Data ownership

There is a clear business case for democratizing – or said more plainly, broadly sharing – data across an enterprise. If we responsibly open up data while working to mitigate the potential risks, there can be meaningful payoffs for our customers and companies.

Digital Insurance spoke with Brett Jurgens, the CEO of Notion, a DIY smart home monitoring company, which is owned by Comcast, about how Notion works with insurers and what benefits smart home monitoring has for policyholders.

It is no surprise that insurers are looking to health tracking technology to create new possibilities for accurate pricing and incentivizing better living.

Only 32% of 2,750 U.S. consumers surveyed by the company in fall 2021 had been offered telematics-based insurance, the company said. Of those that were offered, 49% took the offer, and 64% have stuck with it.

Goal is to use more third-party data to make it easier to sell BOP to more categories of small businesses.

There will be many new data sources and tools available, increasing exposure to cyber risk in the world.

Across the industry, carriers report that basic third-party data capabilities are common and that pilot activity is high.

The American Association of Insurance Services will launch the openIDL to share data between carriers and regulators.

The insurer gets access to data from participating auto manufacturers, including Mitsubishi.

Survey finds 62% of those ages 18 to 34 would let carriers use third-party data from social, fitness apps and smart-home devices to lower prices