The insurance industry is set to benefit tremendously from Lify’s data revolution, in this use case we show how our data can be used to re-design insurance products to increase profitability.
The majority of insurance products today are based on antiquated models that look at historical data to calculate average risks and generate average quotes. The availability of continuous data on health, driving style, exercise and more, can help companies to create innovative insurance products that are perfectly customized for customers.
As simple as buying anything else online; sign up, log in to the marketplace and select the data you would like to purchase.
An example of innovative car insurance product that could be easily introduced taking advantage of Lify’s data is UBI (Usage Based Insurance), which tracks the position of the car and charges the premium every month based on the KMs driven and driving style.
Lify’s data can allow any insurance company to start doing the same with minimal investment, thus allowing to attract and retain low-risk customers.
The availability of data offered by Lify allows the creation of innovative insurance products that can help reduce risk and attract new customers by updating the premium based on user’s behavior.
Innovation is not limited to car insurance, similar models may be applied to design new insurance products that alter the premium based on the customers’ physical activity, stress levels, BPMs or a variety of other factors.