Pryv for insurance providers
With pryv.io, you can improve risk profiling and customer satisfaction while you reduce costs. Our software allows you to design your own IoT platforms where your customers can collect and exchange any type of sensitive personal data in a highly regulated environment. Use pryv.io as a foundation to build internal and external data platforms, create your own user-friendly dashboards to analyze your consumer’s behavior, and design innovative products with sustainable business models.
Pryv.io can help you…
…boost consumer awareness to increase engagement.
…adopt data innovation with a controlled risk.
…improve risk profiling based on aggregated data.
…test DaaS business models to enhance added value and offer the best customer experience.
…gain a competitive advantage and launch your product on the market within days.
…scale-up your products and introduce them to global markets.
Engaged consumers, optimized costs and sustainable innovative solutions
The data-driven world brings huge opportunities for all stakeholders, including insurance companies. Leveraging big data and online-scoring platforms, insurances can profile and manage risk, improve operations and launch personalized products. IoT, self-monitoring and reporting enable real-time data collection from numerous data sources, including data streamed by devices ranging from simple step counters to sophisticated sensors that capture sleep, activity and disease patterns.
A global reinsurance company was interested in testing and designing an innovative solution for motivating people to adopt healthier habits, through which it can manage and assess risk, optimize costs and increase market share.
The customer required the integration of a connected wearable device that monitors vital signals, tracks activity and can detect disease patterns. The developed platform needed to be deployed on a global scale, meeting the requirements of multiple markets and respecting laws, regulations and restrictions regarding access to personal and health data. Furthermore, the insurance company was interested in activating more data-sharing motivation tactics by offering its customers various services in order to boost their engagement and enhance their experience. The platform also needed to be replicated and re-sold to the company’s business partners and consumers.
Pryv proposed an agile product developed using a pilot license of the pryv.io eHealth middleware. The integration with the chosen wearable device(s) was achieved, a custom platform was built and global distribution was made possible by using Pryv’s distributed data storage. Pryv.io’s data structure model allowed the participants to share the data with the product’s R&D team. The pilot lasted 6-12 months and included hundreds of participants. The goal of this pilot phase was to develop different cases and design new business models.
Pryv enabled the company to collect heterogeneous data and structure that data in pryv.io’s compliant, interoperable ontology, which allows multiple custom algorithms to be applied to the same data set. The insurance company could store the data in a decentralized location on their own premises and segregate the data into subsets based on their defined access rights, regulations payment capacity and business model. The insurance company received insightful information based on the real-world data, which was used by their R&D team to advance other services, products and offers.
Get in touch
We can make our solution fit your needs. Get in touch to schedule a one-on-one meeting and learn more about how Pryv can work for you.