Senior Xceedance technology VP relocates to Sydney
Xceedance Senior VP Technology Services Prateek Vijayvergia, who leads a 600-strong technology services business unit, has just relocated to Sydney from India to help Xceedance’s Australian-based clients grow with technology services.
Insurance is being transformed by smart home devices, connected vehicles and wearable health monitoring devices enabled by the internet of things (IoT), he says, allowing insurers to more closely engage with customers, better predict and evaluate risk, make claims processing more efficient and create better products.
“Insights insurers gather from IoT devices can increase the efficiency of prevention mechanisms, improve safety standards and response times, and help insurers recognise analytical patterns to identify and curb fraud,” Mr Vijayvergia said.
“The opportunities this technology opens are now starting to be realised within the industry.”
Insurance sales and marketing, policy pricing and servicing, claims management, and risk assessment are all potentially enriched by data collected from telematic devices, he says. The ability of IoT devices to transmit large data volumes in real time also makes seamless data analysis and responses possible.
Mr Vijayvergia’s team developed an insurance model that calculates a motor vehicle driver score based on driving behaviour, including sudden acceleration or de-acceleration, idling times and gear-speed correlation. The collected data provides insight to better understand risks and take preventive actions faster.
“The model helps insurers promote safer, smarter driving behaviour and enables motor insurance customers to get potential discounts and premium savings based on individual driving patterns,” Mr Vijayvergia said.
Insurers can also use data collected from smart home devices that monitor security, energy, heating, water usage and flow and more, offering price reductions for suitable policyholders, while wearable health monitors can “enhance the insurer-customer relationship”.
