Google Glass: Insurance’s Next Killer App – Cognizant Whitepaper
Article Synopsis :
With billions of smart phones and connected devices in use, consumers are unconsciously generating enormous amounts of actionable data which insurers can use in real-time to improve claims, underwriting and other insurance processes.
In the report “Google Glass: Insurance’s Next Killer App”, the Cognizant team discuss the fast growth of wearable technology, including Google Glass; what it will take for Glass to have real business impact; how several industries are already experimenting with Glass; and four realistic use cases for Glass in the insurance industry that could be a game-changer for insurers, both in terms of how they do business and contain costs:
- Use Case #1: Improving Productivity and Efficiency of Claims Adjusters
- Use Case #2: Improving Productivity, Efficiency and Throughput of Risk Engineers
- Use Case #3: Improving the Claims Submission Experience for Customers
- Use Case #4: Improving Direct Visibility into Aggressive Driving
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Digital Insurer's CommentsEven though Google Glass recently announced its withdrawal from the market, we have included this article as a review as we believe that wearable devices are still a hot topic and rivals are still pressing on with their plans. Take Sony for instance who will be releasing their version of Google Glass in ten countries in March 2015. We feel that the use cases that Cognizant have outlined above are still applicable for insurers as it’s just a matter of time that wearables will take off in the industry.
With the mass adoption of portable computing devices, wearable technology is one of the biggest moves towards consumerisation of technology. Although the current application in the field of insurance is quite limited, the recent collaborative developments are a clear indication that insurers and equipment manufacturers are quite confident about the potential applications of wearable technology in the insurance sector. Front runners are already investing time, money and effort to tap the potential of lifestyle data and it’s only a matter of time that wearable technology starts playing a key role in insurance quotation, underwriting and claims. It is clear that wearable technology has the potential to revolutionise the insurance value chain and insurers must consider how and where wearable devices fit into their transformation roadmaps. Failure to adapt and consider the implications of such technological advances will put insurers at risk of losing out to technology-focused competitors.
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