Personalization

Data collected from connected customers helps insurers to create a more personal touch through customization, which the insurance industry has been lacking.

Loss Prevention

Insurers can positively affect claims frequency and severity.

Reduce Costs

Automation can cut the cost of the claims process by as much as 70%.

More Tailored Products

With constant data updates, products can be customized to suit customers needs.

Improved Customer Experience

Data and analytics can be easily transferred between insurers and employers.

Mobility / Connected Vehicles.

Our Auto telematics allows insurers to provide value-added services like driver feedback, theft prevention and road assistance. Using telematics helps insurers more accurately estimate accident damages and reduce fraud by enabling them to analyze the driving data (such as hard braking, speed, and time) during an accident.

Over the past centuries, an insurance policy was designed with the focus being on the car rather than the customer as the risk profile of a driver could not be determined accurately. Cars—and their drivers, with our IoT Solutions —are increasingly outfitted with sensors that can not just monitor driving behavior and use of the vehicle but also collect other vehicle data, from the oil temperature and wear of the brakes to tire pressure.

Based on the risk profile, an insurer can deduce the cost of an insurance policy. This cost would be much more accurate and fair to the driver, as opposed to charging a generalized price which is currently in use.

This will result in higher customer satisfaction as a safe driver will have to pay a reduced cost as compared to a customer with a history of repeated claims.

Occurrence of a Peril: Accident

An IoT device embedded in a vehicle provides real-time data to the insurer as well as the customer. Data regarding the state of various parts, detection of a failure, warning signs like speed warnings or proximity levels, will is provided. This data helps in reducing the chances of accidents to a great extent.

Roadside Assistance and Emergency Services

In case, an accident occurs in spite of the above-mentioned warnings, IoT devices reports the incident to the insurer. This report is forwarded to the nearest service provider. In-turn drastically decreasing the reach time of roadside assistance service and emergency facilities at the accident spot.

Damage Repair

Customers can track the status of repairs and understand the time required to receive their repaired vehicle. Based on this, customers can also estimate the magnitude of damage and approximate claim amount that their insurer is likely to settle.

Fraud Detection

General Insurance Companies in Kenya detect only 6% of fraudulent claims in one year, resulting in a loss of KES 250 – KES 700 Million

IoT devices have potential to drag this number downwards. With respect to auto insurance, insurers will already be aware of the state of an automobile and its parts. It will be possible to differentiate old and current damages, thus making it possible to process a claim for current damages.

Future Approach

Internet of Things is providing a golden opportunity to Insurance Companies in both Life and General Insurance sector. IoT is providing a win-win situation for insurers as well as the consumers with fair, faster process and real-time data.

Chimera Wearable IoT solutions is useful in the life and health insurance space. Health professionals can use wearables for patient monitoring, diagnostics, and drug delivery. When enabled with analytics, wearables can be used by consumers to manage their health and by insurers and employers to improve wellness.

The main advantage of implementing connected health in insurance solutions is becoming 24/7 involved and aware of policyholder’s lifestyle. The data flow from multiple channels in real time allows insurers to create and modify relevant insurance products.

On top of that, precise and detailed data from connected health devices may encourage insurance providers to create new custom products packaged for specific markets or groups of the population. For such products, the pricing model may be shifted from fixed to flexible, usage-based depending on the particular circumstances and changes in personal lifestyle.

In long perspective, the detailed historical data collected from IoT may give some insights on how specific services affect customers’ wellness and behavior.

So, how does it work?

We provide IoT Smart Health Solutions which enables Insurance companies to incorporate monitoring sensor-based solutions such as biosensors, wearables, connected health devices and mobile apps into their insurance products to track customer behavior, identify kind of care needed for each policyholder and foot a bill accordingly.

Our IoT-powered health insurance deals with the following processes:

Monitoring

IoT solutions to track patient behavior, activity and habits with the corresponding sensors in smartphones, wearables, and connected devices. They collect data that is consequently analyzed for predictive decisioning.

Care optimization

With IoT, data flows 24 hours a day. With the help of analytical tools and AI applied to aggregated data, insurers can determine which clinical processes may have the better impact on patient’s wellness. What is more, IoT allows insurers to provide additional services such as telemedicine and virtual visits.

Payment

Payment systems are complex and may consist of multiple payers, government, insurance firms, and patients. Our industrial IoT system ensures that care providers get compensation for the services they provide to policyholders.

The connected home is a win-win for insurers and the insured. With IoT-enabled smart insurance, the claims process will be speeded up. The technology provides a reliable and instantly available data trail that removes a large dependency on the customer collecting and submitting evidence.

And because the evidence is from a trusted source, the payout can be automated. If there is a need for human intervention, the insurer’s claims handler will spend less time looking for the reasons not to pay out.

When you add reductions in claims handling costs to the reductions in claims payouts it is easy to see the upside for insurers. Which of course leads ultimately to lower premiums for customers.

Below are examples where IOT Smart insurance plays a role

 Early detection of water usage anomalies

The integration of water usage sensors with automated water valves allows homeowners to know if a leak exists and then take immediate action by automatically turning off the water. Without this type of smart device, a homeowner is dependent on visual indicators of a leak. Once there is a visual indicator, however, the damage is going to be more significant.

Smoke detection and interpretation of smoke alarms

Smart smoke alarms can prevent false alarms by interpreting the smoke data to indicate the likely source of the alarm. Another benefit relates to the connectivity of these devices. If the homeowners are on vacation and the alarm activates, then they will know immediately, instead of finding out after the fire department shows up or even worse after returning from vacation. This benefit significantly reduces the potential and severity of a claim.

Water damage and humidity indicators

Moisture level sensors can help homeowners know if conditions exist that could lead to mold build up. These sensors also assist in the event of actual water damage sustained during a storm or rain event.

Doorbells, locks, cameras

Security and vandalism protection are primary goals of devices such as smart doorbells, locks, and cameras. These devices allow users real-time activity of their homes.

Water saving devices

Smart devices that monitor water use can help to ration water use in areas where water is scarce. This can also assist during periods of drought.

Appliance / electrical monitoring

Smart devices allow homeowners to control appliances, plugs and lighting remotely. This can prevent the potential of a loss if an oven remained on after the homeowner left the house.

One of the areas with high value at stake is commercial ecosystems—that is, ecosystems centered on distribution to business partners (B2B or B2B2C) and on making the most of partnerships along the value chain. Whereas private lines ecosystems are primarily aimed at optimizing customer points of contact, commercial ecosystems also often focus on data and operational excellence.

Commercial lines insurers have various ecosystem plays available along the value chain: product innovation, distribution excellence, risk prevention, holistic service provision, supplier network management, and capital-to-risk matching.

IoT-enabled risk prevention may include, for example, sensors in warehouses to assess risk—and hence price—on a more granular level. Supplier network management has frequently been applied in (fleet) motor insurance for garages and in directors and officers liability insurance for lawyers. And capital-to-risk matching refers to an electronic platform to trade new forms of insurance-linked securities—allowing insurers to transfer risk via the markets, as is done already by some commercial lines insurers.

The Internet of Things (IoT) allows insurers to develop new products, open new distribution channels, and extend their roles to include prediction, prevention, and assistance. Required preconditions for IoT technology to take off are already in place: data is omnipresent, computing power is rapidly increasing, and connectivity technology is steadily maturing and becoming standardized.