Welcome to the advent of data-driven insurance: With an explosion in data management technologies, the insurance industry is undergoing a major transformation and is embracing new methods for risk management.
What’s the best way to use all this data, yet keep it private and secure?
How do you prepare for new technological advancements such as automation, the explosion of connected devices, new sources of data, as well as AI?
Insurance companies must employ systems that provide interoperability across diverse data sources, while respecting privacy laws and enterprise policies, and working with neutral digital settlement agents to build trust with their customer base.
The Intertrust Modulus Parametric Insurance (IMPI) engine enables insurance companies to develop and roll out new parametric insurance policies without compromising the business interests of data owners.
IMPI provides the building blocks for data-driven digital insurance platforms. In the insurance world, data must be shared between different stakeholders—in this case, insurers and the insured. With IMPI, trusted data exchanges and independent third parties can provide auditable settlement technology acting as digital settlement agents.
IMPI acts as an independent, neutral party that provides secure data services, which is a data processing environment designed for insurance and analytics providers to engage in trusted commercial arrangements, enabling them to ask questions without ever seeing the sensitive data itself. This provides guarantees for the data owners that their information does not get compromised and serves interests that only they have authorized.
With Intertrust Modulus Parametric Insurance (IMPI), an end-to-end digital insurance platform is now possible. With access to increasingly more data, create accurate and higher margin data-driven insurance policies for a broad set of applications—all while respecting the privacy of all data owners.
Model better policies and risk management for home insurance—including fire, theft, and flooding.
Modulus Parametric ensures a reliable and trusted data flow from home IoT devices. On the cloud side, Modulus Parametric can ingest data from many sources privately and securely, to assist with computing more accurate claim settlements.
The weather doesn’t work like it used to. Major forces—including extreme weather, climate risk, and food insecurity—have significantly reshaped insurance needs. Operators across various industries are increasing their insurance coverage to protect against varying cash flows due to production fluctuations.
In the renewable energy space, solar and wind operators are searching to close the gap of climate unpredictability by relying on parametric insurance to manage risk.
Connectivity in cars has made possible more accurate driver profiles and lower risk for insurers. Sensors, in particular, have enabled more accurate diagnostics of accidents for processing claims.
Adaptive insurance policies are made and based on lookalike modeling and generalized behavioral analysis. However, drivers won’t necessarily want to share their data with insurance companies directly. Modulus Parametric is the trusted third party that can privately facilitate those interactions.
IMPI enables underwriters to launch new parametric insurance policies for health insurance and life insurance. Modulus provides a secure way for customers can submit their activity data to get an accurate evidence-based insurance coverage without handing over their data to insurance providers.
Banks can expand their assessment of systemic risks by accessing non-financial IoT data of potential customers assets. This data-driven approach allows underwriters, bankers, and end customers to lower their risk exposure, and create a more informed and fair system for all stakeholders.
All consumer industries rely on mobile applications and devices that reside in hostile environments—these apps must be protected, and provide an opportunity for insurance products. Anywhere distributed devices run in a hostile environment and there is a demand for multi-party secure data, we can work together to design digital risk managed policies.
Created to facilitate cross-organization collaboration, the Modulus platform enables enterprise customers to secure, govern, and exchange multi-party, multi-format data across cloud services.
With Modulus secure data services, there’s never a need to copy large volumes of data across storage systems. Data stays within the system, and algorithms go to the data, so you always stay in control.
Modulus works with diverse data formats (including tabular, time-series, and grid data), provides a secure execution environment for analytics, and complies with privacy regulations and protect customer data.
Security and Privacy.
Because we only provide secure data management technology, Modulus is hardware agnostic and there are never any hardware or analytics up-sells.
Modulus always has your best interests at heart.
Unlike other providers of similar platforms, we don’t operate with hidden agendas or hardware upsell strategies. With Modulus, you control and configure our platform the way you want.
Get in touch.
Talk to an Intertrust representative to find out how Modulus can help enable data-driven business models for your business.