Prevention rather than cure- but cure if needed. The consortium specifically also provides a needed resource for carriers that are not as well equipped to handle large influxes of telematics data.

“Carriers would need data scientists and analytics folks to guide actuarial decisions.,” Sarzen says. “Without them, you’re just getting a bunch of data.”

Willis Towers Watson, a partner in the consortium, has the ability to sift through unstructured data, and offer insights to insurers by region, Sarzen explains. Specifics range from average response times by policyholders in particular states to the amount water flowing into a flooded basement after a pipe bursts.

Digital Insurance Platforms also need to have the APIs to upload telematics and other sensor data whether for home, auto, health or other perils.

These are another example of potential partnerships in future ecosystems that will change the nature of insurance.