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Disrupt or be disrupted
This shift is important within insurance because insurers are positioned to become much
less reliant on agents and customers to provide data. Historically, that data has been
subjective, filtered and not readily available, especially in the event that agents were
responsible for “owning” customer data. Instead, as direct streams from sensors and
wearable technology become commonplace, any organization can easily have objective,
unfiltered and easily accessible data.
Consider the questionable accuracy of self-reported data. On insurance applications,
misrepresentations of certain behaviors (smoking, alcohol intake, exercise regularly, miles
driven by week) are common. Sensor data, along with social media information, can help
insurers validate the accuracy of information provided by agents and consumers. And it
can enhance the value of self-reported data, on which insurers are more reliant than any
other industry.
See Figure 2.
Figure 1:
Importance of data sources
Q8. Assuming that your customers have agreed to shara data, which sources and
types of information would be MOST important for competiveness in your industry?
Select top 3. N=1,784
Figure 2:
Insurers need self-reported data today
more than any other industry
Self-reported data is the most important data for competiveness in the
industry today.
Insurance
50%
Banking/financial
services
41%
Retail
40%
Automotive
37%
Telecommunications 37%
Electronics
35%
Transportation
34%
Insurer callout
ff
Self-reported drops
greater (47% to 34%)
ff
Sensors surge higher
Wearable
technology
34%
24%
On-object
sensors
29%
25%
In-location
sensors
29%
25%
40%
29%
Web
behaviors
40%
31%
Customer
self-reported
SUBMIT
39%
30%
Mobile
device usage
35%
30%
Social media
behaviors
Today Future
Sorted by difference