Hyper-personalised insurance products can improve customer satisfaction, convenience, and keep them renewing the product without generating friction. For the insurer, it provides an increase in revenue as it activates the insurance without the customers' direct decision. It also reduces costs, as it deactivates the insurance when it is not needed by the user. Some examples are:
Your car insurance activates only when you are driving; then it deactivates;
Travel and health insurance are automatically activated based on your destination;
It reduces your insurance by activating it monthly, daily, hourly, or even by the minute;
Activate distinct insurance types depending on the context: third party car insurance can be higher when the client goes to a big supermarket in comparison to drive on the road, for example.