Insight

What we think, say & do

9 March 2017
Brief Insight into “Innovation in a Data Rich Industry”

Insurance companies are processing tons of data every day from providing quotes to approving claims. In today’s technical era, some of these money rich entities are trying to become more responsible towards their customers. The area I am interested in is Mobile Apps.

One of the apps in my “top charts” is Aviva Drive - This app provides the miles covered to its customers. It also provides them with a score on their driving behaviour. From business point of view, this app will help Aviva to save costs from false claims and on the other side it is making drivers to learn about their driving abilities and improve them. There are number of apps providing similar features from different insurance companies. But what inspires me here, is the use of technology to help us in our day to day lives. BrainyApp by Bupa UK is another app which is aim at helping its users monitor and improve the physical, mental, dietary and social aspects of their lifestyle.

On a negative side, it could be said that using these type of apps, users will becomes more cautious while driving which will eventually decrease the overall number of claims. Hence, insurance companies not making much money. However, prevention is always better than a cure.

As a developer, I am also interested in how these apps are functioning. One thing is clear that static apps are losing the market as users are want tailored results from whichever platform they use. One of the powerful assets of the insurance companies is the large sets of data they hold. Combining them with the power of APIs provided by IBM, Google and Microsoft insurance companies are entering into the digital age of customer engagement. The apps are able to learn user requirements and serve them with tailored data. On the data side, these apps are increasing the data generation process and insurance companies are able to get much more accurate data about the user then before which eventually lead them to reduce false claims and value loyal customers.