Atlas Magazine makes you discover three technological concepts that offer a future to insurance.
Smart contracts
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Smart contracts make it easy to indemnify or assist the insured as soon as a loss occurs. For example, in the event of flight delays or flight cancellations, the customer receives an alert notification from his insurer, sometimes even before the information is displayed on airport screens. The message shows useful numbers and all the indications on the services offered by the insurer: access to the airport lounge, etc.
In this case, it is a parametric insurance based on Blockchain technology. A software from the insurance company is connected to the global airline network. As soon as a delay of more than two hours is recorded, the program reacts by sending notifications to the insured persons concerned.
Insurance on demand
It is a new form of insurance for specific needs. It is possible to underwrite a policy for a few hours or one day. Everything depends on the need. This type of insurance is very interesting for the coverage of valuable items (jewelery, watches, etc.) or those used occasionally for a short time (vintage car, drone, etc.).
Bodily injury is also insurable for one day. This is very useful for people who try out risky sports such as climbing, skiing or diving. On-demand insurance could not exist without the Application Programming Interface (API) offered by insurtech [4]. These are small bits of computer code that provide access, in real time, to the services of underwriting and compensation of insurers.
Connected insurance
Connected insurance is also based on new technologies. Its advantage is the possibility of lowering rates without affecting the guarantees. In return, the insured must accept a very thorough monitoring.
It should be noted that the number of parameters studied by the insurer is such that without the help of artificial intelligence [5], this type of contract cannot be managed.
Among the new connected insurance products, we quote:
The pay how you drive : This is a motor insurance contract that allows the insurer to adjust the premium of the customer according to his conduct. Good drivers are rewarded with premium reductions.
The principle is to place in the vehicle, a GPS sensor and an accelerometer to analyze the behavior of the driver. The more calm and cautious driving is, the cheaper the premium is.
E-health : Thanks to new technologies, connected insurance has found its place in the field of complementary health.
In e-health, the pricing model is based on the analysis of life quality. The insurance company accesses data relating to the daily life of the insured person: daily physical activity, number of steps made, diet, etc.