Earthquake Preparedness for Insurtechs
Emerging Technologies for Insurtechs
Many InsurTech innovations have the potential to fundamentally change how insurance practice looks like in the near future: 3-Connects (connected car, home, and self) will not only greatly improve systematic risk assessment of personal insurances, but will also provide knowledge and incentives for clients to actively reduce risks in their life; blockchain, Artificial Intelligence, and Big Data will fundamentally change how insurance data is stored, shared and analyzed.
What an Insurtech Need To Do?
Insurtechs business model is selling more. As an Insurtechs receive an Earthquake Preparedness Alert, they launch marketing campaigns and propose clients/ residents to keep their assets safe facing a probable earthquake through purchasing a new policy or extending the existent coverage. As an example, one of the campaigns that proposed the best time to purchase earthquake insurance during the high-risk time window received more than 20% of user engagement in Nov 2019. This report represents how customers expected value change as a time-window marked as high-risk.
There are trillion dollar risks in the high-risk regions. To detect and test the subsystems to set a platform we continuously publish Earling SecondNotice data on GitHub. Insurtechs can test their ecosystem by this data: Earling SecondNotice Repository on GitHub.
Once Earling Earthquake Preparedness Alert issued, insurtechs launch campaigns to acknowledged residents through social media, email marketing, notification on smartphones/ websites, sms or other types of marketing campaigns. As mentioned earlier such campaigns receive more than 20% engagement in the high-risk regions, which is up to 10 times more than the current earthquake insurance penetration rates in most of the regions around the world.