Shaping the right strategy, managing thebiggest risk.Until recently, the Internet of Things (IoT) was on the strategic agenda of only the largest and most progressive insurers. The IoT was largely viewed as a futuristic concept, and many insurers adopted a “wait and see” attitude.
The internet of things – The next wave - InsuranceArqiva
Our Managing Director of Smart & M2M, Wendy McMillan, talks through the impact of the IoT on the insurance industry at the Insurance and Analytics convention in September 2014.
In October 2017, Initio was invited to participate as speaker to the Insurance Breakfast organized by Comarch in Brussels & Luxembourg.
For this event, we held a keynote about Connected Objects usage in Insurance. This is the synthetic resume and the slides of our presentation.
Presentation about how the IoT can be applied in the Insurance sector (eHealth, wearables, telematics, connected cars, connected homes...). Presentation held by Szymon Uczciwek at Comarch Benelux Insurance Breakfast on the 18th of September in Brussels.
Insurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEYInsurtechNews.com
At the beginning of the year, everyone is looking at how to identify the crucial elements of change that will affect their business in the next twelve months. Discussions from CES 2016 showed that the attention for a lot of companies has turned to connected devices and the internet of things. There are next-gen refrigerators that look like smartphones, smart shoes that track your running habits, and autonomous vehicles that drive for you – that’s just to name a few! But, what we need to ask is who this digital ecosystem is going to affect and what players are being left out of critical first steps of IoT deployment. Recently, FC Business Intelligence asked over 300 insurers what they think the internet of things could deliver for their business. Take a look at the survey infographic featuring insight in to the applications of IoT for insurers for exclusive insight.
The Insurance of Things - How IoT Will Disrupt The Insurance IndustryAtooma Inc
Thanks to the technological convergence which the Internet of Things is, a lot of data is being generated by people and objects. But Big Data is valuable only as long as it is actionable. This amount of available data can and will have a strong impact on every industry in the next few years, providing new opportunities to improve business intelligence and make smarter decisions.
Business insider estimates that there will be 18 billion connected devices by 2018. While considering IoT on a consumer level, Strategy Analytics claims we will have 4,3 smart devices per person on the planet by 2020. Such a horizontal distribution of the internet of things allows insurance companies to estabilish a new dialogue with their customers. On the other hand, it will allow them to design tailor made solutions based on internet of things based analytics.
The internet of things – The next wave - InsuranceArqiva
Our Managing Director of Smart & M2M, Wendy McMillan, talks through the impact of the IoT on the insurance industry at the Insurance and Analytics convention in September 2014.
In October 2017, Initio was invited to participate as speaker to the Insurance Breakfast organized by Comarch in Brussels & Luxembourg.
For this event, we held a keynote about Connected Objects usage in Insurance. This is the synthetic resume and the slides of our presentation.
Presentation about how the IoT can be applied in the Insurance sector (eHealth, wearables, telematics, connected cars, connected homes...). Presentation held by Szymon Uczciwek at Comarch Benelux Insurance Breakfast on the 18th of September in Brussels.
Insurtech.news - INSIGHT: INSURANCE INTERNET OF THINGS INDUSTRY SURVEYInsurtechNews.com
At the beginning of the year, everyone is looking at how to identify the crucial elements of change that will affect their business in the next twelve months. Discussions from CES 2016 showed that the attention for a lot of companies has turned to connected devices and the internet of things. There are next-gen refrigerators that look like smartphones, smart shoes that track your running habits, and autonomous vehicles that drive for you – that’s just to name a few! But, what we need to ask is who this digital ecosystem is going to affect and what players are being left out of critical first steps of IoT deployment. Recently, FC Business Intelligence asked over 300 insurers what they think the internet of things could deliver for their business. Take a look at the survey infographic featuring insight in to the applications of IoT for insurers for exclusive insight.
The Insurance of Things - How IoT Will Disrupt The Insurance IndustryAtooma Inc
Thanks to the technological convergence which the Internet of Things is, a lot of data is being generated by people and objects. But Big Data is valuable only as long as it is actionable. This amount of available data can and will have a strong impact on every industry in the next few years, providing new opportunities to improve business intelligence and make smarter decisions.
Business insider estimates that there will be 18 billion connected devices by 2018. While considering IoT on a consumer level, Strategy Analytics claims we will have 4,3 smart devices per person on the planet by 2020. Such a horizontal distribution of the internet of things allows insurance companies to estabilish a new dialogue with their customers. On the other hand, it will allow them to design tailor made solutions based on internet of things based analytics.
I'm pleased to share the first Singapore InsurTech Landscape. The focus is on the start-ups founded in SG, as well as those with regional HQs or major projects (such as Collab). Hats off to a vibrant ecosystem!
Please note that landscapes are living documents. Feel free to DM me on LinkedIn to agree, disagree or add your start-up to the landscape!
The full potential of insurance telematicsMatteo Carbone
Auto telematics represents the most mature insurtech use case, as it has already passed the test and experimentation phase within the innovation unit. It is currently being used an instrument for daily work within motor insurance business units. In this domain, Italy is an international best practice example
Are customers ready for smart home technology? Today, 2 out of 3 U.S. homeowners insurance customers would be willing to change insurance companies to get policy discounts for using smart home devices, including smart thermostats, smoke/carbon monoxide detectors and garage door openers.
NTT DATA's national research study uncovers consumers' interests in using smart home devices and their concerns around sharing data from those devices with insurance companies.
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
InsurTech trends: Connected Insurance as the most relevant one considering TAM and maturity level. It has already shown adoption and material impacts in some markets.
The first think tank dedicated to the Connected Insurance (Telematics & Insurance IoT), the most relevant insurTech trend (representing around 80% of the $16,5B invested on IsurTech globally as of today)
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.
The think tank focused on Connected Insurance, the first InsurTech trend able to scale up. We are addressing the business opportunities on auto telematics, other personal lines (connected health, connected life, connected home) and commercial lines
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
From “Connected” to “Smart” Home: the future is IoT and InsurtechAndrea Silvello
Our lives are starting to be ruled by devices, wearables and other items that are in one way or another connected to the internet and in some cases between each other. We are now at the beginning of a journey which is still to be shaped by technology, practical applications and privacy and security implications of the Internet of Things and interconnectivity. One of the sectors that has started to grow in these last years is connected insurance, in particular motor telematics insurance which uses black boxes in order to gather driving behavior data in order to offer customized insurance policies and better loyalty schemes to clients. This ongoing and successful experience in telematics has served as a benchmark for other areas of connected insurance like home.
I'm pleased to share the first Singapore InsurTech Landscape. The focus is on the start-ups founded in SG, as well as those with regional HQs or major projects (such as Collab). Hats off to a vibrant ecosystem!
Please note that landscapes are living documents. Feel free to DM me on LinkedIn to agree, disagree or add your start-up to the landscape!
The full potential of insurance telematicsMatteo Carbone
Auto telematics represents the most mature insurtech use case, as it has already passed the test and experimentation phase within the innovation unit. It is currently being used an instrument for daily work within motor insurance business units. In this domain, Italy is an international best practice example
Are customers ready for smart home technology? Today, 2 out of 3 U.S. homeowners insurance customers would be willing to change insurance companies to get policy discounts for using smart home devices, including smart thermostats, smoke/carbon monoxide detectors and garage door openers.
NTT DATA's national research study uncovers consumers' interests in using smart home devices and their concerns around sharing data from those devices with insurance companies.
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
InsurTech trends: Connected Insurance as the most relevant one considering TAM and maturity level. It has already shown adoption and material impacts in some markets.
The first think tank dedicated to the Connected Insurance (Telematics & Insurance IoT), the most relevant insurTech trend (representing around 80% of the $16,5B invested on IsurTech globally as of today)
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.
The think tank focused on Connected Insurance, the first InsurTech trend able to scale up. We are addressing the business opportunities on auto telematics, other personal lines (connected health, connected life, connected home) and commercial lines
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
From “Connected” to “Smart” Home: the future is IoT and InsurtechAndrea Silvello
Our lives are starting to be ruled by devices, wearables and other items that are in one way or another connected to the internet and in some cases between each other. We are now at the beginning of a journey which is still to be shaped by technology, practical applications and privacy and security implications of the Internet of Things and interconnectivity. One of the sectors that has started to grow in these last years is connected insurance, in particular motor telematics insurance which uses black boxes in order to gather driving behavior data in order to offer customized insurance policies and better loyalty schemes to clients. This ongoing and successful experience in telematics has served as a benchmark for other areas of connected insurance like home.
Discover how the intersection of analytics and telematics can create new revenue for your business in the white paper "Telematics for Insurance" http://ibm.co/1GLLfYP.
An in-depth discussion of the key trends driving card-not-present transactions and the subsequent increase in demand for smart transaction security solutions; includes a detailed review of the various transaction security technologies and solutions available for merchants and issuers
Being connected has become the talk of the town and insurance companies are surely one of the main interested parts in this discussion, some of them being actual promoters of change and innovation. Traditional players will have a more tough time in adapting to the new paradigm but my view is that they will have to adjust on the long term to the new rules of the game if they want to stay competitive.
Consumers are becoming more and more connected whether it is at home, at work, behind the wheel, when they engage in sports & leisure activities and so on. This is happening quite fast due to the adoption of smart devices and thus the companies have to be able to react accordingly in order to maximize value both for its clients and for itself. The surrounding environment is becoming smart and is being incorporated in the connected ecosystem thus creating new opportunities for insurance companies, opportunities which must be managed appropriately in order to maximize value. Here big data analytics plays a huge role, as the number of collected data & variables is getting higher and higher. To be precise, the discussion focuses on how companies will be able to read the data in order to identify patterns and optimize their business models by controlling loss, perfecting risk assessment and prevention etc.
A comprehensive overview of key industry trends driving innovation in the wealth management space and how the industry is reacting to the emergence of Robo Advisors and other Digital Wealth Management providers
Internet of Things (IoT) has a great potential for diverse applications. IoT applications can provide interesting and useful applications in various fields such as agriculture, aviation, education and more
Information technology uses in insurance industrySujay Kumar
Purpose
Efficiency
Convenience
Information technologies' role in General Insurance
How Is Information Technology Used inLife Insurance?
Challenges Faced
What needs to be done?
IBM Solutions..
Often small businesses as well as respected corporates ask me about tools and techniques to optimise the success of their mutual engagement. Such conversations reveal a lot. As a result I would like to share with you a few lessons I garnered from experience working with large and small enterprises.
An introduction to Insurtech. I gave this presentation to two of the main companies in the insurance sector in Italy.
Fabrizio Villani - mobile: 0034/631404975
email: fabriziovillani@hotmail.it
twitter: @FintechItalia
LinkedIn:https://es.linkedin.com/in/fabriziovillani
The insurance industry has remained much the same for more than 100 years, but over the past decade it has seen a number of exciting new innovations and new business models.
A report providing an overview of the Insurance Technology startup landscape, graphical trends and insights, and recent funding and exit events. Contact info@venturescanner.com to learn more!
Technology is disrupting nearly every part of our daily lives.
Smartphones have allowed us to stay connected to each other at literally every moment of our lives, whether it's on our daily commutes or on faraway vacations.
The Internet of Things (IoT) is making us more connected than ever with smart home devices that can control our lights and thermostats and order food for us with simple voice commands.
Robo advisors are making investing more accessible and more affordable for everyone.
And the list is growing.
Almost every industry has been disrupted by digital technologies over the past decade. And, in 2017 we expect to see more revolutionary developments impacting our businesses, careers, and lives.
BI Intelligence, Business Insider's premium research service, has put together a list of 30 Big Tech Predictions for 2017 across Mobile, Digital Media, Payments, IoT, E-Commerce, and Fintech. Some of these major predictions include:
Autonomous car road tests
Snapchat and Amazon rattling the digital ad space
VR hardware competing with popular gaming consoles
The grocery industry making the move online
Mobile wallets adding value to users
Insurtech ascending with investments from legacy players and tech giants
Social video taking 2017 by storm
A report providing an overview of the Financial Technology startup landscape, graphical trends and insights, and recent funding and exit events. Contact info@venturescanner.com to learn more!
The rise of Fintech, changing consumer behavior, and advanced technologies are disrupting equally all the financial services industry, among which also it’s most prominent member, insurance
The insurance industry has been using data to calculate risks for years, still, with new technology now available to collect and analyze large volumes of data for patterns and better risk prediction and calculation, the value of understanding how to store and analyze it has grown exponentially (Liu et al., 2018).
Insurers are at their early stage of discovering the potential of big data, and multiple technology companies are investigate how to make value of such technology (Pisoni, 2020)
Catching the Consumer Data Wave: A New Opportunity in the Insurance EcosystemCognizant
With the profusion of insurance consumer data coming online, the role of data intermediaries is emerging as a key player in the insurance ecosystem. Insurance distributors are especially well-suited to take the lead in analyzing leveraging user data and sharing insights to drive innovative product offerings and growth.
Optimizing the Internet of Things: Key Strategies for Commercial InsurersCognizant
The Internet of Things (IoT) is having a significant effect on both consumer-facing and commercial enterprises. At the consumer level, this can be seen in the increasing number of sensor-based smart devices flooding the marketplace. Yet the biggest economic impact is in the industrial and service-based segments, including commercial insurance. By aligning their business requirements with the capabilities of the Internet of Things, insurers can sharpen operational efficiencies, open new revenue streams, drive profitable growth and keep customers close.
Digital technology has changed how people shop, bank, travel, and live. Real-time location services, free global communications, and information on demand have become the norm, raising consumer expectations for more personalized customer experiences, when and where they want them. The insurance industry is no exception, as heightened consumer expectations are driving innovation and creating opportunities for new entrants to challenge industry bellwethers. As a result, consumer-facing industries have had to adapt or perish.
Many insurers are struggling to enhance their customer experience while facing stiff competition from digital savvy, data-intensive, agile insurtech companies. The digital disruption is radically altering how insurance is bought, distributed, serviced, commercialized, and ultimately, perceived by the general public. The result is the emergence of insurtech companies engaging customers in ways traditional insurance companies have never offered before.
The traditional model of insuring customers for specific events (or circumstances) is being supplanted by a new model based on a lifecycle of customer needs. Equally important is the capability to go from responsive to predictive practices more accurate than conventional actuarial techniques.
The enabler of these new capabilities is effectively leveraging the expanding quantities, sources, and distributions of data. Doing so requires innovative data-driven technologies designed to discover and integrate this data with semantically enriched data fabrics that strengthen the insurance industry’s fundamental use cases—making new ones possible.
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.
The Work Ahead in Insurance: Vying for Digital SupremacyCognizant
Insurers expect dramatic changes to their work by 2023 as a result of adopting digital technologies and mindsets, according to our study. Speeding processes, harnessing data and forming new collaborations will be key to winning the digital arms race ahead.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Vast new data streams create opportunities for insurers to identify and act upon hidden insights, but they also open the door for new business models and competitors.
Data-driven insights make it possible to create new products and new revenue streams, typically in partnership with players from outside the industry.
Harnessing external data is a complex undertaking, but insurers can start by developing a comprehensive plan and then undertaking specific, high-return initiatives that build momentum and help transform the enterprise into a winning competitor in the new digital arena.
Harnessing the data exhaust stream: Changing the way the insurance game is pl...Accenture Insurance
Learn how external insurance data and analytics is changing everything, from pricing risk to interacting with customers. Read more: https://www.accenture.com/us-en/insight-harnessing-external-data-stream
The insurance industry – from product development to underwriting to claims – is being fundamentally transformed by AI technologies. Although some companies are investing aggressively in AI to slash costs while also enhancing the customer experience, most insurers will need to accelerate their efforts or risk discovering that it has become too late to catch up.
In this presentation, I tried to succinctly discuss the future technology trends and explain how they can impact the healthcare industry. Also Business Transformation, as a key to tackle, has been discussed.
Employing Telematics to Transform Workers' CompensationCognizant
Various pressures like heightened competition, rising costs and tougher regulations are compelling workers' compensation insurers to automate their systems, connect their people, processes and devices, and distill accurate, real-time information from the digital data that that encircles people, processes, organizations and devices. Telematics - technologies that integrate telecommunications and information can be the key to achieving these goals, all through a proactive, smarter, tightly connected environment.
Similar to The Internet of Things in insurance (20)
InsurTechNews: Follow the money | FinTechStage Milan 2017Andrea Silvello
? Insurtechnews.com is a great source of daily sector specific news and insights which we create together with thought leaders of the industry. We also have a weekly newsletter for which we encourage you to subscribe if you haven’t done it already.
Since September 2015 when insurtechnews was launched we’ve had one hundred and 30 thousand (130.000) visitors on our website of which more than 40 thousand (40.000) are returning users. The top countries that our readers come from are the US, UK, Italy, Germany and India. 28 thousand (28,000) monthly pageviews with a 300% increase Year over Year. More than 10 thousand (10,000) views per insight for our top articles and over 3 thousand 2 hundred (3.200) newsletter subscribers, and growing.
InsurTechNews was named as:
o 1 of 25 Insurance Resources Every Independent Agent Should Subscribe To
o 6th in the top most influential brands on InsurTech by Onalytica
o 7th in the top InsurTech influencers lists by Right Relevance
Thanks to the recent partnership between InsurTechNews and Venture Scanner we are now able to offer you a quarterly update on the state of the InsurTech sector. The purpose is to capture the changes as they happen regarding startups and the types and amount of funding that they receive.
Venture Scanner is currently tracking over 1 thousand 2 hundred 20 (1220) startups globally that fit in the insurance technology category, with a major concentration in the US as you can also see on the map, followed by Asia, Europe and Australia.
The Virtual Insurance Agent that sells push based contextual microinsuranceAndrea Silvello
The Next Generation Virtual Insurance Agent for insurance disruptors and reinsurers that want to sell push based contextual micro-insurance in the age of the customer
The sharing economy: How economic activity is shifting to, and being enhanced...Andrea Silvello
The term sharing economy is widely perceived as a synonym of “collaborative economy” or “on demand economy”, but it actually represents a very wide concept which lacks a common definition.
Rachel Botsman defines the collaborative economy as “a system that activates the untapped value of all kinds of assets through models and marketplaces that enable greater efficiency and access ”. The concept behind the sharing economy is indeed very simple: anything that is not being used can be rented out. This framework includes services such as renting, bartering, loaning, gifting, and swapping of underutilized material or immaterial possessions. These idle resources are useful to create an efficient circular system by reallocating or trading them with people who want or need them. Recycling, upcycling and sharing the lifecycle of products are common features of the sharing economy. “Waste” is the result of a misallocation of resources: today technology often allows us to easily correct that misallocation, by redistributing or trading a great variety of “sleeping” assets and resources (table 1). For instance, Uber and AirBnb platforms allow customers to share cars and homes, while TaskRabbit connects people with free time with people who need someone to perform small tasks.
As well synthesized by Meg Whitman (CEO at Hewlett-Packard) “we’re now living in an Idea Economy, where the ability to turn an idea into a new product or service has never been easier”. This impact is pervasive on all industries, any company has to achieve enough agility to respond to market opportunities and threats and quickly turn ideas into reality.
For some years now, the “digital”-driven projects have become a priority for all the Insurance Groups. Let me add that here the term “digital” refers to several important aspects starting with a digitalized customer experience, which is completed by digital/technological processes aimed at improving the relationship with the clients and with the mid-term objective of maximizing the single client’s profitability.
Insurers are beginning - and those who are not doing so should start – to give serious thought to how they can build their strategy to incorporate the IoT into the insurance value chain.
The Internet of Things (IoT) is “the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.” The most important factor in the IoT “equation” is the data – which is the main element providing value to the insurance company if harvested and analyzed in an adequate manner. In product development there should be a data collection & analysis approach embedded in the business model itself, otherwise the strategy will lack in bringing the desired added value. Having a “data mindset” in all the stages of the business will ensure that the implemented model will have the capacity to gather and analyze the high quantity of data provided by the interconnected devices and environments.
As Matteo Carbone who is an expert in the field says in his article, ultimately telematics is the integrated use of informatics and telecommunications; it is about registering, storing and analyzing data via telecommunication devices.
“Telematics could be one of the most relevant digital innovations in the insurance industry directly impacting the technical results. Due to the pervasive diffusion of the Internet of Everything, this approach could be extended from motor insurance to other insurance businesses.”
Integrated killer applications for connected insurance Andrea Silvello
DigitalTech International was founded to leverage on the experience of the Italian innovative telematics cluster and design a new generation of disruptive digital solutions. Founded by Andrea Silvello, 15 years of experience in strategy consulting, including Bain & Co. and BCG and Luciano Pezzotta, Lead Consultant of Blue Ocean Strategy in the Asia-Pacific. Incubated by Business Support SpA, a high-growth European “boutique” strategy consulting and financial advisory firm and ECSI Consulting a global innovation consultancy.
We are the first connected insurance service provider for the insurance carriers at a global level on all the personal lines (car, home, health and life). Our solution is a plug & play SaaS which enables Insurers to manage the insurance IoT value chain from data gathering to service delivery with a smartphone-based cross-business line customer-centric solution. Such solution relies on an ecosystem of partners that are connected to the different lines of the “Connected Insurance”.
Our solution transforms old insurance institutions in insurtech players
The creation of an efficient insurance IoT use-case requires a great suite of services and our platform is able to orchestrate different modules and all the ecosystem of partners required by each insurer.
From cure to care: the disruptive opportunity of connected health insuranceAndrea Silvello
Multiple innovations are radically changing the insurance sector business profile.
Client expectations:
- Customer satisfaction has improved significantly
- 3 clients out of 4 expect to be able to interact via multiple channels with the insurance company
- International studies prove a high availability to share personal information when presented with discounts or aditional services
- Growing request for transparency
Product structure:
- Connected insurance is more and more present (Oscar for health, Cardif for home, RCIS in crop insurance)
- Pay per use (e.g. Metromile)
- Digital insurance snack (e.g. temporary coverage offered by - - Tokyo Marine via mobile, the agreement between Generali and Obi Worldphones)
- Cash back linked to “exemplary” behavior (e.g. Vitality Drive)
Neosurance: the first Virtual Insurance Agent which sells micro policies. Andrea Silvello
Insurance Worth Buying
Neosurance is an insurtech startup that helps you engage and monetize your digital customers, delivering the best insurance experience where and when it matters most.
With our help the insurer is capable of coming up with the right insurance proposition precisely when the client needs it, without even having ask for it. A highly personalized push offer on one's smartphone according to the single individual and its context. Imagine you’re a tourist landing in London and you forgot to previously buy a travel insurance: no problem, a personalized notification arrives on your device asking if you want to get insured in a few steps directly from your device. Easy, fast, comfortable
The push notifications are sent to the users in an intelligent way thanks to our AI machine learning system which bases its knowledge on contextual data. Our approach is B2B2C, based on IoT data and Artificial Intelligence in order to apply the nudges theory to the insurer’s needs - that is, micro insurance delivered via push offers that are highly personalized according to the single individual’s context. The AI component perfects the knowledge on insurable moments and on personal behavior in order to sell the right cover at the right moment in the most effective way.
MinibondItaly.it - BAROMETRO MINIBOND: MARKET TRENDS DATI AGGIORNATI AL 30/09...Andrea Silvello
20 nuove emissioni sul Mercato ExtraMot Pro durante questo trimestre estivo, illustrate nel dettaglio nell’ultimo Barometro Minobond: Market Trends. Da sottolineare, in riferimento alle emissioni di taglio inferiore a €50M un aumento del numero e un netto aumento dei volumi rispetto al trimestre precedente. Inoltre si può constatare un l’incremento del settore Power & Utilities per effetto dell'emissione di TS Energy Italy S.p.A., produttore cinese di pannelli fotovoltaici ed EPC contractor che a partire da Febbraio 2012 ha iniziato ad operare anche nel territorio Italiano, con un controvalore pari a €40 M: tasso fisso 4,20% con scadenza nel 2032
MinibondItaly.it - MINIBOND SCORECARD: MARKET TRENDS MAIN INDICATORS AS OF JU...Andrea Silvello
188 minibond issues reached; a month away from the last Market Trends Minibond Scorecard, arrives the English update of the document. By observing this months’ last issues there is a clear signal that the market remains active despite the holiday season. The interest showed by foreign countries for this debt instrument, which in Italy has seen a fair amount of success among SME’s, is constantly on the rise. Precisely for this reason MinibondItaly together with Epic Sim have created the English version of the document. The Minibond Scorecard: Market Trends is designed with the purpose of bringing quality and reliable information to foreign agents that operate within the sector: it provides a description from an international angle on what is currently happening in the ExtramotPro Italian Market, with the objective of providing an updated and clear picture for international players.
MINIBONDITALY: BAROMETRO MINIBOND: MARKET TRENDS - DATI AGGIORNATI AL 30.06.2...Andrea Silvello
Anche questo trimestre i minibond si confermano leader dei finanziamenti delle Pmi: il nuovo minibond da 15 milioni di GPI, tra i principali operatori in Italia nel settore dell’information technology per la sanità e per il sociale; un milione di euro quotato da Boni Spa e un collocamento da 8milioni di euro di Yatchtline Arredomare 1618; solo per citare tre delle tredici emissioni dell’ultimo periodo.
MinibondItaly.it - BAROMETRO MINIBOND: MARKET TRENDS - DATI AGGIORNATI AL 31....Andrea Silvello
Sono 16 le emissioni di Minibond in questo primo trimestre del 2016, di cui 6 ricadono nel segmento Power & Utilities e3 nel Financial Services, andando così a incrementare due settori già prolifici sul mercato. Forte peso in Power & Utilities hanno avuto le 5 emissionidel consorzio Viveracqua, che raggruppa i gestori veneti del servizio idrico integrato del Veneto, emessi da altrettanti aderenti al consorzio: Polesine Acque Spa per 12 milioni, Alto Trevigiano Servizi Srl per 30 milioni, Acque Veronesi Scarl per 20 milioni, Azienda Gardesana Servizi Spa per 8 milioni, BIM Gestione Servizi Pubblici Spa per 7 milioni, per un totale di 77 milioni di euro.
MinibondItaly.it: MINIBOND SCORECARD - MARKET TRENDS MAIN INDICATORS AS OF JA...Andrea Silvello
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Session Overview
-------------------------------------------
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Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
2. 1
The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com
Until recently, the Internet of Things (IoT) was on
the strategic agenda of only the largest and most
progressive insurers. The IoT was largely viewed as a
futuristic concept, and many insurers adopted a “wait
and see” attitude.
Such a posture is no longer viable. Early adopters have
established a clear and compelling value proposition
by demonstrating how data from in-home and
automotive sensors, wearable technology, drones,
GPS, mobile and telematics devices, networked
appliances and multiple other sources can help
grow new business, improve risk assessment and
proactively engage policyholders in loss prevention.
The IoT offers truly disruptive and transformative
potential to the insurance industry. Substantial
insurers that can shape the right strategy. This paper
will outline the key components of such a strategy,
including:
• Processes, functions and areas where the IoT
could have the biggest business impacts
• The biggest and most important risks to manage —
data security chief among them
•
operationalize — and ultimately monetize — data
from the IoT
The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com
3. The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com
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The IoT:
what it is, why it matters in insurance
The Internet of Things is the network or system
of interrelated computing devices, sensors, living
and can communicate with other devices on the
network. These objects, or “things,” are capable of
transmitting data.
For insurers, the most impactful data streams and
sources from the IoT are likely to include:
• Wearable or personal technology, sometimes
monitoring heart rate, steps walked and other
health-related metrics. This technology is rapidly
developing, with prototype patches already
performing blood work and ECGs and automatically
administering drug doses.
• Sensors on objects, including personal and
commercial vehicles and shipping containers, that
measure distances traveled, speeds and frequency
and level of braking
• Location-based sensors, such as those in
sensors, including “smart thermostats,” security
technologies, such as alarms and cameras, and
industrial control systems
• Other geographic information systems (GIS) that
provide geophysical, topographical, climatological
and hydrological data, as well
and that may include drone and
satellite imagery
While this data is directly accessible by or streams
to insurers via sensors or mobile devices, third-
party organizations may also play a role in owning,
aggregating, and distributing to insurers. All of these
data types are potentially useful for the full range
of products and lines of business, from commercial
(which was an early adopter and has been an
advanced user of such data for many years), to life,
property and casualty and health.
The ability to directly access customer data via the IoT is a new phenomenon for insurers that
have traditionally relied on brokers.
Wearable or
personal
technology,
sometimes called
Sensors on
objects —
personal and
commercial
vehicles and
shipping
containers
Location-based
sensors in
factories,
warehouses,
“smart”
thermostats,
alarms and
cameras
Geographic
information
systems and
satellites providing
geophysical,
topographical,
climatological and
hydrological data
4. 3
The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com
The impact:
today and tomorrow
The IoT’s impact within insurance is coming fully into focus.
At the highest level, better use of IoT and sensor data
means insurers have the opportunity to:
• Establish direct, unmediated customer relationships
• Gain more granular and precise understanding
of who their customers are and how their needs
change over time
• Individualize offerings of products, features and
access options
For insurers that have relied on agents and brokers,
customer data represents enormous change.
Historically, much customer data was unavailable,
and the information insurers could access was often
subjective or inaccurate. Consider the common
misrepresentation of data around certain behaviors
driven per week) on insurance applications. The IoT
opening up new possibilities in many functions.
Coupled with advanced analytics capabilities, new data
streams and sources have set the foundation for entirely
new business models. Usage-based insurance (UBI) —
so-called “pay-as-you-live” or “pay-as-you-drive” business
models — have quickly moved out of pilot phases and
proved their viability and value around the world. In
fact, there are an estimated 5 million active UBI policies
in 35 different countries. From this relatively low base,
EY estimates that UBI policies will reach 15% market
penetration by 2020 in Europe, Asia and the Americas.
EY’s 2016
Sensor survey:
lagging insurers must
embrace new data
In 2016, EY’s global insurance practice
based technology with C-level and
and other industries. The objective
the ways in which new data and
emerging technologies might shape
business innovation, product and
pricing strategies, risk and regulatory
management, customer engagement
and operational transformation.
insurers lag considerably behind their
counterparts in other sectors when
it comes to their ability to optimize
long-term value, collaborate with
utilize new insights.
54%
Retail
Insurers lag in using insights from new data sources
Percentage of respondents, by sector, reporting that their companies
can use insights from new data sources to boost customer value.
50%
Automotive
47%
Transportation
47%
Electronics
47%
services
46%
Telecom
36%
Insurance
5. 4
The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com
Cross-enterprise and cross-industry
impacts:
the IoT affects everyone
The view from underwriting
The convergence of different data types leads directly
to increased precision in assessing risk, pricing policies
and estimating necessary reserves. There are clear
advantages over current approaches, which rely
on backward-looking claims data and historical risk
studies. Through constant monitoring, underwriters
can recommend real-time pricing and policy term
health and well-being services to manage mortality
and morbidity risk over time.
Claims
The IoT is likely to drive further evolution in claims,
as it orients more toward active loss prevention. For
and water damage. In-vehicle sensors can also be
useful in providing warnings in case of dangerous
driving patterns. Within group health insurance, the
discounts offered to employees who monitor their
activity levels and heart rates could be considered
a claims prevention program. Increasingly, within
driven opportunities to enhance incident management
and claims service, such as proactively offering towing
or “loaner” vehicles in the event of an accident, rather
than just covering these costs.
Commercial continues to advance
control systems have long been standard within
manufacturing environments. Commercial insurers
have also matured their modeling capabilities,
especially relative to natural disasters. These
Superstorm Sandy in 2012, where insurers carefully
tracked the impact of the storm and proactively
alerted policyholders of imminent risks. Combining
data — layering wearable technology data with GIS
data against historical patterns — enables deeper
understanding of risk, both in real time and across
historical perspectives.
Life
Life insurers can now automate and streamline the
traditionally intrusive and lengthy underwriting
process, because sensor data provides the means to
answer a lot of the questions from yesterday’s paper-
based application forms. This opens the door to a
greater focus on millennials and younger customers,
as well as on policies with lower face amounts.
the promotion of healthier lifestyles and potentially
pay-as-you-go models. There are even opportunities
to automate retirement planning processes and offer
simpler and more affordable products.
6. 5
The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com
Ways to get
started
Engage customers to help formulate your data
strategy: as EY’s 2016 Sensor Data Survey
concluded, the opportunity is ripe for insurers to
enrich and deepen their customer relationships.
Sensor data must be a lever for overhauling the
value proposition in ways that speak directly to
changing customer needs.
Test and learn with wearables
A test-and-learn approach to wearables can help
insurers prepare for the new era of customer
relationships. Widespread adoption of these devices
presents opportunities to offer new services and
improve risk modeling. Increased and connected
data streams clarify customer needs and life
changes, which enables more targeted service
offerings. For instance, insurers, supermarkets and
healthcare companies may offer loyalty bonuses
or discounts on well-being services, healthy food,
“Featurize” and bundle products
In driving product innovation, insurers should seek
to go beyond personalization to truly individualized
targeting. More granular and predictive views
of customers mean insurers will no longer be
forced to generalize product offerings, with the
same standard features, pricing and access for
everyone. Instead, they can tier, target and
“segments of one.” Product bundling is also critical
for breaking down the barriers between lines of
business and types of coverage. For instance, life
and auto policies can be linked to increase insurers’
share of wallet with individual customers.
Consider “downselling”
as well as upselling
Insurers must be prepared to subtract features
and eliminate discounts for those individual
customers who are not likely to contribute
customer segments and product components,
insurers can offer high-value customers
The future of
product innovation
“Component-ized” product bundles
based on tailored features and pricing
Features
AccessPrice
Risk
IoT innovation in action
An Italian insurer attracted 100,000 new
customers in little more than a year by
allowing consumers to design and build
“building blocks” from P&C, life and
health insurance lines. Consumers can
costs and how much coverage each
provides. Telematics devices are
used for automotive insurance, and
the streamlined process for sharing
to success? According to company
the product architecture and pricing
techniques and integrating P&C and life
insurance” components.
7. 6
The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com
Customer
data security
and privacy
• Engage customers to identify
for data
• Revisit data protection protocols
and new, emerging architectures
• Don’t store or maintain
customer data that is readily
available
Creating an
analytics
culture
•
to be asked and answered
• Create focus on layering insights
back into business as usual
• Second-guess old architectures
Product
innovation
• Focus on product
enhancements, rather than
additional channels
• Develop “featurization” and
bundling capabilities
• Be prepared to “downsell” to
• Seek to balance customer value
Underwriting
• Combine data sets (e.g., GIS and
• Unleash underwriting leaders
to contribute to product
design, such as modular
and customizable product
architectures
• Embrace advanced analytics and
data science to attract talent
Life
•
product structures and dynamic
payment capabilities for usage-
based and “pay-as-you-go”
models
• Seek to engage customers
based on their needs (not your
products)
Claims
• Align claim prevention strategies
to customer-facing programs
(e.g., lower group health rates
monitors)
• Offer enhanced services to the
right customers in the
aftermath of incidents
customers should not necessarily be encouraged
to renew or make additional purchases. For an
industry obsessed with upselling, such data-driven
“downselling” may seem illogical. The business
case is compelling however, as downselling not only
Engage underwriting
historical data sets, underwriting teams can — and
should — play a more active role in product design —
especially in the realm of modular and customizable
product architectures. By marrying different data
sets (e.g., GIS and wearable technology), insurers can
realize step gains in enhancing modeling capabilities.
Solve for technology
Legacy system limitations and the variety and
volume of new data requires an overall ecosystem
approach, rather than discrete software or
“point” solutions. Such a holistic environment will
and both “live” and historical data feeds, proprietary
models and real-time analytical outputs. The goal
is to enable more rapid and focused action across
the board, from analyzing risk and pricing products
to making retention offers and servicing accounts.
data sources and establishing the right governance
policies will be critical.
8. 7
The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com
Managing the risks:
from data security to “perfect” strategies
Data security presents the biggest IoT-related risk
associated for insurers. Additional data streams,
enterprise boundaries present as many threats as
opportunities. The threats speak directly to the core
of the business: do consumers trust an insurance
company enough to provide their personal data? And
how do insurance companies trust that data is being
user’s car insurance is based on his or her driving
pattern, how does the insurance company determine
when the insured driver is using the car and not an
alternate family member?
Other key considerations include:
The expansion of enterprise
risk boundaries
Currently, insurers focus their security efforts on
building fences around internal operations, data
before. Thus, security teams must look
beyond the traditional security perimeter
as they seek to protect corporate assets.
The emergence of new security
technologies and techniques to
complement traditional approaches
and get ahead of IoT threats
Insurers must also look to leverage emerging
technologies, such as the use of blockchain in IoT,
and comprehensive approaches to security, such as
proactive network monitoring, identity and access
management, supply chain security, industrial
systems security, and the embedding of privacy and
security into product design.
Product security framework, program
design and integration
Insurers that choose to create or brand IoT products
or devices assume product security risk, including
those associated with the manufacturing and
implementation of the devices. Security questions and
issues should be raised and addressed at the earliest
stages of product conceptualization and design.
Anydevice
Anyperson
Anyn
etwork Anyind
ustry
An
ycontext
IoT will lead to
an increase in
opportunities as
well as complexity
and risk.
9. 8
The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com
As insurers become more reliant on IoT streams, the
stakes surrounding security rise. Among the initial
steps to take:
• Prepare plans to address customers who demand
more value (e.g., lower premiums or increased
• Consider enhancement to generic, blanket privacy
policy statements and protocols
• Don’t store or maintain customer data (especially
• Consider engaging regulators and industry peers
in developing robust or auditable “Generally
Accepted Privacy Principles”
• Build organizational resilience as part of IoT
cybersecurity solutions to drive competitive
advantage
and maintain high-value data, though insurers will
want to vet the security policies and practices of all
data suppliers.
IoT security is an ongoing process with a distinct
life cycle. It should begin during the earliest phases
of product development and conceptualization,
and ends only when an IoT-connected device
is decommissioned. The critical steps include
identity and access management, product security
development, security monitoring and vulnerability
management, as well as data protection.
There are strategic risks to consider as well, including:
• Imitation risk: Fast followers naturally seek
to mimic the product features added by early
adopters. Data-driven capabilities — such as risk
models that allow for clearer assessment and
segmentation of customers that enable advanced
personalization — are not so easily replicated.
Similarly, innovations in the realm of the digital
while the ability to identify the most valuable and
predictive third-party data sources is defensible
and offers greater long-term value to the business.
• Perfection paralysis: The old saying that the “great
is often the enemy of the good” applies here. There
is risk that companies will seek ever more clarity or
“perfect vision” via sensor data, without seeking
to act on incremental gains and the immediately
possible (such as alliances with device makers and
automakers). Acting too slowly or remaining too
long in pilot or “science project” phases raises the
risk that insurers will be left behind. This applies to
the IoT security space as well. There is no such thing
a variety of approaches and managed through a
sustainable process.
The interconnectivity of people, devices and
organizations and new access points in today’s
digital world open up new vulnerabilities where
cyber criminals can gain access to sensitive data and
Bigdata
Dataanalytics
InternetofThings
BYOD(Bringyourowndevice)
Cloudhosting
Third-party security
Security support serviceInternal devices
Network access control
Intrusion detection
sy
stem
DMZ
Security
r
outers
Socialmedia
Mobiledevices
Most companies
spend the majority
of their time and
resources building a
fence around their
internal organization —
including their data,
systems and personnel.
This is a starting point,
but the perimeter is
no longer stable, and
a fence is no longer
strong enough to keep
attackers at bay.
Expanding perimeterTraditional security boundary
Data
10. The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com
9
The bottom line:
disruption equals opportunity
As usage-based insurance (UBI) applications and
pay-as-you-go business models have matured and
entered the mainstream, it’s become clear that the
IoT is here to stay in insurance. Therefore, insurers
must overcome the industry’s traditional reluctance
to change and commit to fully developed and risk-
informed strategies across all lines of business and
within multiple operational areas. They must focus
on capabilities that are not easily replicated and
assume a bias toward action in putting sensor and
IoT data to work.
Such strategies are necessary to use these new data
streams to improve essential business practices and
processes. More importantly, they are required to
seize the fully transformative potential of the IoT and
harvest the substantial value it represents for the
insurance industry.
Contacts
Kevin Koenig
+1 212 773 2769
kevin.koenig@ey.com
Christopher Lanzilotta
+1 410 783 3739
christopher.lanzilotta@ey.com
Steve LaValle
+1 617 425 7311
steve.lavalle@ey.com
Rishi Pande
+1 312 879 2697
rishi.pande@ey.com
MJ Vaidya
+1 404 541 7039
mj.vaidya@ey.com