7. Field moisture is X%,
bring YZZ fertilizer
Ok, I will tell
the planter
my ETA is
5:00pm
I will be at
the north
edge of the
field at
5:00pm
8. you are closer to
my other tractor,
so fuel it first I am low
on fuel
Can our THINGS generate better insights than our
competitors’ THINGS while connected to the same THINGS?
I am low
on fuel
10. • Health and
Activity
Trackers
• Phone Apps
• Sensors
• Telematics
• Automated
Technology
• Crash
Avoidance
Technologies
• Telematics
• Driverless
Cars
Internet of ThingsAuto
Home
Person
Refining use of
telematics in
rating
Exploring
possible
applications
Exploring
possible
applications
11. Challenges of IoT
Volume of Data
Granularity of Data
Ability to Make Sense of the Data
Customer Adoption
Notas del editor
Internet of Things not only impacts all of our lives – because it helps us be more connected
It also results in a lot more data that could help many businesses refine our pricing and provide better customer service
Internet of Things not only impacts all of our lives – because it helps us be more connected
It also results in a lot more data that could help many businesses refine our pricing and provide better customer service
State Farm’s biggest products: Auto, Home, and Life – and IoT impacts all three
Auto
-crash avoidance technologies means increases vehicle safetly – but when an accident does occur, it could be more expensive to fix
-telematics – information transmitted about how a customer drives – can be used in rating
-driverless cars may disrupt the entire auto insurance industry – ultimately safer, but how does insurance work?
Home:
-sensors can help prevent losses from being as severe or prevent losses if they are found before they would occur
-information about a customer could be used in rating – more research needs to be done on this front
-Customers can do more with the products – lock doors, change temperature, etc – which could help customers live safer lives – and provide valuable information about how they take care of their home
Person:
-information about exercise and health could be useful in life insurance and health insurance
Volume of data – think about capturing 15 observations per second for every drive – the data gets big fast! Where is this stored, how is it accessed? Is all the data needed?
Granularity – do we really need to capture every door opening and shutting? How granular do we need the data?
How do we make sense of this data – relate to losses, that take a while to occur???
Will customers be willing to share data with us for discounts???
