We’re Your Connected Insurance Partner of Choice. Here’s Why:
We know connectivity. From the core insurance company and the insured, to call centers and third parties involved in insurance activity — we cover it all and connect it all. With 20 years’ experience in the insurance sector, data expertise, and our connectivity and automation solutions for insurance, we create digitally enabled insurers.
We make data available from all touch points without delay and contamination, leading to streamlined incident reporting, straightforward decision-making, and tremendous cost savings.
Read on for use cases in the commercial insurance and automobile insurance sectors.
Connected Insurance in the Commercial Insurance Sector
Top issues for shopping mall use case:
- Spotty incident reporting.
- Often incomplete or erroneous records for regular cleaning, maintenance and security.
- Inaccurate assessment of risk levels: Dynamic, not static, risk produces the highest risk factor (see figure).
- Lack of investment in monitoring and automation.
Discovering risk factors after the loss = more loss.
Two Types of Risk Factors
Static:
Physical protection components, such as sprinklers, fire doors, and so forth.
Dynamic:
Behavioral driven factors, such as checks and inspections of maintenance procedures, facilities, and safety protocols.
| Risk Quality Type | Example | Performance |
|---|---|---|
| Static | Sprinkler installed |  |
| Dynamic | Pressure valves not maintained correctly |  |
| Static | Machine guarding installed | |
| Dynamic | “Make safe” procedures not followed during maintenance periods | |
| Static | “Wet floor” signs, rubber matting, and umbrella sheaths available | |
| Dynamic | Cleaners are not real-time aware when it rains, leading to a delay in deploying | |
Discover the risk profile proactively, and in near time.
Not after the loss.
Connected insurance solution from Hitachi Vantara:
- Leverages IoT to see dynamic factors — people completing risk-prevention tasks.
- Records activities and responses to incidents for full defensibility of insurance claim.
- Deploys monitoring elements, prompting and tracking set tasks.
- May earn improved insurance rates.
Improved risk factors that prevent incidents = insurance cost savings.
Connected Insurance in the Automotive Insurance Sector
- Claims are 40 – 60% of the expense incurred by insurers (see figure).
- Years of underwriting losses have been experienced by commercial auto.
- Claims are complex, with moving pieces: policyholders, witnesses, fleet managers, police, forms, rekeyed data, conflicting accounts, and telemetric data.
- It is difficult to pull data from connected vehicles and aftermarket devices.
Delayed action on claims due to complexity = raised costs.
Breaking Down Insurance Costs
$1780
The average comprehsive claim was
$3750
The average collision claim was
$4525
The average auto liability claim for property damage was
$17024
The average auto liability claim for bodily injury was
Connected insurance solution from Hitachi Vantara:
- Ingests data from any aftermarket or connected vehicle.
- Captures factual, unbiased records of incident, such as harsh braking, speed of impact, and factors relating to contributory negligence.
- Presents data in a uniform, easy-tounderstand, single-pane-of-glass view.
Rapid reports and clear interpretation = fast claim resolution and reduced costs.
Hitachi Vantara’s Intelligent Platform for Connected Insurance
Your Business Case for Savings
Our recent connected insurance solution for an auto insurance company brought enormous savings across the board.
Sit down with your Hitachi representative to consider your costs, from staff, software, and client interactions to claims. We’ll show you your business case for maximum savings with our connected insurance solutions.
