to the rental period and to the tenant's digital profile established by the Big Data.

Data collection and analysis by means of this technology allows better knowledge and understanding of potential customers thanks to a better visibility of their risk profile.

Big Data, therefore, increases the competitiveness of the products and services that are distributed to policyholders. Offer customization according to the needs of each customer in terms of quality and price is emphasized. The collection of data, therefore, allows not only a fine analysis of customers (in real time, by making predictions, determining probabilities of occurrence) but also a massive analysis given the quantity of information processed.

The Internet of Things (IoT) has an important potential for product creation. The opportunities in what is called the connected home or in connected healthcare solutions are numerous.

Among all IoT systems, intelligent objects that monitor the health of insured persons in real time are particularly important. This technology makes it possible to create customized offers, to react quickly to possible disease outbreaks or to observe customer habits.

Connected monitoring devices are generally inexpensive and capable of assessing and reducing risks. In addition, they limit the possibility of fraud by continuously monitoring risks.

In this respect, IoT has once again become very popular, particularly in the motor industry, where telematics, an effective on-board communication system, is used to reduce the risks for the insured and limit fraud.

* Internet of Things encompasses the entire ecosystem of connected objects. This ecosystem includes sensors, software, interdependent integrators.
** Blockchain is a technology that allows information to be stored and transmitted transparently, securely and without a central control body.

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