This is the equivalent of Fintech, in the insurance industry.
"In the future people will engage with life insurers differently. We can predict that mecosystems - concepts that have the customer at the centre of everything - will drive a new model for life insurance. The re-emergence of mutuality, in the form of peer-to-peer insurance and social broking activities, is a good example.
Customers are increasingly better equipped to manage and collect their own health data. Self-monitoring using wearables and health apps is here to stay, and it’s already clear that people will share some personal data with their insurers if it provides the policyholders with an advantage. Soon more individuals will demand insurers move from one-size-fits-all solutions to unique ones based on a customer’s unique data.
Providers that knit themselves into the fabric of policyholders’ lives will provide them more of the services they demand. Artificial intelligence and machine learning will drive this, and for the moment insurers can propel this process forward. Better use of analytics will clarify buying triggers, provide granularity to the process of take-up and allow the industry to adjust life-staging models.
In addition to big data, behavioural economics will be used to influence how life insurance customers interact with and share their data. Harnessing that power means deploying the best of data-driven information to influence and nudge insured and previously uninsured individuals into buying."
From: Trends in Life Insurance - How Can the Industry Stay Fit for the Future? | Gen Re