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Technology Transforming Insurance
Nov. 14, 2019
Print | PDFPresented by Foresters Financial
Paul Van Reede, AVP Connected Health
Foresters Financial was founded in 1874 in Toronto. Focused on being socially responsible, they pride themselves on enriching family and community well-being. “When you’re buying life insurance, you’re not buying for yourself – you’re buying for your family and for the next generations.” Paul told the audience. “Yet only 60% of North Americans have insurance – the perception of value is lost.”
How technology is shaping the future of insurance:
- Machine learning is making it easier to apply for insurance, and for underwriters to leverage big data.
- Wearables and connected tech provide an opportunity for insurance companies to help people by informing about healthy behaviours, providing in-the-moment support, and helping to reduce demand on health care providers and insurance claims.
- Telematics for auto insurance provide real-time driving data and open up the micro insurance market.
- Incumbent insurance companies and InsurTech Startups will likely need to partner for future success in the industry.