Big data is changing the world. It should change insurance, too.

In the time it takes you to read this blog, ever more data is pouring into existence. According to ranconteur.net, each day 500 million tweets, 65 billion WhatsApp messages, and 294 billion emails are sent. And that’s just the tip of the data iceberg. The World Bank reported last year that the entire digital universe is expected to reach 44 zettabytes by 2020: that is, 40 times more bytes than there are stars in the observable universe.

But there’s far more to data than just eye-wateringly large numbers. Data unlocks knowledge, and knowledge can be harnessed to alter our world for the better. Take agriculture, where data can help smallholder farmers (a group that, in Africa, feeds hundreds of millions of people each year) to adjust their planting patterns, rotate their crops in ways they may not have considered before; and think differently about irrigation. Data is changing the way we think about how cities ought to be put together, and is even shifting our understanding of land ownership.

Health is another key area where data can do more than just change lives – it can save them. In Malawi and Zanzibar, drones are deployed to pinpoint mosquito hotspots. This allows authorities to focus on destroying mosquito breeding sites and to channel protective measures to households in those areas. Rwanda has found a novel way to get blood to remote areas: drones deliver the life-giving liquid. The technology that powers these drones is driven by data. Another area of health care that’s being revolutionised by data is the good old-fashioned doctor’s visit. Telemedicine is bringing doctors and nurses into patients’ homes, remotely, and opening up areas that are hard to access on foot or by road. Armed with patient data and clinical histories, doctors can diagnose and treat from a distance. 

However, one important sector is lagging far behind the rest when it comes to accessing, analysing and applying data: the life insurance industry. This, despite the prevalence of deep, rich data that could be leveraged to tailor your policies and ensure that both you and the insurer benefit in the long run. Data gleaned from your medical aid, for example, could be used to determine your premium in the most accurate way, without the need for long underwriting questionnaires. This, together with data from your fitness tracker, could inform us of your state of wellness at a point in time – and be constantly studied to reward you for improvements, suggest interventions, and even predict longer-term health trends. Credit and financial data can tell an insurer which customers need extra coverage, and which are in good shape.

That’s where Elevate comes in. Our holistic multi-faceted approach to wellness centres on two key factors: you, the customer, and your data. We’ve examined each component of the “traditional” insurance product offering, then rebuilt each using the technological innovation that’s available in today’s world. This innovation is paired with a purely needs-based customer-centric approach to benefit design. The result? Life insurance, disability protection and severe illness cover whose benefits evolve to match you, the policyholder, and support you as you strive for “a long, healthy, prosperous life”.

“Traditional” insurance products tend to be static, underpinned by an exhaustive underwriting process that presents tens of questions to prospective policyholders. But people and their health are not static, and nor is data. To match this constant motion, Elevate builds its customer profile and related services based on your own data.

After all, there may be 40 times more bytes than there are stars in the observable universe – but there’s only one of you, and your insurance provider should recognise that individuality to offer the best products possible.

Yours in health and prosperity,

Matan Abraham, CEO of Elevate