Jan 23, 2018

Smart Technology those are capable to adapt automatically and modify behaviour to fit environment providing data to analyze and infer from, drawing conclusions from rules. It also is capable of learning that is using the experience to improve performance, anticipating, thinking and reasoning about what to do next, with the ability to self-generate and self-sustain.

One of the issues with the insurance sector is lack of contact between the insurance provider and customer. To overcome such issues Smart technology is used, it helps the provider to build relationships between with their insurance customers, aiming to eliminate as many potential issues as possible while removing pain for the consumer and cutting costs for the insurer. It helps to understand what devices consumers currently use and may be interested in using, as well as what incentives insurers need to offer to help persuade them. Hence, it became important for Insurer.

Technology in medical insurance has targeted on solutions to keep consumers healthy and fit, as an instance with the aid of setting specialized activity goals. This leads to customers paying lower premiums and preserving a safer lifestyle, whilst insurers should grow to be paying out substantially much less in claims. For motor insurance efforts have been made to improve poor driving with devices to monitor speed, corners, and braking, while also monitoring car diagnostics to pre-empt breakdowns. For home insurance, the aim is to make the residence as comfortable as feasible – preventing water leakages or fires earlier than any harm is executed and securing against burglaries.

2017 consumer survey report indicates that despite the increasing prominence of smart tech across the insurance sector, consumers are yet to be convinced of the benefits such solutions can offer.