Craig Hollingworth, co-founder, Concirrus believes real-time data coud open up new world for the (re)insurance industry
The Internet of Things and real-time information can be used to make predictive claims, according to Concirrus co-founder Craig Hollingworth.
Hollingworth believed that this new approach could lead to the upskilling of the broker.
Presenting a session at the Global Reinsurance Innovation & InsurTech Bermuda event – (Re)insurers to arms: are you ready to win the war for the Internet of Things?’ – he said: “Active risk management becomes a real thing with real-time information, so we should be looking towards creating a new department.”
While this new area could create new jobs and functions, the implications do not stop there. According to Hollingworth, the use of real-time information and IoT could lead to new pricing models, and new types of connected product.
“There’s a tsunami of data sets, and providers of data set, as an insurer whose data is best?”
“Data is going to be the new oil and it is important that you understand how to mine it and harness it.”