Four Insurance Data Trends to Follow

According to a report by McKinsey, the global revenue pool from car data monetization could be as large as $750 billion by 2030, which means demand for connected and intelligent automobiles is only going to increase. As a result, we can and should expect that the insurance technology being implemented, and the models being used, are going to continue to evolve, giving way to exciting new opportunities and challenges in underwriting and claims processing going forward. Here are four trends to look out for in 2020 and beyond:
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1. The increasing relevance of data could potentially present an ever-growing goldmine of information just waiting to be leveraged — some of which already are, but these opportunities will continue to expand.
2. The speed at which claims are triggered will increase significantly. Near instantaneous triggering of a claim not only clues in the insurer to the what, when and where of the situation, but can also help them to utilize data to piece together the why. This, in turn, helps to simplify the process for all parties involved and creates additional barriers to fraudulent activity.
3. Technology will help to solidify true usage-based and pay-as-you-go models
4. Telematics will positively change the role of both adjusters and underwriters by providing them with the right tools to more accurately and confidently do their jobs when setting premiums, issuing prices, and deploying resources.

SOURCE:https://www.propertycasualty360.com/2020/07/14/four-insurance-trends-to-follow/

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