How insurtech is changing data collection
Insurtech is an umbrella term for technologies that change how insurance is sold, underwritten and serviced, including cloud software, mobile apps, connected devices and distributed ledgers.
One of its biggest effects is on data. Instead of relying on long application forms and historical statistics, insurers can draw on sensor data, digital records and third-party sources to understand risks in more detail and closer to real time.
Better data can improve pricing and loss prevention, but it also raises questions about privacy, consent and data quality. Firms that combine richer data with strong governance are best placed to benefit.