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3  Proven Ways Technology is improving  the Car Insurance sector

Big data today  makes it easy to  manage risks better while creating personalized insurance products of better prices and reach  through  artificial intelligence (AI) and machine learning.

In  this post we will highlight three  practical ways and trends happening presently in the car insurance industry.

1. The Use Of Artificial intelligence to write cost effective policies

Using prudent risk management, insurers are able to better assess an individual’s risk and provide more fairly priced insurance policies.

Some companies  in recent years are almost entirely based on using big data and AI to write policies. Such companies include  Lemonade.

They have used   big data and AI on the back end to quickly analyze risk, underwrite policies, and deal with insurance claims. Lemonade have been able to capture  youths and millennials , which seeks out mobile-first experiences through a fast and user-friendly app.

2. The Use Of Telematics to Capture  real time  Pricing

Telematics is a  vehicle monitoring technology. It usually uses  Snapshot technology , which allows the insurer to more efficiently price a customer’s car coverage based on driving habits.

Companies like Root  boast of  pricing  customer policies entirely based on behavioral data, and it uses machine learning on a wealth of data from a user’s phone to price policies, using the magnetometer, accelerometer, gyroscope, and other sensors to detect driving behaviors, like hard braking, abrupt turning, and distracted driving. The essence is to  base prices entirely on behavioral driving data, not demographics.

three technology car insurance

3. Personalized  insurance products

Big data and smart devices is  an effective means of creating personalized insurance product . Usage-based coverage is one recent demand  type of insurance product .

Some customers prefer usage-based coverage.  Root’s entire business model is focused on maximizing its pricing power by using machine learning on the telematics data it collects via usage-based coverage.

Companies these days are creating personalized usage based coverage using  machine learning and telematics. These  innovations  have proven in recent years to be a favorite mostly to the millennials

who see it as a cost effective way for their car insurance  product.

Read also autonomous cars would driver to claim liability?

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