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Smart Insurance: the fourth industrial revolution in insurance

Smart Insurance: the fourth industrial revolution in insurance

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01.Dec.2020

Today, your insurance company can analyze your data and offer you the coverage that best suits your needs.
Although it sounds like science fiction, Smart Insurance 4.0. is already much more widespread than we think. Also known as Insurtech, this new approach to insurance is based on the revolution that the digital transformation has brought about, both in the business environment and in our own personal sphere.

Connections and data

We are interconnected. Big Data, Artificial Intelligence or AI, the data cloud and exchanges between them, automation, technological techniques and the Internet of Things (IoT) have generated a network of connections and information that has also ended up influencing the needs and demands of consumers. The keyword here would be personalization: if I can interact with companies and explain my preferences, give them information about my habits and aspirations, I will be able to choose products that match what I really need.

In the insurance field, this transformation has been especially profound. The relationship between the insured party and the insurance company is no longer limited to providing assistance when a claim occurs. Now, insurance companies can support users and advise you on, or even warn you about, the risks in your day-to-day life to avoid any mishaps. A consequence of minimizing risks is that prevention allows these companies to reduce their costs, so that the final price for the customer can also be reduced.

Get ahead of risk

All of this is achieved thanks to the huge amount of data we generate. As a result of this, your insurance company can analyze your driving parameters, your traveler profile or your home maintenance needs and, thanks to the predictive analysis of Big Data technology, provide advice or cautions about your habits to guarantee your health and well-being.

Intuitive tools

At the same time, this technological transformation is giving insurance companies the ability to design intuitive, simple and very practical products and tools so the time required to manage any incident is also minimized. Immediacy is fundamental in the new Insurtech era and arguably this is where a large part of customer satisfaction resides. Immediacy, customization and simplicity.

Welcome to the era of Smart Insurance!

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