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The Impact of Open Data on Insurance Companies

In today's era, there presides unprecedented amounts of data available to insurance companies. With the advent of emerging technologies like Artificial Intelligence - there exists new possibilities to process vast amounts of data in new ways. This ultimately opens up the Insurance industry to deliver a distinctive customer experience.

Below are some highlights derived from the distinguished panel:

  1. Innovation will help the insurance industry shift from being reactive to preventative - or having greater ability to predict an outcome, and hence better prepare for it
  2. Mental health concerns are currently regarded as one of the biggest costs in insurance due to the resulting impacts internal stress can cause
  3. Artificial Intelligence is seen as an emerging technology of key interest to learn behaviors associated to mental health (i.e. symptoms) with appropriate triggers to care providers to intervene at the critical moment
  4. There presides an existing paradox with customers - they want the best possible experience, however, still want to maintain elements of privacy
  5. There is opportunity for Fintech's to disrupt the insurance industry across a multitude of verticals with key strategic partnerships from Incumbents that have greater context on the problem statement and vice versa for Incumbents to leverage cutting edge technology that is better able to address the problem in a more efficient and scalable manner

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