Augmented underwriting is fast replacing traditional underwriting in insurance. At the same time, data science and predictive analytics enable unique company models that evaluate and rate risks accurately and intuitively.
 

The collection of real-time data and sharing power offered by the lot is creating significant new opportunities in finer product segmentation, more specialized pools of risk and predictive modelling, so that risks can be assessed more easily, loss control can be improved, and premium growth can be accelerated. Focusing on underwriters, NextLink's IoT for Insurance service helps underwriters with the risk assessment of plants by analysing data from sensors installed at various stages of production. Solution overview: • Data analysis from sensor installed in power plants. • Analysis of data transmitted from sensors installed in power plants, giving indicators as to the health of the plant, probability of breakdown etc. This helps underwriters to assess the risk accurately and price it accordingly • Data feed similar to a black box that can be used in the event of a claim to determine the exact details relating to the loss or damage. • Reduces premium payments for insured parties, reduces losses, reduces claim payments for insurers and also prevents fraud.
 

The digital era is radically transforming the insurance industry, offering an entirely new way of doing business. It affects all strategic and functional areas across the insurance value chain, including engagement and interaction with customers, distributors, suppliers and employees. • Sales enablement solution accelerator for creating ‘ease of doing business' for distributors i.e. brokers. • Offers brokers and underwriters real-time collaboration. • Includes dashboards for broker performance as well as for underwriters, new submissions and a discussion board.