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IoT Insurance Observatory


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The IoT Insurance Observatory has continued to grow both in Europe and North America.
More than 40 prestigious organizations – Insurers, Reinsurers and Tech players – have joined this think tank and contributed with their thoughts to the activities. Together with the production of the most pragmatic insights about the IoT adoption in the insurance sector (auto telematics, connected properties, connected health and life, IoT workers' compensation), the onboarding of new members is going to continue in the next months.

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IoT Insurance Observatory

  1. 1. Initiative presentation IoT Insurance Observatory
  2. 2. 2 The Observatory • Data provided by the Internet of Things represent an extraordinary opportunity for Insurance Companies and intermediaries The IoT Insurance Observatory is the first insurance think tank specialized on the insurance IoT: - The North American Observatory started the activity on March 2017 and have already aggregated more than 20 members, including 5 of the top 15 P&C US Insurance Groups - The European Observatory (third edition) aggregated more than 30 members Insurers, Reinsurers, Institutions and Tech players • Insurance IoT Observatory is about connecting people and ideas in order to spread the innovation culture over the insurance market with three concrete outcomes: - A global multiclient research - Three workshops delivered to each member - Plenary symposiums
  3. 3. 3 The current Observatory members
  4. 4. 4 The most pragmatic multiclient research specialized in insurance IoT domain One-to-one workshops dedicated to each member to discuss the research outcomes Plenary symposiums with all the members together around the same table The think tank membership provides access to the most globally relevant insurance IoT knowledge
  5. 5. 5 The last plenary symposiums 10-10.30 Smartphone-Centric Telematics Solutions, Dennis Frawley - Cambridge Mobile Telematics 10.30-11 Telematics and sharing economy: what benefits for car sharing players and insurers? A. Girardo – Kubris 11-11.30 API Gateways and Digital Ecosystems, Giulio Gaioni – Sysdata 11.30-12 Technology as key enabler for new insurance value propositions, Alberto Firpo – Agile Lab 12 -13 The Munich Re experience with IoT, fireside chat with Andreas Moser - Munich Re 14-14.45 Wearables and the power to change the life insurance proposition, Luc Oudinot - SCOR 14.45-15.30 A shared value approach to telematics, Yehuda Hockman - Discovery Insure 15.30-16 New IoT insurance products & privacy by design, Laura Liguori - Portolano Cavallo January 18th, Toronto 9-9.45 am The customer point of view on connected home insurance - first evidence from the field research - Matteo Carbone 9.45-10.30 am Smart Homes and IoT Cyber Risks - Riccardo Ricci, Swiss Re 10.30-12 am Interactive session - working tables on the value creation opportunity through more accurate pricing based on IoT data 12-1 pm Insurance, Innovation, and IoT - Matthew Josefowicz, Novarica 2-2.30 pm Launching the next NAIC study: Internet of Things and Insurance - Dimitris Karapiperis, NAIC 2.30-3.15 pm The Future of insurance telematics in a world of car sharing and autonomous vehicle - Cletus Nunes, Octo 3.15-3.45 pm Changing the game of Worker safety - Jim McDade, Aware360 June 28th, Milan 10-10.30 The age of the AI first insurer - A concrete IoT home insurance approach, Pierluigi Fasano – Swiss Re 10.30-11 The innovation of the auto telematics services, Alessandra Girardo - Kubris 11-11.45 Auto telematics – A deep dive on the “Regolamento sconti black box”, Riccardo Cesari - IVASS 11.45-13 Demystifying the pricing IoT-based, Interactive Workshop 14-15.15 Roundtable – Connected health insurance opportunities and challenges Matteo Cattaneo, Reale Group Tilde Bove, Groupama Bernardo Rocco, Salute On Demand Andrea Silvello, Digital Tech 15.15-16 IoT data and customer profiling in the age of GDPR, Laura Liguori, Portolano Cavallo April 28th, Milan 9.00-10.00 InsurTech Disruption = (Big Data + IoT) AI with a case study for Workers Compensation – P. Pasricha, Intellect SEEC 10.00-10.30 How to exploit the value of the IoT data – Raj Samanthapudi, Value Momentum 10.30-11.00 IoT data to make intermediaries great again – Steve Anderson, The Anderson Network & Matteo Carbone 11.00-12.00 The American Modern’s experience on smart home - Sudheendra Galgali, American Modern Insurance Group 13.00-13.45 Smart Mobility Program and LossDetect™ tool – Mike Scrudato, Munich Re 13.45-14.30 How to move form interesting IoT data to actionable data with real examples – Nick Leimer, Microsoft 14.30-15.00 IoT trends and maturity models – Chuck Ruzicka, Novarica 15.00-15.20 Make on demand insurance through IoT and contextual data – Matteo Carbone May 15th, Cincinnati
  6. 6. 6 The scope of the Observatory is the Insurance IoT Objectives Scouting and rationalizing qualitative/quantitative knowledge of Insurance IoT Sharing a critical point of view on key trends and spreading innovation culture Encouraging stakeholders to discuss experiences and to exchange ideas about innovation The scope Any insurance solution based on sensors for collecting data about the state of an insured risk and telematics for remote transmission and management of the collected data Health and life Industrial risks and workers’ comp Motor Home and commercial property
  7. 7. 7 Our goal is to help members to address the insurance IoT opportunity IoT improves insurance profit & loss and allows insurers to share part of this value with the customer in order to increase product adoption It enhances proximity and interaction frequency with the customer while creating new customer experience, increasing retention and expanding relationships IoT approaches create and consolidate knowledge about risks and the customer base which will lead to the next generation of products and services Interaction frequency Value creation Knowledge creation 2 1 3 Insurance IoT enables a new virtuous role by providing positive externalities for a sustainable society Sustainability4
  8. 8. 8 We cover all the main insurance business lines
  9. 9. 9 We address four thematic areas The new challenge of insurance IoT The impact of IoT on risk selection and claims Customer relations and engagement Risks of insurance IoT: privacy, data ownership, cyber risk • Representation of the Insurance IoT state of adoption • Analysis of the challenges and opportunities, in place and in perspective, of all the main business areas • The impact of innovation: – on selection processes – on risk-based pricing approaches – on loss control processes • The connected insurance can: – change the relationship with customers – improve understanding between contracting parties by reducing the mutual information asymmetries – provide value-added services – increase loyalty and insured empowerment in favor of more aware and responsible behaviors and lifestyles • Focus on the critical issues, constraints that the connected insurance foresees in terms of : – compliance – information technology – operational risks relating to managing security and confidentiality of processed data
  10. 10. 10 The Observatory provide a constant update on the Insurance IoT innovations to the participants 1. Collection of evidences concerning insurance IoT approaches at a global level 2. Research on consumer expectation and on distribution of connected insurance products in the international markets 3.Best practices analysis with market benchmarks and international innovation scouting 4. 3 Annual plenary sessions (collegial events) in order to share with Observatory's Stakeholders ideas and experiences on insurance IoT 5. 1to1 deep dive meetings (workshops) with each Insurance Company to present and discuss the Observatory's research
  11. 11. 11 Some quotes from the Observatory participants Insightful ideas and continuous opportunities to meet innovative providers to partner with Insurer Great platform for engage and discuss a wide range of topics and ideas that will impact all of us in the insurance industry soon Reinsurer The Observatory created more value month by month…it is really useful have a systematic representation of topics we deal with daily but we was missing to rationalize Insurer The initiative provided though-provoking contents. The deep dive sessions were clear and stimulated great engagement within the organization Insurer Relevant opportunity to approach unique contents about connected insurance – both from actuarial angle and customer angle - and to discuss them with Insurance Executives, Associations and the Regulator IT provider It is not about to discover the new killer application. The Observatory have continuously delivered top level contents and provided food for thoughts, valuable input for our innovation path. Insurer Relevant initiative on the sector, strong attendance and very innovative for structure and contents discussed IT provider Unique perspective of the various Insurance IoT use cases around the world. Really helpful the deep dive tailored on our needs. Insurer
  12. 12. 12 Contacts Matteo Carbone Founder and Director of the IoT Insurance Observatory Keynote speaker and writer on insurance innovation Global InsurTech Influencer (Top 3 InsurTech Influencer by InsurtechNews, Top 3 InsurTech Influencer by Right Relevance, Top 10 InsurTech Influencer by Onalytica, Top 5 InsTech Influencer by InstechLondon, Top 25 Disruptors in the Insurance Industry by Vertafore) +39 (334) 622- 0378 +1 (929) 309-6026