How data is finally changing Insurance for a better future!
Data Analytics has impacted every aspect of our life. How we shop, what we eat, who we meet, and how we spend our free time. But while most of us take 90 minutes to buy a new pair of shoes or find our target vacation spot at least twice a year, enjoying state of the art data analytics technologies provided by the big tech companies, many of us don’t take the time or give the attention to understand our life insurance policies, usually our biggest savings plan of all, until it’s too late.
Compared to e-commerce and advertising industries, Life Insurance companies are almost the last frontier to take the enormous amounts of data and turn it into gold, both for the companies but also for their customers.
Atidot, founded by a team of data analytics experts, has decided to make the world a better place by bringing data analytics to Life Insurance companies. The vision is to give people peace of mind, by enabling Life Insurance companies to understand their clients and provide them with the best product and service possible.
While Life Insurance is a long term investment conducted over many years, Life is dynamic and ever changing. A single man or woman purchasing a life insurance policy in their twenties will have significantly different needs at the start of their policy than they will have twenty or thirty years later. For instance, if we imagine a person changing employment or receiving an increase in salary, their standard of living will potentially improve based on their additional finances. Without updating the insurance carrier, the sum assured amount will not change and the final payment will only be able to provide the same standard of living as was originally stated, prior to any standard of living improvement. Therefore, the life policy will not act in the intended manner at the inception of the policy, because the payment will not meet the expectations of replacing the policyholder’s financial burden.
By analysing the interactions between the policyholder and carrier, and comparing them to the initial information at the point of policy inception, Atidot uses predictive analytics to calculate the sum assured amount required to ensure that the policy performs as originally required.
An additional AI layer compares the insured’s status with his or her peer group living in the same zip code to give further insight into the level of insurance purchased by ‘People Like You’. With a greater understanding of the insurance needs of similar people in similar locations, insurance carriers can better plan their outreach to policyholders, ensuring a higher likelihood of positive engagement.
Atidot, for a better future!