What Hidden Data Can Do for the Insurance Business (ReadWrite)

What Hidden Data Can Do for the Insurance Business

Wednesday, May 4th, 2022 Insurance Industry Technology

Like so many other industries, insurance is becoming increasingly data-driven. Data, of course, has always been an important resource for decisions on claims, risk, and coverage.

But in a data-driven scenario, the data becomes the main focus of that decision-making process, with artificial intelligence, machine learning, and other advanced analysis technologies mining and refining data, enabling companies to make more cost-effective, efficient, and objective decisions.

Data- especially that collected from sensors and other IoT devices that are multiplying by the day -- along with AI could be doing much more for insurance companies.

According to experts, AI systems utilize only a small amount of all data available; as much as 90% of collectable data goes to ‘waste.’

This often hidden data is collected from sensors, IoT devices, cameras, and other sources. Smart homes -- where almost everything, from lights to refrigerators to washing machines, is connected -- are increasing in popularity; modern vehicles are essentially moving computers, with a plethora of sensors gathering information on almost every aspect of the driving experience and environment; and wellness device apps record data on health, activity, exercise, and lifestyle.


External References & Further Reading
https://readwrite.com/what-hidden-data-can-do-for-the-insurance-business/
SOS Ladder AssistAspen Claims ServiceMid-America Catastrophe ServicesWeller SalvageNationwide Overspray