big data

The RNS is not something from science fiction. It is one of a growing number of technologies that combine robotics, artificial intelligence, and connected devices to bring a new level of technological sophistication to the physical world. Such tools will have huge implications for the life insurance industry.

Is the promise of wearable technology too good to be true? Inclusion of wearables in life insurance products to date has not matched the interest. But advances hold great promise. RGA’s Julianne Callaway explores the power and perils of these promising devices in Digital Insurance. 

Wearable devices (those worn by consumers as accessories or implants), have been of interest to more than a handful of industries in recent years. The opportunities and possible uses so far seem positive and limitless.

From its earliest days, life insurance has been fueled by data. Today, the industry is more data-driven than ever. Life insurers rely on data to make better operational, risk and pricing decisions. They use data to develop new products and business models. Increasingly, they leverage data to incentivize customers to reduce their exposure to risks and help them avoid incurring losses.

There have been a number of changes in the insurance landscape in the recent past which present challenges for the consumer, advisor and underwriter. Last year, some carriers changed their position on marijuana usage by offering their clients non-smoker rates. There have also been recent legislative changes regarding genetic testing that impact life insurers.

Life insurance is undergoing a renaissance of sorts. The industry is slowly transforming from one entrenched in the old-age archaism of paper and manual processes to one embracing digital technology and artificial intelligence, which benefits consumers via a more enjoyable sales experience and better product pricing.

ANZ bank's insurance arm OnePath Life Insurance today revealed some early wins for its project with researchers at the University of Technology Sydney (UTS) which uses machine learning models and advanced analytics to improve the insurance underwriting process.

Congress may have forced Mark Zuckerberg to reveal more about personal data gathered on Facebook (FB). But consider this: Your insurance company likely knows a lot more about you. 

It is well understood that increased physical activity levels are linked with a reduced risk of certain illnesses, leading to improved healthy life expectancy. Wearable devices have also been championed as a way to not only help people track physical activity, but with the right incentives, increase overall activity levels in the short term.

Recently, blockchain has emerged as a technology that will potentially transform industries in a similar way that the Internet did a couple of decades ago. Still a nascent technology, many of its uses have not yet been discovered or explored.