Lify’s data can provide a wealth of new information that was never available before to insurance companies to help them significantly improve their risk assessment calculations and optimize pricing.
Price optimization in the insurance industry is a controversial topic. Optimizing insurance premiums using data can be extremely beneficial for companies’ profitability. However, until now, deceitful data collection methods sparked controversies about its use to optimize insurance prices. Now things are changing since Lify’s gigantic variety of data is always obtained with consumers’ consent.
As simple as buying anything else online; sign up, log in to the marketplace and select the data you would like to purchase.
With Lify’s ethically collected data, your company might have the opportunity to analyze relevant customers’ indicators about health, lifestyle and more before proposing a new life-insurance policy to a potential customer.
For example, seeing that a potential customer over the age of 50 has an above average BPM, did not do any exercise in the previous year and has an aggressive driving style, would provide valuable insight leading to a notable increase in the insurance premium.
This simple example shows how Lify’s data can allow insurance companies to assess risk more efficiently and price policies more accurately.
The amount and variety of data that Lify can provide to your company has an enormous potential to help your company improve its pricing model, reduce risk and increase profits.
The fact that Lify’s data is collected with full consent of users, ensures that your company will always be able to use our data for its price optimization purposes, in addition to many other functions (as explained in other use cases).