Barely recovering from the financial crisis and facing disruption from new technology, the insurance industry has to leverage on information outside of their organization to compete in today’s economy.
With the global economy still struggling to recover from the financial crisis, insurers have been fighting to maintain policy numbers amidst low-interest rates. Life insurance products have become less attractive due to low rates and interest in investment-linked policies have declined as a result of the uncertain economy. In addition, the widespread adoption of new technology across all industries has raised customer expectations of insurance solutions and interaction channels. In order to maintain their competitive edge, insurers are looking into mobility data to help them stay competitive in today’s market.
What is mobility data?
Mobility data refers to the trajectories of people and objects. In the insurance industry, the movement patterns of people in a city are of particular interest. This is commonly referred to as footfall, which involves measuring the number of people in and around an area within a period of time. With mobility data, insurers can explore new ways to optimize advertising, understand the needs of their customers and create new products.
Redefining the insurance industry with mobility data
Here are three examples …