28 May 2018 13:30
Photo : Freepik
Technologies such as telematics, the watches connected and other gadgets from the Internet of things can help to reduce the complaints in a collective, according to a study of GC Capital Ideas.
After the use of drones to identify some of the risks, the u.s. insurers in the class have experienced an improvement in the loss ratio is of the order of 7 percentage points between 2013 and 2017. This trend can be maintained thanks to the Internet of things, says the firm.
Accumulation of data
The data gathered through these technologies can be used to better determine the premium of individual employers and employees, refine the coverage and exclusions, in addition to recommend preventive measures.
“By using telematics, employers and insurers can collate real-time information and establish a mechanism to identify unsafe conditions and immediately inform a worker who may be at risk, in addition to be able to monitor and reward those who make actions to correct the situation,” said Emil Metropoulos, a specialist in group insurance and terrorism at Guy Carpenter.
The detectors on the places of work also enable employers to automate the claims process and increase the speed by detecting quickly the injury and damage and alerting the insurers and the security manager. It is also more simple for insurers and employers to detect fraud.
Control costs postréclamations
Guy Carpenter makes a parallel between the investments in the connected objects, the improvement in losses, the control and mitigation of costs postréclamations. The firm identifies insurers as being those most advantaged by the adoption of these technologies, since it will lead to a decrease in indirect losses related to ineffectiveness of the injured employees.
“The use of sensors, wireless, mobile devices, and watches that are connected can lead employers and insurers to improve their financial results, and employee satisfaction,” said Mr. Metropoulos.
Rely on the experience in motor insurance
Guy Carpenter is based on the statistics of the use of telematics in motor insurance to support his study. Indeed, we note a decrease of 50 % in the number of claims averages to policyholders using telematics. Insurers that have adopted the technology have reported an increase of 4 % of the profits from subscriptions, according to the firm.