The IoT Insurance Observatory has continued to grow both in Europe and North America.
More than 50 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.
Let's demystify the IoT insurance fake news.
Lesson learned through the work with more than 100 insurers, reinsurers and tech players in 15 different countries.
The paper provides a concrete and pragmatic view of the smart home opportunity for insurers: a deep-dive into key aspects of the smart home trend, the implications for the US home insurance market, and into customer preferences. The paper concludes with a list of “must-have” elements for an insurer in order to deliver the promise of a smart home value proposition.
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.
IoT is a terrific opportunity for the insurance sector.
But the average understanding of this opportunity in the different markets is low, and it is common to hear superficial comments by analysts in the various markets.
Let's demystify some myths!
The IoT Insurance Observatory has continued to grow both in Europe and North America.
More than 50 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.
Let's demystify the IoT insurance fake news.
Lesson learned through the work with more than 100 insurers, reinsurers and tech players in 15 different countries.
The paper provides a concrete and pragmatic view of the smart home opportunity for insurers: a deep-dive into key aspects of the smart home trend, the implications for the US home insurance market, and into customer preferences. The paper concludes with a list of “must-have” elements for an insurer in order to deliver the promise of a smart home value proposition.
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.
IoT is a terrific opportunity for the insurance sector.
But the average understanding of this opportunity in the different markets is low, and it is common to hear superficial comments by analysts in the various markets.
Let's demystify some myths!
The reasons why for adopting IoT in the insurance sector are:
1) frequency of interaction
2) value creation
3) knowledge creation
4) sustainability
An incredible opportunity for the insurance sector
The IoT Insurance Observatory is a four year old think tank specialized in insurance IoT
The Observatory generates and promotes innovation in the insurance sector: representing the cutting edge of global innovation; offering a strategic vision to exploit the insurance IoT full potential; stimulating research and debate between the participants.
Onramp key takeaways:
1) Same Insurtech brutal truths
2) The future of the Insurers will be insurtech
3) Reasons why for adopting IoT in the insurance sector
4) The IoT Insurance Observatory mission
Some insurers will succeed in the connected car war and they will stay relevant in the life of their clients. Some players have already started their journey…
All the insurance players will be insurtechMatteo Carbone
Insurtech keynote speech at the Paris Fintech forum.
Demystifying some insurtech myths and setting the level of ambition for the innovation effort of insurance companies
How an insurer can stay relevant in the age of dataMatteo Carbone
Irrelevancy is only a choice for an Insurer, not his inevitable destiny. Insurtech can make the insurance sector stronger and therefore more capable of achieving its strategic goal: to protect the way people live.
Have auto insurers to die? ..or to become irrelevant?
It is not their inevitable destiny; it is only a choice.
Auto insurers can be proactive, take the bull by the horns, stay relevant and become frequent in the life of their customer
The Connected Insurance Observatory is think tank specialized on telematics and insurance IoT. It is engaging insurers, distributors, institutions and tech players with the goal to spread a culture of innovation throughout the insurance sector
The world is now hyperconnected. Insurance of the future will use data to enhance customer experiences, impact core insurance processes, create new knowledge and improve sustainability. There are already pioneers in this space, and their stories demonstrate the powerful and increasing role of IoT data in better risk prevention
IoT Insurance Observatory is a six-year-old think tank specialized on the insurance IoT with the participation of top executives from the most relevant Insurers, Reinsurers, and Tech players in the IoT and telematics insurance arena
The think tank membership provides access to the most globally relevant insurance IoT knowledge, and its goal is to promote a profitable IoT adoption in the insurance industry.
Tech scouting in Banking & Insurance Project.pptxGiorgia Zunino
This is the final report for Mastre in Fintech and Digital Transformation at LUMSA about innovation team tech scouting for insurtech startups. The analysis process was set up in 5 different steps and worked as following:
Panoramic view of Insurance market and last years trends
Identification of needs and issue about Insurance market and what industry is working on
Selection of 4 startups which are working on technology related to insurance new waves
Description of the chosen startups and the tech features involved
Our consideration about different aspects improvements:
The reasons why for adopting IoT in the insurance sector are:
1) frequency of interaction
2) value creation
3) knowledge creation
4) sustainability
An incredible opportunity for the insurance sector
The IoT Insurance Observatory is a four year old think tank specialized in insurance IoT
The Observatory generates and promotes innovation in the insurance sector: representing the cutting edge of global innovation; offering a strategic vision to exploit the insurance IoT full potential; stimulating research and debate between the participants.
Onramp key takeaways:
1) Same Insurtech brutal truths
2) The future of the Insurers will be insurtech
3) Reasons why for adopting IoT in the insurance sector
4) The IoT Insurance Observatory mission
Some insurers will succeed in the connected car war and they will stay relevant in the life of their clients. Some players have already started their journey…
All the insurance players will be insurtechMatteo Carbone
Insurtech keynote speech at the Paris Fintech forum.
Demystifying some insurtech myths and setting the level of ambition for the innovation effort of insurance companies
How an insurer can stay relevant in the age of dataMatteo Carbone
Irrelevancy is only a choice for an Insurer, not his inevitable destiny. Insurtech can make the insurance sector stronger and therefore more capable of achieving its strategic goal: to protect the way people live.
Have auto insurers to die? ..or to become irrelevant?
It is not their inevitable destiny; it is only a choice.
Auto insurers can be proactive, take the bull by the horns, stay relevant and become frequent in the life of their customer
The Connected Insurance Observatory is think tank specialized on telematics and insurance IoT. It is engaging insurers, distributors, institutions and tech players with the goal to spread a culture of innovation throughout the insurance sector
The world is now hyperconnected. Insurance of the future will use data to enhance customer experiences, impact core insurance processes, create new knowledge and improve sustainability. There are already pioneers in this space, and their stories demonstrate the powerful and increasing role of IoT data in better risk prevention
IoT Insurance Observatory is a six-year-old think tank specialized on the insurance IoT with the participation of top executives from the most relevant Insurers, Reinsurers, and Tech players in the IoT and telematics insurance arena
The think tank membership provides access to the most globally relevant insurance IoT knowledge, and its goal is to promote a profitable IoT adoption in the insurance industry.
Tech scouting in Banking & Insurance Project.pptxGiorgia Zunino
This is the final report for Mastre in Fintech and Digital Transformation at LUMSA about innovation team tech scouting for insurtech startups. The analysis process was set up in 5 different steps and worked as following:
Panoramic view of Insurance market and last years trends
Identification of needs and issue about Insurance market and what industry is working on
Selection of 4 startups which are working on technology related to insurance new waves
Description of the chosen startups and the tech features involved
Our consideration about different aspects improvements:
The Singapore FinTech Consortium - Introduction to InsurTechFinTech Consortium
When you hear of “insurance”, the words “innovation” and “technology” would not come to mind intuitively – but they should now. At this day and age, insurance technology has the potential to affect nearly every essential insurance function, ranging from distribution methods to actuarial number crunching. InsurTech is now being implemented across every stage of the insurance value chain.
InsurTech 2016 Conference is a global gathering of the world's leading thinkers and doers in Insurance innovations and technology. It's a gathering of the planet's businesses, large and small, who are being impacted by new innovations to want to meet the demands of the insurance market.
This year, over 300 attendees will make the trip from all corners of the globe to hear from 80 industry thought leaders who will deliver the knowledge you're looking for to succeed in this arena.
InsurTech 2016 will assure that you meet the top insurance and technology professionals - leading 22 interactive and insightful sessions across all the insurtech spectrum, including:
Digital distribution channel
Blockchain
Data Analytics
Wealth Management
IoT & Telematics
Auto Tech
Health Tech & Wearables
Book your delegate ticket now for additional 15% Discount @ http://bit.ly/2bmXVxG
The Internet of Things: P&C Carriers & the Power of DigitalCognizant
As P&C carriers struggle to achieve and maintain profitable growth, they must prepare for and stay in step with advancements in digital technologies. The Internet of Things (IoT) and its network of connected devices and objects makes it possible for carriers to transform how they communicate, collaborate, and operate, and strengthen their capabilities in a number of key areas.
Internet of Things is Poised to Transform the Insurance SectorPaasmer
The explosive growth of IOT is here and now, it’s considered the new Digital revolution. As per Gartner IOT forecast, it is estimated that by 2020 and more than 35 billion things will be connected to the Internet.
Also Gartner predicts global spending on IOT — including all hardware, software and services — has exceeded $1.3 trillion in 2015 and is forecast to reach $3.5 trillion by 2020.
Global insurance think-tank, which has put together executives from more than 50 insurance groups, Institutions and the Internet of Things ecosystem, to discuss the great potential of the most mature Insurtech trend, as well as the challenges it poses to the insurance business. The focus is on any insurance solution based on sensors for collecting data on the state of an insured risk and telematics for remote transmission and management of the data collected.
The IoT of Energy | From Smart Products to Intelligent SolutionsAdvisian
Rapid changes in consumer, business and industrial products and technologies, the proliferation of sensors and digital footprints and sophisticated data analytics are driving transformational shifts in many sectors. The energy sector has responded to this change with more energy efficient appliances, digital retail innovations and progressive smart grid investments, but this is modest relative to many others.
Are you ready to be an Insurer of Things? How the Internet of Things is chang...Accenture Insurance
The traditional business model for insurance, though still a tremendous source of revenue, is becoming less sustainable in the long term due largely to the rapid innovation that the Internet of Things is driving throughout the economy. Yet, in the midst of this disruption there is opportunity. Insurers will need to dramatically reshape their business model, combining insurance with technology, ecosystem services and partners.
Cisco has estimated that the Internet of Things (IoT) has the potential to generate about $19 trillion of value over the coming years. The staggering potential size-of-the-prize has certainly caught the attention of the world’s business community. In a recent survey of senior business leaders around the globe, 96% said their companies would be using IoT in some way within the next 3 years. However, there is a catch – most organizations are yet to derive significant commercial value from IoT. Our research shows that 70% of organizations do not generate service revenues from their IoT solutions. We have looked at why organizations are falling short in monetizing the IoT, and have tried to capture some initial observations on monetization models in what is still a very fast-developing marketplace.
Insurers' journeys to build a mastery in the IoT usageMatteo Carbone
Insurance IoT is a social good!
Because:
🔵 Expected losses can be reduced structured programs with both real-time mitigation actions to solve a specific situation, and behavioral change mechanisms to promote safer behaviors (both in personal and commercial lines)
🔵 Rate can be matched to risks better:
- Smaller and more accurate pricing clusters allow a large part of profiles to receive a lower rate
- Even with the ability to price the individual probability of loss (cluster of one) the insurance foundation isn’t canceled (The risk of each policy will contribute to the expected losses of the portfolio; The premiums paid by many lucky policyholders will be used to pay the claims of the few unlucky policyholders who had an accident in a period of coverage)
🔵 IoT data can be used to increase the effectiveness and efficiency of the claim process, so improving the combined ratio ceteris paribus
⏩ Large part of the policyholders will pay less (and portfolios currently difficult to insure will become more insurable)
Insurance IoT (and telematics) is not about providing a discount
Insurance IoT (and telematics) is about creating economic value using the data and sharing part of this value with policyholders (and agents & brokers)
An integrated holistic adoption of the IoT paradigm is a game changer for your insurance business and a social good:
◾ it allows to improve the availability and affordability of insurance coverages
◾while allowing the sector to write a profitable business
Below you can enjoy a selection of best practices in both personal and commercial lines - written with some of the IoT Insurance Observatory members - that have already started to obtain results from their IoT business transformation journeys
IoT is a game changer for many insurance activity. An increasing number of success stories are emerging at a global level. The IoT Insurance Observatory is committed to support a profitable usage of IoT in the Insurance sector
More Than an Observer - Carbone Still Igniting Industry’s IoT PassionMatteo Carbone
Insurance IoT Observatory is a seven-year-old think tank specialized on the insurance IoT with the participation of top executives from the most relevant Insurers, Reinsurers, and Tech players in the IoT insurance arena
The Observatory is about connecting people and ideas in order to spread the innovation culture throughout the insurance market with three concrete outcomes:
- a global multiclient research on the insurance IoT paradigm
- one-to-one workshops to each member
- plenary symposiums with all the members
The Observatory engage constantly hundreds of key executives involved in the IoT programs within the members of the think tank (including 3 of the top five European insurers, 5 of the top ten US P&C insurers, 2 of the top three Japanese insurers, the largest Australian insure, one of the top two Brasilian insurers and 3 of the top six global reinsurers).
Some figures about our seven editions:
- 2920 hours of one-to-one workshops over the five annual editions of the Observatory
- 34 plenary symposiums between North America and Europe
-7 international publications
The State Farm Vision - Ecosystem Capabilities for the Insurer of the Future.pdfMatteo Carbone
State Farm's vision about the platform play and the smart home strategy is a fundamental area for any personal line insurance carrier in the future. IoT is a necessary capability, not a nice to have!
The Observatory generates and promotes innovation in the insurance sector: representing the cutting edge of global innovation; offering a strategic vision to exploit the insurance IoT full potential; stimulating research and debate between the participants.
The seven annual Observatory editions in figures:
- 2738 hours of one-to-one workshops
- 32 plenary symposiums between North America and Europe
- 87 insurance companies (including 4 of the top 5 Reinsurers, 11 of the top 15 European Insurance Groups, and 10 of the top 15 US P&C Insurance Groups)
- 51 tech players and vendors
𝗬𝗼𝘂𝗿 𝗽𝗼𝗹𝗶𝗰𝘆𝗵𝗼𝗹𝗱𝗲𝗿𝘀 𝗮𝗿𝗲 𝗿𝗲𝗮𝗱𝘆 𝗳𝗼𝗿 𝘁𝗲𝗹𝗲𝗺𝗮𝘁𝗶𝗰𝘀‼️
...𝗮𝗿𝗲 𝘆𝗼𝘂 𝘁𝗼𝗼❓
https://www.linkedin.com/posts/matteocarbone_telematics-readiness-activity-7024698841979400192-BGYc?utm_source=share&utm_medium=member_desktop
results of the survey done by Swiss Re and IoT Insurance Observatory on 10000 policyholders.
The telematics sponsors are people who are likely or very likely to recommend a telematics motor insurance app to a friend. This cluster is equally comprised of men and women and includes mostly millennials (23–41 years old) and people in Generation X (42–57 years old). They love driving and walking, but they don't shy away from using public transport. Telematics sponsors represent 54% of our sample.
The IoT Insurance Observatory mission is to promote a profitable IoT adoption in the insurance sector.
The six annual editions have aggregated more than 130 organizations.
Tech players and Insurance companies, including:
* 4 of the top 5 Reinsurers
* 11 of the top 15 European Insurance Groups
* 10 of the top 15 US P&C Insurance Groups
From Risk Transfer to Risk Prevention - How the Internet of Things is Reshapi...Matteo Carbone
The Geneva Association and the Insurance IoT Observatory looked at the transformation of traditional insurance risk transfer to technology-driven risk mitigation and prevention services.
Risk prevention is an IoT-based uses case able to create a positive impact to all the stakeholders: avoiding the accidents to the policyholders, improving the insurance bottom line, and generating positive externalities to the society
A (false) myth I have heard frequently at conferences is that insurers are not yet able to use IoT data to take smart actions
Instead, there are different success stories about-based risk prevention in different insurance business lines bit.ly/RiskPreventionPaper
One of the best practices in changing driver behaviors is Discovery Limited
Having seen the early steps of this approach, since it’s launch on 1 June 2011, and the journey over the following years, I’ve been always impressed by their innovation journey
Each annual product review has been a thought-provoking presentation: I consider myself extremely luck for this opportunity to learn directly from Anton and Francois and all the team
#Insurtech case histories are frequently fascinating storytelling and make people feel self-satisfied, instead in this paper you will find facts and figures about prevented accidents and profitable auto #insurance portfolios
I love this #telematics story...concrete and fact based!
A new insurance paradigm for the hyperconnected worldMatteo Carbone
IoT adoption is a strategic choice that requires a multi-year commitment to develop the specialistic insurance IoT competencies and the leadership competencies needed to transform the way business is currently being done.
Although IoT has not yet been systematically addressed by the large majority of insurers, several early adopters have already concretely demonstrated the potential of using this technology in the insurance sector.
These successful player journeys show IoT’s extraordinary potential to generate value for insurers, policyholders, and even the entire society.
Insurance IoT is a new way of thinking about the activity of assessing, managing, and transferring risks. This new way of thinking for the insurance business fits with a world that is going to be more and more hyperconnected, a trend that insurers can neither stop or ignore.
Exchange of thoughts on the usage of IoT data in the insurance sector. Featured on the Best's Review deep dive on how the Internet of Things will change the insurance industry.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
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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 European Observatory aggregated more than 25 members
Insurers, Reinsurers, and Tech players
• The North American Observatory have already aggregated more than
25 members, including 7 of the top 15 P&C US Insurance Groups
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
4. 4
The IoT Insurance Observatory growth
Top 15
US P&C
Insurance Groups
Top 15
European P&C
Insurance Groups
Top 15
European Life
Insurance Groups
Top 5
Global
Reinsurers
5 5
3
5
1
3
4
March 2017 April 2019
The most relevant European and North American players are
contributing to shape the Observatory’s view through their thoughts
5
5. 5
The think tank membership provides access to
the most globally relevant insurance IoT knowledge
The most pragmatic
multiclient research
specialized in the insurance
IoT domain based on a
constant observation on the
usage of sensors in different
insurance business lines
around the globe
We interpret best practices
and pitfalls for the members
leveraging an experience
built advising almost 100
different organizations in
more than 15 countries on
IoT insurance project
The knowledge is delivered
through workshops dedicated
one-to-one to each of the
organizations which are
members of the Observatory
and plenary symposiums
both in North America and
Europe
Observer Interpreter Storyteller
6. 6
The last plenary symposiums
June 28th, MilanApril 28th, Milan May 15th, Cincinnati October 1st, Vegas
10:00-10.30 The age of the AI first
insurer - A concrete IoT
home insurance
approach, Pierluigi
Fasano – Swiss Re
10.30-11:00 The innovation of the
auto telematics
services, Alessandra
Girardo - Kubris
11:00-11.45 Auto telematics – A
deep dive on the
“Regolamento sconti
black box”, Riccardo
Cesari - IVASS
11.45-13:00 Demystifying the pricing
IoT-based, Interactive
Workshop
14:00-15.15 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
9.00-10.00 InsurTech Disruption =
(Big Data + IoT) AI
with
a case study for Workers
Compensation – P.
Pasricha, Intellect SEEC
10.00-11.00 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
10:00-10.30 Smartphone-Centric
Telematics Solutions,
Dennis Frawley -
Cambridge Mobile
Telematics
10.30-11.00 Telematics and sharing
economy: what benefits
for car sharing players
and insurers? A. Girardo
– Kubris
11.00-11.30 API Gateways and
Digital Ecosystems,
Giulio Gaioni – Sysdata
11.30-12:00 Technology as key
enabler for new
insurance value
propositions, Alberto
Firpo – Agile Lab
12:00 -13:00 The Munich Re
experience with IoT,
fireside chat with
Andreas Moser –
Munich Re
14:00-14.45 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
15.30-16:00 New IoT insurance
products & privacy by
design, Laura Liguori -
Portolano Cavallo
9.30-10.30 “A Shared Value
approach to motor
insurance with telematics
as the enabler” – Zaheer
Alli, Discovery Insure
10.30-11.15 “From Design to
Production: Putting
together Data & IoT
technologies to build
successful value cases” -
Fabio Ardossi, Replay
11.15-12.00 “From Connected Homes
to Safe Homes, seizing
the insurer’s
opportunity” – Cecilia
Seviliano, Swiss Re
12.00-12.30 “Using Behavioral Science
and AI to fill the
insurance protection
gap” - John Murray,
Neosurance
13.30-14.30 “The Life Insurance
Industry and Insuretech
are dating…now what?” -
Paul Rivard, Munich Re;
JP Bewley Evo; Jared
Carlson, Assurity
14.30-15.15 “Simplifying IoT
implementations – taking
insurers’ headache away”
– Atanu Sarkar,
ValueMomentum
15.15-16.00 “IoT Ecosystem is driving
change” – Nicholas
Leimer, Microsoft
November 30th, Chicago December 10th, Milan
08.00-08.20 “Pricing IoT based”,
Carbone – IoT Insurance
Observatory
08.20-09:00 “Deep dive on auto
telematics pricing
approaches”, Ross - DRC
Group
09.00-09.40 “Presence of insurers in
the connected life of the
customers”, Carbone –
IoT Insurance
Observatory - and Sarkar
- ValueMomentum
09.40-10.20 “Insurance opportunities
on the IoT Ecosystems”,
Leimer - Microsoft
10.20-10.50 “Workers Compensation
Business and Technology
Trends and the Impact of
Emerging Tech”, Gomez -
Novarica
10.50-11.30 “The usage of IoT data to
reinvent workers’
compensation business”,
Firpo - Agile Lab
11.30-12.00 “Connected Services
@Home: A real
experience from the
market”, Ardossi - Reply
13.00-13.20 “Investing in Insurance
IoT”, Horoviz - HCS
Capital
13.20-14.30 “Life insurance and
wearables: concrete
experiences”, Bewley
and Cabral - Evo
10.00-11.00 Privacy, GDPR and
compliance roundtable,
Liguori – Portolano,
D’Alfonso – Sara
Assicurazioni, Franzoni –
Allianz Worldwide Par-
ners, Cervino -
Groupama
11.00-11.30 3rd Generation
telematics solutions from
CMT, Bowne - CMT
11.30-12.00 How AI can facilitate
automate damage
estimation and bring
efficiency in the Claim
Management Process: a
real project’, Girardo –
Kubris
12.00-12.30 Geodata representation
and Context Information
for the "Smart
Insurance", Nesti – Qmap
12.30-13.00 Smartphone Data and the
Insurance Customer
Lifecycle, Kisvarday -
TrueMotion
14.00-14.30 Service delivery through
smart home insurance,
Mascolo - IMA Assistance
14.30-15.00 Customer Engagement in
Connected Insurance,
Mumdziev – Amodo
15.00-15.30 Mosaic project:
healthcare, wearables
and medical devices,
Procaccini - Maugeri
15.30-15.50 Health Bancassurance
and Insurtech, Surlas –
RGA
15.50-16.00 Wrap-up and
presentation of the 2019
Observatory Edition,
Carbone – IoT Insurance
Observatory
7. 7
The scope of the Observatory is the Insurance IoT
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
Some of the
additional focus
for the 2019 edition
Health and life Industrial risks and
workers’ comp
Auto and
motorbike
Home & commercial
property
Extended
warranty
Ecosystems
Intermediary
engagement
Small commercial
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
Our goal is to help members to address the insurance IoT opportunity
Value creation
IoT improves insurance
profit & loss and allows
insurers to share part of
this value with the
customer in order to
increase product
adoption
1
Interaction frequency
It enhances proximity and
interaction frequency
with the customer while
creating new customer
experience, increasing
retention and expanding
relationships
2
Knowledge creation
IoT approaches create
and consolidate
knowledge about risks
and the customer base
which will lead to the
next generation of
products and services
3
Sustainability
Insurance IoT enables a
new virtuous role by
providing positive
externalities for a
sustainable society
4
11. 11
The Observatory provide a constant update on the Insurance IoT
innovations to the participants
Collection of
evidences
concerning
insurance IoT
approaches at a
global level
Research on
consumer
expectation and on
distribution of
connected
insurance products
in the international
markets
Best practices
analysis with
market
benchmarks and
international
innovation
scouting
Annual plenary
sessions (collegial
events) in order to
share with
Observatory's
Stakeholders ideas
and experiences on
insurance IoT
1to1 deep dive
meetings
(workshops) with
each Insurance
Company to
present and discuss
the Observatory's
research
0503 040201
12. 12
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
Some quotes from the Observatory participants
The initiative provided though-
provoking contents. The deep dive
sessions were clear and stimulated
great engagement within the
organization
Insurer
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
Unique perspective of the various
Insurance IoT use cases around the
world. Really helpful the deep dive
tailored on our needs.
Insurer
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
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
Relevant initiative on the sector,
strong attendance and very
innovative for structure and
contents discussed
IT provider
13. 13
Contacts
Matteo Carbone
Founder and Director of the IoT Insurance Observatory
Keynote speaker and writer on insurance innovation
Global InsurTech Influencer (Top 2 InsurTech Influencer by InsurtechNews, Top InsurTech
Influencer by Right Relevance, Top 10 InsurTech Influencer and top 4 insurtech influencers in the fintech
community by Onalytica, Top 5 InsTech Influencer by InstechLondon, Top 25 Disruptors in the Insurance
Industry by Vertafore) Matteo.carbone@iotinsobs.com
+39 (334) 622- 0378
+1 (929) 309-6026