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The Insurance of Things - How IoT Will Disrupt The Insurance Industry

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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.

Publicado en: Economía y finanzas

The Insurance of Things - How IoT Will Disrupt The Insurance Industry

  1. 1. Four Ways The Iot Will Disrupt The Insurance Industry THE INSURANCE OF THINGS
  2. 2. Big Data is valuable, but only as long as it’s actionable. 01 03 02 04 18 Billion Connect Devices Business Insider1 estimates that there will be 18 billion connected devices by 2018. Establish New Dialogue This horizontal distribution of the IoT allows insurance companies to establish a new dialogue with their customers. 4.3 Devices Per Person On a consumer level, Strategy Analytics2 claims we will have 4.3 smart devices per person on the planet by 2020. Tailor-made Solutions The distribution also allows them to design tailor-made solutions based on IoT based analytics.
  3. 3. 1. It’s Happening Now IoT is becoming more common in the insurance world. 78% of insurance customers are willing to share personal information for faster claims and lower prices (Accenture3) Customer Willingness Insurers are trying to respond by innovating policies and claims. Innovate Policies Making insurance plans more integrated to smart devices gears innovation. Integration with Smart Devices From “risk insurers” to “smart companions” toward IoT integration Transformation
  4. 4. 1. It’s Happening Now Two Examples of IoT Insurance Innovation Healthcare Insurance Free Fitness Trackers as enablers of a new generation of plans Premium Benefits For customers that share a healthy lifestyle by reaching daily wellness goals Automobile Insurance Leading Trends Leading the “insurer of things” trend with Italy and UK at the top User Based Insurance Offering UBI by leveraging real-time IoT data.
  5. 5. 2. From Historical Data to Risk Prevention Why is IoT-based Big Data so disruptive for the Insurance industry? Detect Behavioral Patterns Detect Emerging Trends from past behavior data to actionable insights for prevention Shift the Focus Allows Insurers to Process Information
  6. 6. 3. Change or Die STRATEGIC PARTNERSHIPS Thanks to strategic partnerships with device manufacturers, platforms and startups, insurers can quickly integrate their business within actors of the industry. RESEARCH Ronald Berger4 claims that by the end of 2014, 60% of top insurers in Europe had invested in the connected car vertical, but basically none had entered the connected health or home area.
  7. 7. Predict Future Events An insurance plan feeding on connected devices data could predict future events. Assess Risk By assigning a score to certain customer’s behaviors. Micro-Target Customers With tailor made solutions while customers could receive incentives if engaging in risk- reducing behaviors. Data-Backed Plan A customized data-backed plan approach established a far more direct channel for interaction and customer management . 4. Tailor Made Pricing Strategies
  8. 8. The Insurer of Things: Auto, Health, and Home How Atooma Can Bridge the Gap Between the IoT and Insurance Connected Car Smartphone apps, plugged black boxes, connected vehicle’s sensors Wearables Fitness trackers, smartphone sensors (gyroscope and accelerometer) Connected Home Camera, app platforms, home kit devices Connected Car Notifying the customer when he is approaching a certain risk threshold, real-time data to access accidents context or theft Wearables Analyze health condition and behavior, customer wellness, and improve patient management with contextual notifications or predictive alerts Connected Home Detect presence of intruders, noise, smoke, water (leaks or floods), and fire, and monitor the air Key Enablers Examples
  9. 9. Key Takeaways On The Insurer of Things An insurer has two ways to face the challenge Option 01 Partner with startups and companies that are working as IoT enablers and owners and then link their policies to this resourceful stream of data in order to delivery integrated solutions Option 01 Atooma is a key enabler for both Option 01 and Option 02. Thanks to a fully integrated white label solution, Atooma provides an embedded prediction engine that enables the insurer to fully embrace all advantages brought by the Internet of Things. Atooma’s Can Help Option 02 Build your own leading IoT ecosystems by capturing data from various proprietary IoT devices, improve their services and monetize by selling to third parties. Option 02 Solution
  10. 10. Research for the Digital Age WANT TO LEARN MORE? CHECK OUT OUR REFERENCES 2 1 4 3 Data and Analysis The Connected Home: New opportunities for property and casualty insurers Ronald Berger
  12. 12. DISRUPT THE INSURANCE INDUSTRY Connect with us.