Brand new devices that we can wear on our hands are slightly coming into our life. And they change our lives: from smart watches to fitness braces, they’re tracking our behaviour, they’re tracking our health, they’re tracking many other things.
Data gathered from these devices can be easily used by insurance companies. Just imagine, how easy is to track behaviour of the customer and according to the gathered data predict future benefits and future losses. Technology is bringing the new opportunities not only to user, but to the organization. And the most important opportunity is the option to collect and then analyse data.
Customers activity is totally tracked, and it’s not hard to predict that selling those tracking info to third-party insurance organization is the question of time. To be honest, some of the companies are already buying this information in order to reinvent their strategies and customer approaches.
But what about privacy? Well, it’s a question to software developers. But in order to make some devices more cheaper, people must be willing to grant access to their health and behaviour data. “It’s for your own good”, some might say. But aren’t we already in the situation of “no privacy”?
New challenges are here: insurance companies are archiving streaming loads of data. The volumes are pretty big. Moreover, besides gathering data from IoT sector, insurance companies are focused on new risk assessment approach. In 2016, organizations of insurance had used the new method for risk assessment. Depending on information gathered from phones, smart cars, smart watches, fitness braces, businesses will try to provide themselves and their customers with a better strategy of identifying customer’s condition. And when company is having the information of how bad or good the health or the behaviour of the customer, it can be sure on what services can be provided to this exact person.