04. 15, 2020
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As almost every insurance provider will attest, customer churn is a critical challenge. Many customers are unhappy with policies that force good drivers to pay higher premiums to make up for high-risk drivers as well as slow, cumbersome processing of claims.
Insurers must innovate in recognisable, measurable ways and continually improve services to win – and keep - customers. IoT technologies enable the most innovative areas of advancement with customer-centric solutions like Usage Based Insurance (UBI) and automated claim processing, empowering insurance organisations to fix issues related to premium accuracies, personalised services, cost pressures, and business processes.
As a trusted, neutral, expert advisor, KORE understands the hurdles involved in developing and executing an IoT strategy. We provide insurers with the guidance needed to successfully navigate the complex IoT ecosystem.
Complemented by a deep understanding of the optimal use cases, technologies, and comprehensive solutions tailored to the insurance industry, we are the single source, partner-of-choice for transformative IoT business performance.
By enabling solutions like UBI and automated insurance claim management, IoT is helping insurance businesses service existing customers better, attract new business, and reduce claims costs – all of which have a marked impact on the bottom line. IoT solutions equip insurers with the ability to collect real-time data from drivers to measure observable and quantifiable factors such as driving distances, time-of-day patterns, speed, and braking. Cloud-based IoT applications enable on-premises insurance claim automation for quicker, more accurate documentation and faster processing.
In addition to collecting data and streamlining claims processes, insurers can assess fairer premiums based on actual driving behaviour, rather than demographics. These IoT solutions reward – and retain – safe drivers, and can drive product offerings that speaks to the ideal customer. These advances not only reduce churn, but they can also boost profitability.
With decades of IoT experience, KORE enables connected solutions for insurers and provide the products, services, and industry expertise required to bring IoT innovations to market. An independent, expert advisor with nearly two decades of IoT knowledge and experience, KORE delivers complete, global IoT management capabilities – starting with development of a comprehensive strategy and assessment of your unique requirements – to simplify the complexity of IoT and help insurance customers maximise the return on their IoT investments:
Replace friction with results. Our focus and experience in the insurance industry and technology-agnostic global solutions reach distill countless possibilities into the most useful and logical solution for even your most complex IoT deployment challenge. You can rapidly deploy an IoT solution specific to your objectives with a single source partner.
KORE supports your ongoing needs with deep IoT knowledge and experience, global reach, purpose-built solutions, and deployment agility. We will customise a value proposition for your company by applying a focused use-case approach to managing and simplifying the complex IoT ecosystem, with a solution tailored to your insurance automation requirements.
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