Prifina Joins Insurance Innovators Summit

On November 16–17, 2022, Insurance Innovators Summit will take place in London. The event is known as “the world’s most important insurance conference,” which aims to “define the future of insurance.”

Every year, Insurance Innovators Summit attracts a thousand insurance technology leaders and next-gen disruptors from across the globe. Many of the world’s largest insurance companies and service providers will be in London this week, exploring the current and future trends of disruptions that will reshape the insurance market as we know it.

We are delighted to join the discussion and be part of bringing insurance innovation to life. Prifina’s user-held data model offers new possibilities for various stakeholders

Opportunities with Prifina’s user-held data model

With Prifina’s user-held data model, insurance companies can offer new solutions that would include user-generated wearable sensor data or IoT data.

How does Prifina’s personal data platform work?

Prifina’s personal data platform: (a) allows individuals to collect their personal data from various data sources (e.g., wearable devices and online accounts) and hold them in their personal data clouds; (b) insurance companies can build applications that can be installed by individual consumers and utilized locally (in their personal data clouds).

Benefits for insurance companies

Prifina’s user-held data model relieves insurance companies from risks related to holding consumer data. At the same time, using Prifina’s data platform, insurance companies can create new insurance plans and services that utilize consumer wearable sensor data.

Health and wellness use-cases using sensor data:

• Consumer’s wearable sensor data could be used to nudge people to adopt healthier daily habits, e.g., exercise more. Possible sensors could include activity trackers such as FitBit, Oura Ring, or Apple Watch. Based on the daily activity levels, insurance payments could be pro-rated; and consumers can be rewarded for achieving various goals.
• Insurance companies recognize the limitations of centrally storing and maintaining this personal data at the insurance company; specifically, it is often prohibited due to risks and regulations. However, with Prifina, this personal data can be activated by individuals themselves (without storing the data with the insurer) and programs can be created to incentivize beneficial behavior where the insurers’ and consumers’ interests align, such as living longer and healthier.

Employment-related use cases for personal sensor data

• Employers can offer health-related benefits to their employees who make a commitment to improve their work-life balance using smart wearable devices. For example, surgeons, drivers, or pilots can monitor their work, sleep and rest hours and in turn learn to identify healthy individual patterns leading to a more rested and productive working state. By partnering with Prifina, this personal data can stay with the individual and the benefits realized without any data sharing.

Luxury goods market

• For luxury items, sensors can be utilized to determine authenticity of the item in question, for example by being able to trace the whole supply chain and each event along the lifetime of the product.
• Sensors can also monitor the state of the product, identifying factors such as temperature, sunlight, force and humidity, and assist in preserving the value of a high end product. Think of it this way, you can ask your handbag directly; ‘how are you doing?’.

Schedule a meeting with us

The Prifina team is looking to connect with insurance industry leaders and innovators to discuss possible partnership and collaboration opportunities.

To schedule a meeting, connect with us via the networking app or reach out to us at: jouko [at] prifina [dot] com or paul [at] prifina [dot] com.

Connect with us and stay in touch

Prifina is building resources for developers to help create new apps that run on top of user-held data. No back-end is needed. Individual users can connect their data sources to their personal data cloud and get everyday value from their data.

• Follow us on Twitter, Medium, or LinkedIn.
• Listen to our podcast.
• Join our Facebook group Liberty. Equality. Data. where we share notes about Prifina’s progress.
• You can also explore our GitHub channel and join us at Slack.