5G technology will play an increasingly role in the insurance industry, used at the beginning to the end of insurance-related processes and transforming the sector, says the secretary general of the Office of Insurance Commission (OIC) , Dr Suthiphon Thaveechaiyagarn.
5G technology will play a role in the process of developing insurance products and issuing insurance policies to customers. It will also help promote the use of sensors and various IoT devices that transmit data at all times in greater quantities at lower costs, reported Business Nation quoting Dr Suthiphon.
By quickly transmitting information about the risks and requirements surrounding a customer and developing protection models, insurance companies can offer products that are appropriate to the risks faced by and needs of customers. For example, customers involved in traffic collisions may not need to wait for a surveyor to get to the accident site to take pictures because customers themselves will take pictures or record videos showing the condition of the vehicle involved in a crash.
In addition, more lifestyle data can be collected. The 5G system will enable a large number of smart devices and sensors to be connected together. As a result, the number and application of IoT devices have grown exponentially, such as the use of various wearable devices to help collect data on an insured person’s lifestyle and habits.
Asia Insurance Review