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19 April 2021
Data from connected devices will help modernise the underwriting process and sync dynamic risk with dynamic insurance, an insurtech leader says.
“Connected devices allow the capture, processing and delivery of data that informs risk profiles, unlocking the ability to underwrite more deliberately,” Insurtech Gateway Australia MD Simon O’Dell says, writing for insuranceNEWS.com.au.
Mr O’Dell says connected devices are driving innovation in a number of areas including identifying more profitable customers, creating a risk profile for previously uninsurable assets, and creating objective claims triggers to enable parametric products.
And he believes that the industry is phasing out “blind acquisition”, or “growth, for growth’s sake”.
“The new age insurtech deploying a managing agent business model has an ethos of controlled growth, sustainable growth, growth driven by key risk metrics of frequency and severity for the benefit of the insurers’ P&L and the insurtechs’ P&L.”