The expectations of insurance customers have increased, necessitating:
- Personalized, continuous and dynamic risk prevention
- Instant, personalized and seamless damage handling
Consequently, insurance companies must enable proactive, personalized, seamless risk management. Proactive and seamless risk management requires a paradigm shift from ‘repair & replace’ to ‘predict and prevent’ and the ability to analyse continuous individual-level data.
But personalized risk management conflicts with:
- the increased need to reduce costs due to increased competition
- the increased expectations and obligations regarding data privacy and protection