AMODO COMPANY NEWS

The insurance sector prepares for disruption

According to Deloitte, around $2.6bn was invested in “insurtechs” in 2018, and $2.2bn in the first half of 2019, and deal sizes have been growing.

Insurers are also responding to changing demands from clients that face new risks and want to know how the insurance industry can help them. (FT)

It is hard, if not impossible, to identify an industry that did not have to adapt to new market dynamics, new competitive forces and new disruptive realities, all driven by data, digitalization, and technology. From shifting customer behavior to channel fragmentation, from digitalization to business or operating model innovation, few if any industries have remained immune. 

More than ever, insurers are facing a number of fundamental questions about their future, and the answer to a number of these questions is telematics technology. For insurers, this centers on smartphone telematics and harnessing the devices, which have taken a central role in seemingly all aspects of consumers’ lives, to tap into deep contextual and behavioral information that could forever change how the industry considers risk.

How did Amodo get into the top 5 “insurtechs”?

The Amodo platform enables insurers to develop a new category of products based on behavior and usage data. The platform collects data from smartphones and other connected devices in order to build holistic customer profiles, providing better insights into customer risk and customer product needs. Amodo’s technology and methodology are used by insurers around the world.

Amodo offers a number of tools for behavior change and reducing risk through prevention, as well as numerous opportunities for insurance carriers to innovate and monetize through innovative insurance business models and value-added services.

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