Insurtech, trust and using data for good

From ‘money takers’ to ‘health helpers’?

clock • 5 min read

Consulting actuary Matthew Edwards explores finding balance between pricing and profitability while using customer data responsibly

Life insurers have been continuing the journey towards automated pricing and underwriting, influenced by the growth of insurtech and the desire to make more use of data. However, greater use of data raises questions about trust. Are policyholders willing to give more data? Would they do so only if it could result in lower premiums? If so, what will be the penalty for other policyholders, as average premiums must - all other things being equal - remain constant? The ideal for insurers would be to have access to the electronic health records of policyholders, which would allow much more...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Technology

Uinsure names chief technology officer

Uinsure names chief technology officer

Expansion planned for next year

Jaskeet Briah
clock 10 December 2024 • 1 min read
Returning to work with AI claims guidance

Returning to work with AI claims guidance

Technology empowering change

Mike Saltzman
clock 04 October 2024 • 4 min read
Rise of AI-enabled fraud

Rise of AI-enabled fraud

Claims handler survey

Cameron Roberts
clock 20 September 2024 • 2 min read