1) Big data

What is it?

Big data is the concept of using more digital sources of information to build a clearer, more tailored picture of the insured risk. Currently, buying insurance mostly relies on you filling in long forms or answering multiple questions. The use of big data eliminates this as your insurance company is able to gather the data they need themselves. It also means the information gathered should be more accurate and the risk of fraud is reduced.

What does this mean for you?

• Less hassle – your insurer gathers the details about you, saving you the time as you don’t have to
• Lower insurance prices for you if you pose a lower risk. But higher prices if you don’t!

2) Internet of things

What is it?

Smart homes and smart cars can add up to smarter insurance too. Technology means we now have home systems that let you check what your pet is doing or notify you if there’s a suspected water leak. You can take action quickly to stop any potential problem from getting worse. And that means fewer claims and lower cost claims.

What does this mean for you?

• Some insurance companies already offer discounts to customers with smart home technology installed
• For car insurance, telematics is the equivalent. It records things like how you drive and when and reports this back to your insurance company. The result? Cheaper insurance for safer drivers (but higher costs for drivers with a riskier driving style).

3) Drones

What is it?

Claims adjusters can’t always gain immediate access to a property damaged by flood or fire. And that can mean the claims process takes even longer. Drones are increasingly being flown over buildings to make assessments.

What does this mean for you?

• A speedier claims process that can help to ensure repairs start sooner too.

4) Artificial intelligence

What is it?

Computer power is being harnessed by insurance companies to support staff. Computers can analyse hundreds of sources of data, including social media, in seconds to detect fraud and determine risk.

What does this mean for you?

• Using a computer can be a lot quicker than brainpower alone – and that can mean faster settlements
• Reducing insurance fraud could help to bring down the cost of premiums.

5) Blockchain

What is it?

Blockchain technology allows information to be shared but not copied. It was originally devised for Bitcoin but is now finding a use amongst insurance companies. It gives these companies quick access to reliable data, reducing fraud and speeding up processes.

What does this mean for you?

• Blockchain processes are quick and efficient. Multiple claims for the same event can be effectively blocked, reducing fraud and hopefully reducing insurance costs for law-abiding customers.

Cheap insurance you can count on

For quality insurance at a great price, call our expert team at Easy2Insure or get in touch.