Insurers need to learn to share their data if they want to take full advantage of the mountain of information generated from connected devices, insurtech executives say. Along the way, somebody’s got to figure out who owns the data.
Presentations made during the Silicon Valley Insurance Accelerator’s Insurtech Fusion Summit held in South San Francisco last week showed that the industry is still grappling with that question.
Insurtechies painted a picture of a connected future where carriers communicate with consumers through platforms that the customer chooses, such as Amazon and Facebook. The data generated by consumers who trade their privacy for a discount would be shared by all so carriers can more accurately measure risk and provide better service.
Denise Garth, senior vice president of stategic marketing for Majesco said millennials and Generation Z are willing data-sharing partners. “They are going to give us any data that we want as long as we give them something in return,” she said. “Remember, it’s all about them.”
But some of the speakers also held sharply different attitudes about, who should control the data once it’s collected.
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