Financial Times covers the last fantastic cyber event held by InsTech London.
For video on the event, click and follow to the article.
Conclusion? Filling in endless forms to buy a new policy may (and should) become a thing of the past; through the use of Big Data being applied correctly to risk management, most questions to gather a quote will therefore become irrelevant.
The first thing that could change over the next two decades is the way we buy insurance. Even with the development of price comparison sites and mobile apps, many people still find the experience time consuming and frustrating. “Buying insurance is ridiculously retrograde, with endless questions resulting in a quote,” says Mr Brem. “We’ll be moving to a world where those questions are basically unnecessary. With the use of big data, we are discovering interesting and accurate predictors of risk that do not involve asking people questions.”