Insurers are utilising satellite and sensor technology to levy data analytics for determining risk. Information mining could be the largest disruptor in the insurance industry, changing pricing, claims and payments. Among companies making use of the technology, QBE Insurance Group is using satellite readings to track activity such as shipping movements. Elsewhere, Australia's IAG has been testing an app offering drivers real-time information on their driving habits. The volume of that data is something all insurers need to be able to respond to – it's crushing." AIA Group is also using data from tech wearables to determine life-insurance pricing.
Insurers are utilising satellite and sensor technology to levy data analytics for determining risk. Information mining could be the largest disruptor in the insurance industry, changing pricing, claims and payments. Among companies making use of the technology, QBE Insurance Group is using satellite readings to track activity such as shipping movements. Elsewhere, Australia's IAG has been testing an app offering drivers real-time information on their driving habits. AIA Group is also using data from tech wearables to determine life-insurance pricing.